001 - The Four Areas of Business
When you started your business, your goal probably wasn’t just to create a job for yourself but to create a thriving business (one that’s highly profitable and can run without you being there every day). So, how do you achieve that?
Show Notes
What’s the hardest part of owning a contracting business? (2:38)
Why you should start with your vision. (3:12)
So, what are the four fundamentals and why should you focus on them? (6:40)
#1: Guiding the business — The power of a clear vision when guiding a business. (8:58)
“Wouldn’t it be really cool if...” as an exercise — But without self-limiting beliefs. (14:20)
There’s so much more to leadership than vision. Leadership means defining your culture. (15:20)
It’s great when the leader can guide the business, but even better when others on your team have enough buy-in to help with the guiding. THAT is culture! (22:45)
Delegation vs. Abdication — You need to delegate to grow, but if you abdicate instead, then it can push away great employees (24:30)
#2: Getting the business — Do you see marketing as an expense or an investment? (25:05)
You don’t need to be an expert in all 4 areas, but here’s why you need to understand them all. (28:30)
You have a brand, whether you want it or not... (29:50)
Why did you choose that contractor? “He’s the only one that called me back.” (35:50)
Mount Rushmore — Books edition (39: 40)
#3 Doing the business — Making good on your promise. This is the area that contractors are almost universally best at. (48:40)
Do I have a process for that? Are you a process-dependent business, or a people-dependent business? (50:00)
Quote of the episode — “As you become successful in your own field, your responsibilities may begin to change. Days become less and less about doing, and more and more about making decisions. Such is the nature of leadership. This transition requires re-evaluating and updating your identity. It requires a certain humility to put aside some of the more enjoyable or satisfying parts of your previous job. It also means accepting that others might be more qualified or specialized in areas in which you considered yourself competent, or at least their time is better spent on them than yours.” — Ryan Holiday (54:16)
#4 Administering the business — This is the area that most people hate. It’s all of the things you had never heard of when you started your business. (57:17)
The #1 failing of contracting businesses, according to Martin. (1:01:30)
The #1 failure of contracting businesses, according to Khalil. (1:06:00)
Ethan’s Minute — Our intern Ethan tries to nail down the key takeaways from the episode. See if he knocked it out of the park or if he struck out. (1:06:50)
Quotable Moments
“People follow people who have a vision and who are decisive.” — M
“You have a brand, whether you want it or not. If you’re not out there marketing, then you’re not dictating the narrative of your brand.” — K
“If everything runs through you, you are perpetually limited by your personal capacity to get things done.” — M
“Until we develop systems in our business, we’re usually lagging in those areas.” — K
Mount Rushmore
The E Myth Contractor by Michael Gerber (Martin’s “George Washington”)
The Compound Effect by Darren Hardy
The ONE Thing by Gary Keller
Building a StoryBrand - Donald Miller
Start with Why - Simon Sinek (Khalil’s “George Washington”)
They Ask, You Answer by Marcus Sheridan
Range by David Epstein
Resources
Start with Why TED Talk - Simon Sinek
Ego is the Enemy by Ryan Holiday
More from Martin
More from Khalil
More from The Cashflow Contractor
