In this episode of WealthTalk, we explore the crucial stages of Stability and Systemisation in building a successful business. Stability involves creating consistent cash flow and a reliable customer base, fostering financial health and trust. Systemisation focuses on streamlining operations and increasing productivity, paving the way for scalability and improved customer experiences. Join us as we uncover how these essential steps can transform your business for future success.
In this episode of WealthTalk, we continue our exploration of the essential steps to building a successful business by diving into Steps 3 and 4: Stability and Systemisation.
Previously, we discussed the Seed stage, where your business idea is born through brainstorming and planning, and the Start stage, where you begin operations and learn through trial and error.
Now, in the Stability stage, the focus shifts to creating consistent cash flow, refining processes, and establishing a reliable customer base.
Stability is crucial for maintaining financial health, building trust with customers, and ensuring resilience against unexpected challenges.
It also leads to higher employee satisfaction and lower turnover rates.
With stability achieved, we move to Systemisation.
This involves streamlining operations, reducing errors, and increasing productivity.
Systemisation ensures consistent quality, simplifies employee training, and makes it easier to scale your business.
It also allows for effective task delegation and improves customer experience through reliable service delivery.
Join us in this episode as we explore how stability and systemisation can transform your business, setting the stage for successful scaling and potential sale.
Resources Mentioned In This Episode:
>> The 7 S's of Business Success: From Seed to Scale [Part 1] [WT244]
>> Free Download: 'Validate Your Business Idea – 15 Step Checklist'
Next Steps On Your Wealth Building Journey:
>> Join the WealthBuilders Facebook Community
>> Become a member of WealthBuilders
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Speaker 1 0:01
The purpose of wealth talk is to educate, inform, and hopefully entertain you on the subject of building your wealth. Wealth builders recommends you should always take independent financial, tax or legal advice before making any decisions around your finances.
Christian Rodwell 0:17
Today's episode is brought to you by wealth builders membership, a proven step by step process that helps you achieve financial security within two to three years. Find out more. Head to wealth builders.co.uk, forward slash membership. Welcome to this week's episode of wealth talk. My name is Christian Rodwell, the membership director for wealth builders, joined today by our founder, Mr Kevin Whelan, hello, Kevin. Hi
Unknown Speaker 0:40
Chris. Good to be with you again. What are we talking about today? Well, we're
Christian Rodwell 0:43
continuing on from where we left off a couple of weeks ago, which is the seven S's of business success from seed to scale. So we covered the first two steps in episode 244 and we will continue today. But before we do that, Kevin, I'd like to say a warm welcome to all of our new members who've joined us in the last 10 days or so following our recent webinar. And we're excited, as always, to see the transformation that we know lays ahead for them over the next 12 months or so.
Speaker 2 1:13
I'm always excited about that, you know. And actually had a call this morning with someone who joined recently and how excited he was, and saying he found a plan of action instead of just an excuse to read something more or to listen to something more, to watch something more. And I'm so grateful that, you know, we get the feedback from our members as well as they move through the roadmap, really, which you know is the key to all of this, isn't a well trodden path that they can follow. So, yeah, looking forward to interacting, and we gave some fast action bonuses, didn't we, including bit of a CAT scan call with Kev for those who joined within whatever was the first 24 hours. So that's that's that's going to keep me busy for a while. Lots
Christian Rodwell 2:02
of people took advantage of that. So yeah, rare opportunity to get that insight from you on a one to one. So yeah, they're very lucky indeed. And we also gave a freebie away with episode 244 when we started talking about these seven S's, and that was a checklist for anyone who's at the early stages of validating their business idea. So you can download that checklist by heading to wealthbuilders.co.uk, forward, slash, validate your business idea. All right, so we're going to continue today, Kevin, and probably worth recapping what these seven S's are to begin with. So step one of the S's was seed. And this is where the idea is born for business. And it involves the brainstorming, validating, planning, how to bring the idea to life. Shall I run through the seven and you
Unknown Speaker 2:52
go with it? I've already said, All right, it gives me a chance to overcome,
Christian Rodwell 2:58
yeah. So, all right, we start with the seed idea there. Then so seed number one, then it starts. So this stage is all about taking the plunge and beginning operation. So period of high risk and learning through trial and error, then we go to stability. So once the business is up and running, the focus shifts to stabilising operations. That's where we looking for consistent cash flow, refining our processes, establishing a reliable customer base, then we've got systemization so businesses can systemize processes that ensures consistency and sets you up for scale, which is the next s, so the business can expand then and reach and increase its market share, and Then number six is selling, so a stable, scalable and systemised business is more attractive to potential buyers and can be sold at premium. But unfortunately, the final S is scrapping, and this is the unfortunate scenario in which a business is not viable long term, and often due to failure to achieving stability and growth. And many businesses, unfortunately, far too many businesses, Kevin and in in that phase,
Speaker 2 4:07
yeah, that's always the obviously, not one we want to dwell too much on, except to say, Please avoid that. And because of the business that scrapped, means all the years that have been put into it have been ready, to no avail, that for whatever reason, the three pin plug has been unplugged, you can't stay outstanding in a niche if your niche needs to change, but you don't change with it. You know, we've seen that with devastation of businesses, with things like covid black swan events that can just turn a business upside down. All the business just works with you. You know, you're a you're a coach, you're a guy, you're doing something, and everything is about you, and you're not there. Business will be scrapped. It might be some goodwill somewhere, but really rarely, certainly happened in my. This case, if you don't create recurring income, there's nothing there to me to to maintain. So, yeah, most businesses unfortunately end up less than optimal. Chris, I mean, it's not really unlike the wealth pillars, isn't it? The reason 95% of people don't ever become financially independent. Yet there is so much knowledge around there. There is a step by step process. But still, it pains me, genuinely pains me, Chris, that the average income in the UK is less than 20,000 a year in retirement, and business owners often work the hardest to get the least value out of that. Anything that's latent, that's just underutilised, like most people live in a house doesn't give them an income, most people have a pension that pays them one day, someday, in their 60s, and often with a very poor result, as we've often spoken about, and investing is goes in the same direction, because the accumulation. You know, talk last week, didn't we about accumulating versus cash flow? And so the very problem that exists in most people's lives exists in the minds of business owners as well. They get caught up in the temporary nature of cash flow. Trading a time for money, service for money, something gets delivered for money, and less time is focused on the stability of the wrong kind of cash flow. My view, it's not much better if you could think about a business that's got stable cash flow which is recurring. However, not all businesses are capable of that, and I recognise that, so we should put some time into exploring how and why businesses should look at that. But having said that, we, you know, we, we have definitely recounted many times that when you're in business, you're in two businesses, the business of your business and the business of your family's wealth. And even if you never get recurring income, but you get a good, stable cash flow. You've proven your product. You've proven your service. It works. You get consistent cash flow. You're not in ks anymore. You're not struggling. You know things are working. Then that time is you know, if you're not going to think about the recurring nature of that, and could you do that? Could you get from no percent to 1% from 1% to 5% from 5% to 10% recurring income, and we'll talk about those things in a moment, at least, start to reinvest some of the proceeds from that stability in the most effective, tax efficient, time efficient way, in order to build wealth, in addition to your business. Because most business owners are around for a while, certainly a number of years, which means once they get to that stability, like a job owner who invests in a pension, let's say they can invest in other assets and start to use the cash flow from their business to create a permanent cash flow by reinvesting some of that cash flow and assets. And clearly the most tax efficient way to do that is do that by some kind of a tax relievable, tax free pension. And the only one we know that does that, both for the future and for now, is SaaS, because you're allowed to essentially get the tax relief cake and eat it tomorrow. You can lend it to your business. You can help your business, whether you're scaling or whether you're just stabilising, right? So, and we've seen the need for that stability, particularly as the government's increasing tax burden on on the entrepreneurs. These days, higher levels of corporation tax, less entrepreneurs relief, as was, so they don't get so much of a reward for that exit that you know that selling stage of their business. So more emphasis needs to be put then on how to get tax efficiencies out of the business once you've got that stability. So stability is all about cash flow, and about that predictability of that cash flow. Most businesses do get there. They know they know what they're doing. They've proven their mastery, and they they managed to get it, but more often than not, because they've now just moved from one chaotic problem to one of more people you know, not always systemized, which is a point you make, I'm sure, then, as they begin to take on a team, then they get different distractions, and that sometimes takes their eye off the ball of building the wealth alongside the business, when mostly they're reinvesting that. And I see many business owners Chris building up stockpiles of cash because they don't know what to do with it. You. Good cash flow. Don't know what to do. They don't know where to put it, don't know how to take it out. Don't know whether you know. They know if they take it out in salary, they're going to get whacked. If they take it out and dividends are going to get whacked. If they buy themselves nice cars, they'll get whacked. So everywhere you look, you know it's an it's less than pleasing for business owners, and they often don't see what needs to be seen, which is how you could turn some of the cash flow from the business into permanent cash flow in their life. And we, I spend a lot of time written a book on that called the wealth coach. Actually might want to sign post that. Chris, yes,
Christian Rodwell 10:38
we've also got a page on the wealth builder website. So anyone who'd like to, yeah, grab a copy of your book, which was co authored with Brad Sugars and creator of action coach. That's a great read.
Speaker 2 10:51
Well, thanks for that. Chris wasn't looking for the compliment. But the point is, you know, I go through that through the lens of both the business owner and the brother of a business owner who happens to be an employee, so that we get the chance to showcase in the book How to create recurring income in your life. And to me, that's what the stability is all about, Chris, it's about looking at ways to see if you can create recurring income inside your business, and if you can't find it outside. And we know enough about that with the pillars. Well, you know, when we do the mind map for people in our new members, we'll discover that very soon, we'll often see them at the beginning of their journey, when we look at how much recurring income they've got from the seven different assets. How much is coming from their home? Nothing. How much is coming day to day from their pension? Nothing. How much recurring income is coming from from their investments? Nothing. Most people get a shock, don't they, when they see it on a piece of paper. I've got no recurring income in my life right now I've got to change that. Business owners the same I would encourage every business owner, and certainly I do, if I connect with business owners or coach business owners in any way, shape or form, is to identify how much recurring income is coming from your business, and what are the ways that you can create that recurring income to try and get it slowly, slowly, slowly, more predictably from recurring than from temporary income. So do you want me to cover the four ways to create recurring income? Sure,
Christian Rodwell 12:33
let's, let's do that.
Speaker 2 12:34
The The first one is, you know, you you put in your mind's eye a business. You can see they're delivering something, aren't they? It's a product. It's a service. It's, you know, something that gets exchanged for money. So if you think about a product, any product that you can imagine, then is it possible that that product, in some way, could be delivered in bunches, in packages. I don't mean packages as in the wrapping, but as in well. Why buy one when you could buy many. Give an incentive for people to subscribe or to take delivery of the product automatically. And I always give the example, Chris, don't I want to do that and saying, well, but if you're a business owner, now, just look around. Just look in your bank account, and even your business bank account and and see what are you doing that? Perhaps you're buying somebody else's product. Excuse me, automatically. And what could you do about that in your business? So how could you have a discussion with your customer about doing something a little bit more different than you just buy? When you want to buy, give them an incentive to buy in bulk, or give them an incentive to buy in some ways, through the process of automation, and give a reason for it, justify it, explain why it's good for you and it's good for them. And the example, as I mentioned, that I give more often than not, just because I know money's going out of my life, which is the subscriptions I make to buy wine. You know, I'm always going to enjoy wine. So why would I just buy a bottle of wine when somebody can take care of helping me find some nice selections, sending them to my doorstep, not charging me for the delivery and and I enjoy that with all the tasting notes. In other words, they see the problem or the experience that I want as a consumer of wine, and they give me the solution. Rather than me walking into a shop or walking into a supermarket, I enjoy the experience of getting different wines that I wouldn't have thought of. See what I mean. So it's by looking at what, what, what is it that you can solve? Safe. And how can you persuade the person that that that solution is better for them as well as better for you? And one of the things they did recently is they send a mailer to me saying, you know, end of the end of our financial year, and we just want to make as much money as possible, so we're going to sell loads of things off really cheaply, just so we get the money. Oh, I understand that. You know, it's telling the truth, isn't it? So if you've got a business and you're delivering a product, could you deliver that in a way that's more regular for them? And I think it's great to see that some of our business owners in our community are starting to look for those and even look at buying businesses where that's possible, but the current business owner just does it automatically. Is not thinking it's recurring. It's just what they do. I remember talking to one client who who's invested in sounds like an odd business, right? But it's a horse feed, right? Do you want to go and pick up big, bulky, you know, whatever the food? I'm not an equestrian, right? So I don't really understand what horses eat, but whatever they eat, it's in bits bulky, so they ought to deliver it. And therefore, through that auto delivery, you know, it could just makes the business more predictable, and that predictability always makes the business more valuable as well. So product is one, and I'd encourage everybody to just look at their bank balances and see, are you spending any money with somebody automatically? And see, okay, by being aware of it, you become just more tuned into it. The second is the auto delivery of a not a product, but a service. You know, what is it you you buy, or what is it you could deliver? Which is the service automatically? So, I mean, is there any service you buy automatically? Chris, do
Christian Rodwell 17:00
you include like, subscriptions to Netflix?
Speaker 2 17:03
Yeah, that would, that would be a service. I mean, let's say, you know, you got a house and you've got an alarm, you get it maintained, don't you? You know, if you've got a nice garden, a nice lawn, I know from time to time, when we do the podcast, the pause for a moment, because my gardeners are out there doing what they do. You know, that's a service delivered, isn't it? Automatically, they just turn up. You know, I don't book them. I don't say anything. They just turn up, right? And so any anything, and that's more predictable for that business owner, isn't it, that they can turn up when they want. They just know their job is to make my garden look as nice as possible, and because I don't want to do it. So what? What are the services? And if you can create a business where you've got more more of that service on your terms, then you're going to have a more predictable business, which allows you to scale it more because you know the income is coming, you're not hoping that you might bank enough money to reinvest to get the scale. You've got the predictability of the income coming in, so you know it's going to be there next month. And of course, there's always going to be a churn. There's always going to be. A new customers, added, some customers leaving, and that's when you start to look at data, isn't it? When you look at things like all the technical data language, you churn rates and burn rates and all sorts of different things, but it's the same thing. It's how many customers do you convert? How many do you keep? And when they go, why did they go and what's the lesson that you know that when they move on, why do they move on? And just as important, how, who do they move on to? Because one of the other services, Chris and we've looked at this, haven't we, within wealth builders, is something called a gateway, where, instead of seeing yourself as the single provider of a service. I know it's a membership, but the principal, I'll come back to membership, because that's another way to do it. But a gateway means you almost look at the industry that you're in, and you look horizontally, you look at your service. Then what does that customer buy before they got to you? And then what do they buy after they have used your service? And then how could you ethically bring that line of connection altogether so that you can provide an ongoing referral connection to a third party, either for money or alternatively that for synergy, you make a connection to somebody else because they naturally move on, and they give a connection to you on somebody you know. In their database. So that this sort of relationship of working collaboratively with other businesses, including competitors, is a good thing, because rather than seeing yourself in isolation, you see what I mean. So so the the whole idea of Gateway works really well in the medical profession, you you see referrals made to different people. You know, different service providers, different types of healing, different types of medicine or services, you know, hands on services and so on. And you can see, in many cases, kind of little wellness centres being created, which is more like a hub, where that hub gets created in order for people to come to look after their wellness as a whole, rather than just simply, you go there to for a chiropractor, you go there to take care of your foot problem, or you go there to take care of some other dentist, or Whatever. So all of these things starting to work together. And I think the more you can not be fearful of competition, but embrace what your competitors are doing, and having a look to see whether you could actually speak to each other and collaborate with each other, I think that's a good thing as well. And probably the best gateway I've seen is Martin Lewis, you know, the moneysaving expert.com, I mean, does he sell anything? Nope. Has he got a product? No, he got a service. No. Has he got a subscription of any kind? No. So he's just put together. If you're looking to save money, we've got a website that will help you do that. And by expanding and expanding and expanding, and originally, he was very anti taking money, when people want a website, thought it would be a bad thing. People wouldn't like it. But by just telling the truth, which is what he does on the website, which is, if you click on this link, there's a chance that I'm going to be paid. Doesn't get paid for everything, but I'll get paid. And if, if he's being paid, because he's curating the content in an easier to understand way than someone going off on 20 different websites, he just use one, then he deserves what he gets. And I think he's done an outstanding job. And anybody can think about these things, Chris and become a gateway, if you just imagine the journey that a customer is going on when they work with you or work with anybody else. And then the final step in the process of the final source of recurring income is memberships and subscriptions, and whether it's gym memberships, whether it's a subscription to wealth builders, you know the new members that you just acknowledged, you know they've agreed to pay a fee to us and to be A member. And of course, it's our responsibility to be absolutely focused on giving a good result for them, because if they don't get a good result or cancel their subscription. So in a way, a membership business, a subscription business, keeps you on your toes, because you've constantly got to be on the lookout for how best you can serve them to get the result that you want to give them, but the result they want for themselves. In our case, it's getting to achieve recurring income, to be financially secure so you could pay all of your bills, and then, in the end, becoming financially independent. And that's our outcome. And if we we win enough customers, and if we lose one, we want to know, why not? Not in a negative way, like, Oh, why have you gone somewhere else? But sometimes a logical process, really? People want to move on to something that they need some more information in a different way, which is the reason why we put together our own hub, our own gateway of connections to great people, and more often than not, for a discount, but occasionally, you know that could lead to a way for wealth builders to generate additional income as well. And provided we do that ethically, and provided we do that transparently, I think if we do the hard work of making it easier like Martin Luther has done, then I think that's fine, but of course, our focus is, let's make sure that our members get the best possible result for themselves. So they go, Chris, you've got recurring income from product, recurring incomes from service, recurring income from Gateway and recurring income from memberships and subscriptions, and the more you just wrestle with that thought for your business, is there a way that you could do that at any level? And I think pretty much there is a way for any business. And one of the challenges I set myself when I'm coaching a business owner is to have a look. Into that and to see, well, what could we do in your business? Because often you do things in the same way, and it becomes like a record. You know, people can't remember vinyl anymore, but you know what I mean, the grooves are ingrained, aren't they? And so it is with us as people. We tend to have ingrained habits, and we do things a certain way, and just by seeing something different and somebody else challenging, if you're open minded to that, then you'll see some different alternatives and opportunities to create a small degree of recurring income that gets bigger and bigger and bigger and then makes the business more predictable. But if, in the end, you can't do that, but you reinvest from a good cash flowing business from a product or a service you deliver in the conventional way, but you reinvest that, and you're building wealth in the pillars in a way that we share and show people how to do that. That's still a good way to build wealth. But the challenge with that is most people are spending a disproportionate amount of their time in the business, and then the wealth is a secondary activity. So if you can create wealth from within the business, it's going to be easier, because you're leveraging your time in it from day one. So I encourage that thought process, rather than thinking about wealth as an extra think about wealth is going to be as well as not instead of
Christian Rodwell 26:20
very good, no, it's always good to recap on those four different ways to generate recurring income. And as you say, to be a stable business, recurring income is something you absolutely should be focusing on. So I think lots of points that you've touched on there, Kevin, in terms of the importance of stability in the business. And of course, we should just say congratulations to any business that actually gets to this stage, because we know many businesses are formed every year. And I just was having a look in 2022 to 23 in the UK, there were 800,000 new businesses, corporated, and we know that the statistics say within the first five years, many of those businesses, in fact, sometimes up to half actually won't survive. So to get to stability, to be able to actually put a foundation for growth in place, you know, we should say congratulations to those, those business owners. Yeah,
Speaker 2 27:12
good. Good point. Well made. And sometimes, I suppose those business owners don't get that congratulations because there's no structure around them to reward them, and more often than not, it's not even celebrated, you know. So they're doing good, great work, but then, but there is no celebration, because they're immersed in it, as opposed to being acknowledged for it. So I think the the entrepreneur is the backbone of society and certainly the beating heart of the economy. And I want to echo what you said, Chris, that for those business owners who are really putting themselves on the line every single every single day, often working long hours as well, sacrificing things as they often do too, I applaud them for doing that, and always grateful to talk to business owners and see if we can't help them get a better outcome from being in the business. And look forward to, you know, sharing more insights on on this in the future, one
Christian Rodwell 28:16
of the early steps in our process, and we are showing our members how to move from financial insecurity to security is to understand themselves. And we use an assessment called wealth dynamics. And we've talked about wealth dynamics many times before, and can point to an episode in today's show notes. But if we think about that cycle, where at the beginning of any cycle, you have the creators, the people coming up with the ideas. And that's kind of where we started with the S's the seed the startup, then you've got the building of the team. But really where we're at here is almost stage three of that four stage cycle, isn't it? Is the operations, it's delivery, it's making sure you're building a good customer base. And we've each got different skill sets, and you need to identify yourself in this cycle of where you can deliver the most value, and you're very clearly a creator, Kevin with the IP and the visionary element, whereas I perhaps am more on the delivery and the service and making sure that the process will be the case. Yeah, yeah. So, so really worth taking a wealth dynamics assessment if you haven't already done that. So just rounding off stability. Then Kevin, a few other things that you know come with having a stable business, it gives you resilience, doesn't it unexpected challenges that might arise if you've got that base, then you know you can handle those and overcome those shocks and changes in the market that, of course, always arise.
Speaker 2 29:42
Well, business is an uncertain life, and it always will be. And of course, what we heard from many times now one of the greatest skills in life as an entrepreneur's resilience, but the the stability does allow to do that, and more so if you've got that for. Occurring income, because you're just not subject to the same fluctuations if you've if you've got contractual income. But I'll take your point, Chris, that you do need to get to that feeling of stability before you can systemize it, because by the time you've got the stability, you know what it looks like and what it feels like. So now you can employ the leverage of to the right of you as people, to the left of you as technology and software, and using all of those things to try and get the business to a place where it can be more systemized, and therefore it can work ideally without you, without you being the mainstay, because it's now predictable. You're seeing what needs to be done, and now just make sure that everybody does what they need to do, and you've got the right tools of technology to be able to ensure that that delivery remains consistent. So not necessarily talking about the recurring income side of things there, but but certainly just in terms of the more that you know your stability is assured, the more confident you are reinvesting some of that money in the systems and the processes and the replication of that. And that's often the source of big challenges in business, because they can run out of cash flow before they've run out of all of the things they need to get done. And you to your point, Chris, if you're a if you're a creator, you're wealth dynamics creator, you're not really a systems person. You might never systemize it, because you don't know how. So I think you're right that businesses will need that collection of different skill sets and dynamics, and we use wealth dynamics in in wealth builders for our recruitment, but we know the wealth damage dynamics of each other as well. So we know, and we constantly touch base again, don't we, and say, Are you still in flow? Are we keeping ourselves in flow? And you know that's important to us, because you want to enjoy being in business, rather than browbeat and buy it, which can easily happen inside a business, really. So yeah, getting that stability is really, really critical. And you know, as you start to think about getting the scale sorted, which is something will come on to the value of a business is just simply much, much more. If you get that, not just the predictability, but you've got that contractual income, that recurring income the business is worth so much more, multiples more. We'll cover that on another day.
Christian Rodwell 32:33
We will, yeah, and you mentioned that leverage comes from either the process and creating systems or building a team. And you know, at this stage, you may have begun to employ people. So stability also will lead to, you know, better employee satisfaction, lower turnover, higher motivation. So it has those knock on effects as well.
Speaker 2 32:53
Look, every business owner has got challenges with employees, not because there's anything wrong with employees. It's just understanding the process of that, isn't it? So that when you're at the beginning and you bootstrap your business, you'll often employ people who are close to you, or people where perhaps they weren't in the right flow. We've made mistakes, haven't we? You and I, in terms of employing people, and we thought they were the right person, but they weren't in the right flow for us. And you know, those relationships have come to an end, and so it's really important to take time. And sometimes you could just can't do that, or you don't have the money to get the right people, which is why, when we spoke with Louise go Henry, she said, You got to make your decision right at the beginning. Are you doing a lifestyle business? Are you scaling it? What are you doing? If it's scale, you're going to need to invest money, which means potentially rounds of funding to be able to do that. Again. We'll talk about funding down the line. But if it's about getting the right people. It is really, really hard to make sure that you spend the time dedicated to get the right people in the right roles. We call it right people right seats. You just imagine everybody's on the same bus joining you. We want to make sure we do our best to do that. We don't get it right all the time, but our intention is to do that within our own business, but and so it is difficult for others, too, to get those right people to follow the right processes to deliver that consistency of delivery, not just the cash flow. Yeah, and
Christian Rodwell 34:33
we touch on the fourth Fs, which we've already talked about, systemization. How important? Because, as a business owner, ultimately, the goal is to give you freedom and time. Freedom is almost always on top of that list along with financial freedom, but without systems, then as a business owner, you'll continue to work those long hours. Kevin, so just understanding that you should. As early as possible before the business grows out of control, and then it becomes much, much harder to do that. And if you're not a systems person, find someone who loves doing the things that you don't and and start, you know, putting those in places as soon as you can. Couldn't
Speaker 2 35:15
agree with you more Chris, and that was always a tough gig. But if it's lifestyle, then you don't need to worry so much about that, right? But if it's you're trying to get a real exit value from this, then it becomes critical to do that. And it's not always an easy skill set for your typical entrepreneur to manage, but especially as many are control freaks, so they want to do it themselves. Well, nobody does it better than me, and that's true, but you can't afford to have you doing it inside the business all the time. So it's a fun and fascinating mix of tensions and trials and tribulations we see people go through. And so much written on the subject of using and enhancing technology. Now with AI, certainly with, you know, with bots helping in terms of creating the right kind of processes in funnels, all sorts of different ways technology can come to bear, and even including when you got to a place where you know exactly what needs to be done in your business, to what extent can You use external VAs from different countries as well to do that. And all of these are interesting challenges for the current business owner, to to face up to and to look at without, without feeling overwhelmed. And of course, there are many business groups where these things are shared, whether it's our good friends and action coach, whether there are other business groups where the business owners themselves can get together and share these challenges, like I mentioned on the last time we did business, Chris, that often the business owners don't share this, these thoughts, these conversations, these challenges, with their team, because they're always the, I suppose the person who's answering the questions, so how do you ask the question is, becomes key, and that's where entrepreneur groups of all kinds exist. I would encourage as many business owners possible to join forces, at least intellectually, with other business owners in small groups and communities that exist, and there are many of those in too many to mention.
Christian Rodwell 37:27
If you're listening now and you're in need of systemizing your business, I'm going to recommend that you click on the link after you've finished listening to us today, and go back to Episode 79 where we had a great conversation with Dr Steve day about how to use a virtual assistant to avoid overwhelm and take back control of your time. So I'm going to link to that one, and you can get in touch with Steve. And Steve's one of our partners inside our brand new wealth hub as well, Kevin,
Speaker 2 37:54
well, he is and as are others who advocate that as a potential route to to scale, particularly as they bring all the necessary thoughts, and then then they translate what you need to do to the teams of VAs and so on. And absolutely, we're looking into that ourselves. But yeah, lots and lots of good groups, though, and lots of people in the hub, where they specialise in helping business owners with various challenges, whether it's technology, whether it's HR, whether it's like with us trying to help them turn their income in their business into wealth income. So yeah, it's a fascinating area. Chris and we could, I suppose, keep talking for hours, but actually, I haven't heard you do a review this week yet.
Christian Rodwell 38:43
Oh, I was just about to, I was just about to, so we said at the beginning that we're pleased to announce and welcome all of our new members to wealth builders. And a review is coming, actually, from Georgina this week, who's now into her first 12 months of working with us inside the wealth builders Academy, and really great review, which I'm really pleased to read out. Georgina says, I started the wealth builders Academy exactly 12 months ago today, and I can truly say it has changed so many aspects of my life. I was already planning on setting up my own business, which I have now done, but I have set up my business with a completely different frame of reference, to create recurring income and not just to swap my permanent job for a self employed one. My financial literacy is growing all the time, and I am becoming far more confident in my financial decisions. I've taken control of multiple pension pots and created a safe roof for my family. Thank you wealth builders team. I am so very grateful I took that first step 12 months ago.
Speaker 2 39:45
About that only 12 months, right? So that's great what a bit of focus can do. And I think that sort of also reflects and gives good testimony to the fact that when you surround yourself with good people like minded. People you trust in their integrity. And from our perspective, obviously, commercially, we're delighted that, you know, we we're getting the custom as well, and we want to maintain that by continuing to improve that, which is why we're always looking for new things. So if you've got a suggestion on something you think, or a person or a company you think we should expand into a hub. We've got a brilliant new hub, outstanding people in their field who do something to help you as a job owner or a business owner, to expand your wealth, then we'd love to hear from you, because we're clearly we don't know everybody who's great in their own space. We just discover them. And suppose my 30 years have built a big black book, and that's great, but it's not exhaustive in any way. So we're always looking to add more people to that list. So if you've got somebody you rave about somebody who's kind of nine out of 10, you give them a great Trustpilot review, then let us know about them, because we'd love to add them to our hub.
Christian Rodwell 41:08
And all of our partners are bringing discounts and bonuses and special extras, and hub is free for all of our members. So if you're listening you haven't yet dived in there, then get in touch with us, and we'll give you your login details straight away. All right, so we've covered seed, start, stability and systemization. That leaves us with scaling, selling and scrapping, which we will cover on a forthcoming episode. Kevin, but thanks for your wonderful insights once again today, and we'll catch up Same time, same place, next week.
Speaker 2 41:41
Yeah, look forward to that question until then, my friend, see ya.
Speaker 1 41:48
We hope you enjoy today's episode. Don't forget that we are constantly updating our resources inside the wealth builders membership site to help you create, build and protect your wealth. Head over to wealth builders.co.uk/membership, right now for free access. That's wealth builders.co.uk/membership, foreign.