EP 272: Building Your Operations Machine
In this episode, we’re talking in-depth about building out the operations machine in your business. I realize this may not sound like the most exciting thing ever, but it’s an important step if you want to build a real business.
Your operations machine deals with the behind-the-scenes stuff that isn’t customer-facing. Most people think of it as the “unsexy” part of running a business. It includes the legal and financial stuff as well as systems to get you out of the day-to-day of your business.
We’ll look at the various parts that make up these two sides of your operations machine and cover when you should focus on building the different parts of your operations machine.
What You'll Learn in Today's Episode
- The two sides to your operations machine
- Automations and delegation
- The compliance side focuses on
- Legal – LLC, getting agreements in writing, state and local business requirements, industry regulations
- Finances – bank accounts, bookkeeping, cash flow, planning, controls
- The automations/delegation side of your business includes
- Best to keep it simple when you’re starting out
- Start with an all-in-one system and a way for people to book a call with you
- Tech and automation can get out of the day-to-day but you need to be selective about what you automate
- Hiring team members should help you make more money
- There are benefits and challenges with growing your team
- Most people in the online marketing space are hiring too early (before they’re making enough money)
- If you have free time, it’s probably too early for you to hire
- Your first hire should take on repetitive tasks for you so you can focus on higher-value tasks
- Developing standard operating procedures
- Project management
- Systems tend to grow as your team does