Today we’re talking with Bryan Miles, who is currently leading three different seven-figure companies. Bryan is the CEO & Co-founder of Miles Advisory Group (the parent company of the Brands of eaHELP, a virtual assistant company and MAG Bookkeeping, a virtual bookkeeping company for churches and non-profits), which he co-owns with his wife, Shannon.
Inc. 5000 List: Annual ranking of the fastest-growing private companies in America.
Steps to take
Empower people. You need to own the business, not run it. In the beginning, it may seem best to have all hands on deck, wearing about 87 different hats. But you don’t own anything, until you can leave that business and it doesn’t need you. Give over the running of the day to day activities to other people. You have to empower and equip people to handle the different parts of business.Find great people; resource them and equip them to handle major systems of the business such as sales, relationship management, finance etc.You have to get out of the way of yourself and empower other people
Outsource. Doing what you are not qualified for can hinder you from getting work done. Look at what you do, and find someone who can do it better. You may have a great personality and may be able to represent the company well, but may not necessarily be the greatest person to bring in sales. Unless you are CPA, you could waste more time looking at the finance books. Simply pay an accountant and hand over that responsibility to them, and use that time to focus on the business and grow it.
Start Small. For those struggling with cash flow, start small or employ part time employees. Share commissions on contracts and you may literally see sales grow when you have the best person in sales. Sell the idea of the future or the dream company to your employees. Like a traditional marketing strategy, set milestones which the employees can meet to earn more commission, and which the company retains the residual revenue on the contracts done.
Tricks and tips on hiring. Do not hire people if you suck at hiring. Don’t assume you have the intuition on hiring the best people for the job. Do not start the hiring process until you have a job description. Determine the need of the company; making sure it is a legitimate need before making it into a job position.
Mistakes in Hiring. A bad hire can set u back. Hiring too quickly, and not having a thorough process can cost you. A lengthy and thorough process for hiring can be advantageous as you find mostly like-minded people working in the company.Also not firing quickly enough, for the fear of government regulations etc, can become paralyzing. Do not keep hires that screw up the culture or are insubordinate. You can turn pains and gains from each hiring experience into policies the company adapts.
Define processes. You have to define a sale cycle early on in your business.A sale cycle is what brings a prospect / customer through the door, and how you manage and sustain the customer. You have to understand your prospecting on finding the right customers or bring in contracts, which lead to growth. Identifying the stages in sales funnel early on is key. Other important processes to focus on are your hiring sequence and creating a near formula for which your people can navigate. Equal up these processes as part of these major systems like HR, Sales, and Accounting. You should document the ideas in your head as the owner of the company and bring your employees up to speed.
Learn to prospect better. Identify your prospects amidst the whole universe, define the characteristics such as age, gender, and narrow down the ideal prospects, which can help you, focus on the right customers. Prospecting better can help you stop talking to the wrong customers and grow sales. Then you begin dialoguing either offline or online which can lead to proposing.A proposal is really important. After proposal, then comes the contract that says we are doing business together.
Customer Management. Keep up with your customer/prospects and sales information with a customer relationship manager, CRM application, or web-based application. Excel spreadsheets do not work for managing sales if you want to be in business.
Know your numbers. To be an industry leader, you need to know a lot about the numbers in the industry. If you don’t know your numbers, you don’t know your business.In the early days, don’t worry about the margins because you’ve got to get cash first to grow the business, which means sales before the profit and net are gross margins.Early on, the margins may not matter, you only have to monitor top line revenues and expenses. You have to look through the reconciled accounts and question the books, which can help you understand the business at a molecular level.
Expenses. Do not spend yourself into oblivion. Choose to let the business grow itself. Early on, you have to pay attention on expense, if revenue is greater than expense, you can re-invest back into other expenses like more hiring, and maybe you can get to the place where you go from red to black in your accounts Pay attention to sales; do not grow businesses based on credit. The best decision is to grow sales, grow top-line revenue, protect expense; re-invest whatever is left for future growth. You should set those personal dreams aside for the next 12-18months