Bottlenecks in Business

Find out what my greatest insight is from my past ten years of experience, then find out what to do about it.

I work a lot with entrepreneurs. I own my own companies and I’ve been teaching entrepreneurs for the last ten years on how to grow their business by using strategies, tactics and techniques through for example, the Internet. I’ve been doing that through online coaching programs and by seminars and sorts.

One of my big insights from the last ten years is that we, as entrepreneurs, don’t need more information; we need to grow our own company. And if we really want to go to the next level with our business, then as an entrepreneurs we should be hunters, and we should be the type of hunter that is searching for bottlenecks in our company.

Reaching the Next Level with Your Business

One day I was coaching one of my clients who is very successful with his profession and makes a lot of money due to his high hourly rate. His goal is to make the move from being an employee to being an employer. He is an entrepreneur on paper, but he also takes on work, so he is an employee as well.

Every week, there are around 30 people who are interested in his work and what he can offer them on an hourly rate. He sat down with me to talk about how to become a better entrepreneur. He has stopped blogging even though he loves it because he feels it is too much. There are too many people who are interested in hiring him. He is in a market where not that many people have a good content strategy and there is a huge demand for it. Because of the high interest, he now has 10,000 unique visitors a month and he knows that if he starts blogging on a daily basis, he could easily go up to 100,000 visitors a month. He doesn’t do it because he can not take on all the phone calls he receives.

My advice to him: he has to break out of his pattern of taking on new customers every week; he must invest in taking the steps to push through the work to solve the problem.

He wants to become better but doesn’t want to do the work. He can learn everything about Internet marketing, about SEO and conversions, but there’s this mental block where he can not seem to push through because it would be too much work, so he puts up with the calls every day, even though he can barely take it.

One of the solutions would be to hire somebody who would take on all the calls so he doesn’t have to worry or feel guilty about leaving calls unanswered because he is too busy. His business is growing, so hiring somebody to take care of this problem would be the right thing to do.

This gentleman’s bottleneck is that he does not want to scale up. He does not want to add one extra person to his business so he can have freedom and he can focus on growing his business. It’s a luxury problem. He could be sitting on seven extra figures a year if he would sell all those leads.

Every entrepreneur, even guys like Richard Branson, have some experience with this problem. My role as a business coach is simple: I look to find the number one bottleneck that presently exists in your company.

One of my coachees is crushing it online and going through seminars, studying everything, but he has a 50 percent business partner who is slacking. His number one bottleneck is that he does not want to grow the company and then be required to give half of the earnings to his partner.

For others the bottleneck could be hiring your first employee who could take over the work that you should not be doing. A few years ago, there was a guy who was in the weight loss business, selling coaching services for weight loss, but he was really bad with food and he was overweight himself. That will not work.

Every company, every entrepreneur, is one bottleneck removed from reaching the next level. We should find that bottleneck and remove it every once in a while: every month, every quarter, or maybe every week or every day, so you can grow to the next level. As long as you don’t remove that bottleneck, you will not likely go to the next level.

How do you find out what the big bottleneck is? Most of the time we already know what the problem is, but we don’t want to see it because of fear.

Don’t Do it Alone

How do you find out what the big bottleneck is? Most of the time we already know what the problem is, but we don’t want to see it because of fear.

For example, the guy from yesterday was afraid to hire his first employee because he had never done that before. He knew that is his bottleneck. When I told him, he was disappointed because he was like, “Yeah, but I already know this.” I said, “See this as a confirmation that you already know what the next level is for your business.” Instead he was looking for new information on how to solve his problem. In my opinion, this is the way to go if you want to grow, because you can’t do it alone.

Finding the bottleneck in your business should be one of the main things you should do as an entrepreneur. You should look out for that. You already know how to get new customers or new clients. You know how to make our business better, so keep hunting for those bottlenecks, keep fixing them, and grow to the next level.

 If you enjoyed this article, please let me know by leaving a comment below or send me a Tweet @EelcoDeBoer. 


 

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  • 26 March 2015
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