Many service businesses rely heavily on their devoted founder.
Clients are typically buying their expertise and buying into them as a person but the size of their business will always be limited by the number of available hours in the day.
One way to scale up a service business is to teach others what you know. That’s what Nancy Duarte did when she found herself run ragged trying to grow her design studio in the USA.
Duarte’s speciality was creating memorable presentations. She loved the business but hated the constant demands on her time and energy. Eventually, she documented her working day and created an internal training course.
Once she had taught her own staff to handle the development of the presentations, Duarte turned her philosophy into a book and launched her training division. This led to her being able to build up her service business and employ more staff.
As business owners, we should document our systems and processes for others to follow, but writing our business instruction manual always seems to take a backseat.
What we need to do is stop thinking of writing down our procedures as a chore and instead consider them as key to freeing up time so we can work on growing our business.
Hub and Spoke (Your Business Without You) is one of eight key drivers of your Value Builder Score.
The Value Builder Score is a survey of over 20,000 businesses measuring the finances, opportunities and risks associated with their business, and the offers they have received.
Business Partnership uses the Value Builder System to help business owners increase the value of their business by up to 67 per cent.