These are the two major keys I received from my time managing a Fortune 500 company. Starbucks was good to me.
How You’ll Win in 2017 – People, Processes; Sales, Systems
As I mention in this post in the blog at State of the Spark, emerging entrepreneurs need to stop focusing on too much other stuff. In fact, there are really only 2 areas (or departments) of any business. At Starbucks, I was taught that this was the People/Processes dynamic.
These areas can also be called Sales/Systems, Front-end/Back-end, and External/Internal. No matter how you phrase it, this dynamic is absolutely present for first-year (and probably second-year) entrepreneurs.
Pareto for People and Processes
Its idea is simple, yet profound: 80 percent of the effects come from 20 percent of the causes.
The amount of times that the 80/20 Rule has proven true in my life and business is hard to communicate and comprehend. In short, Pareto is always having his way with me and my business.
So, how can you use the Pareto Principle when it comes to the 2 areas that help you win in 2017? Spend 80% of your time in People/Sales mode and only 20% of your time in Process/Systems mode. Additional Note: For the first year absolutely! The second year, too, if necessary.
Yes, you need a powerful mission statement.
Yes, you need extraordinary customer experiences.
Yes, you need super efficient systems.
But in short, you need money first! You need to fuel the mission (Just ask Simon Sinek!). You need to underwrite great customer experiences. You need to pay the pros to build you super efficient systems.
But as the visionary for your business, as the guiding light and north star of your business, you are primarily, first-and-foremost, dominantly responsible to drive TOP-LINE sales in order to fund the growth of the other areas of your business.
Proportion of People versus Processes
If you work this many hours, then that many hours should be spent in business development.
If you work 40 hours, then 32 hours should be spent in BizDev. (Part-time Entrepreneur)
If you work 60 hours, then 48 hours should be spent in BizDev. (Full-time Entrepreneur)
If you work 80 hours, then 64 hours should be spent in BizDev. (All-time Entrepreneur.)
Other Tools to Win in 2017
Check back later to learn what exactly is Business Development (BizDev: The total amount of Marketing, Sales, Key Partnerships, and other income-generating work you do.) We will bring you an understanding of Marketing and help you cut through the crap so you can focus on the things that matter most to building your business!