[Ep#395] The Business Evolution Framework

The Business Evolution Framework

In this episode of the Ambitious Entrepreneur Show, our host Annemarie Cross is joined by none other than Tristan Wright, Chief Business Sherpa at Evolve to Grow.

Together, they delve into the Business Evolution Framework, shedding light on the critical role of data and numbers in informed decision-making. With an eye on the potential impact of numbers on business decisions in 2024, Annemarie and Tristan dive deep into practical strategies for building a sustainable, scalable business. From leveraging international staff for time zone advantages to offering invaluable insights on anticipating future growth, they uncover the keys to making strategic, data-driven decisions. As they discuss the nuances of systems, processes, and automations for startups and larger businesses, the conversation expands to cover the importance of understanding real-world results and showcasing one's ability to solve clients' pain points. Through this compelling dialogue, entrepreneurs and business leaders will gain actionable advice and valuable perspectives aimed at propelling their businesses forward.

Join us as we unpack the Business Evolution Framework and discover the strategies that drive business success in today's dynamic marketplace.

Here are three reasons why you should listen to the full episode: 

  • Setting up Systems to Simplify: People, Systems, and Money. 
  • Identifying and Overcoming Scalability Bottlenecks  
  • His rich experience in Starting-Failing-Rising up as a 7-figure entrepreneur

LISTEN NOW:

WATCH NOW (and check out the Resources and Episode Highlights below):

RESOURCES:  

Jump Straight to these golden nuggets:

00:00 Podcast on building business influence and success.

03:33 Business owners can expand through acquiring others.

09:16 Importance of avoiding common mistakes in business.

11:51 Embellish skills to secure desired job successfully.

15:34 Consider franchise regulations before entering a business.

20:02 Seller financing prevalent, important for closing deals.

20:57 Key points in choosing a business broker.

25:20 Understanding various business valuation components is critical.

28:57 Assess, trust, repeat: methodical approach to business.

32:20 Consider exploring entrepreneurship, it's achievable for anyone.

KEY TOPICS: 

Topic: Future Growth and Capacity Planning

  • Impact of restrictive regulations on making changes within a franchise setting
  • Discussion of how franchises require strict adherence to existing procedures and rules, limiting innovation and change
  • Advice on avoiding franchises for entrepreneurs with innovative aspirations
  • Lack of direction can lead to stress and unhappy staff.

Topic: Improving Business Operations and Profitability

  • Strategies for avoiding distractions and staying focused on long-term business goals to mitigate stress, long hours, and dissatisfaction among staff.
  • The importance of measuring staff happiness, client happiness, and financial stability, with a focus on the top three KPIs and sub-KPIs to drive business success.
  • Supporting examples and practical guidance on tracking numbers and understanding financial figures to make informed decisions aimed at improving profitability.

Topic: Numbers tell the story of business success

  • Uncover the impact of data-driven decisions
  • “Numbers don't lie” and can provide valuable insights for business growth
  • Track the right KPIs, understand financial figures, and make informed decisions to improve profitability.

Topic: The Importance of Proactive Hiring

  • Hire admin staff as soon as your business can afford it.
  • Tristan shared his experience with offshore staff, highlighting the time-saving benefits and support they provide for growing the business
  • Tristan believes in providing equal opportunities to international staff, paying slightly above market to benefit from their skill set.
  • This approach not only supports your team but can also provide time zone advantages for seamless business operations around the clock.

HIGHLIGHTED QUOTES:

Building a Successful Business: “So if you're a startup, you're sub 300, sub 400,000, don't worry about systems to start with. Let's just, let's just validate your offer.”

— Tristan Wright [00:02:31 → 00:03:20]

Viral Topic: Scaling a Business

Quote: “So for me, the best bang for buck was selling, and it was the top of the funnel to bring people in. After that, it was admin and could be done by others just as fast, if not faster than me, and I was able to scale a lot quicker that way.”

— Tristan Wright [00:07:38 → 00:07:45]

The Benefits of Hiring International Staff: “Our labor, hiring someone in Australia is no different to hiring someone in the Philippines, everyone deserves the same opportunity.”

— Tristan Wright [00:08:59 → 00:09:06]

The Importance of Proactive Hiring: “It's better to hire sooner than later because if you're hiring later, you're gonna be too late in your product quality or service quality is gonna drop off.”

— Tristan Wright [00:11:14 → 00:11:21]

“The Importance of Clarity for Business Owners”: “If you've got a road map that is a lot clearer in the next 3-6 months, it makes it a lot easier to determine the actions that you need to take, and it's a lot easier to pack those bright shiny objects and put them aside because you know that that's not a focus area for you right now.”

— Tristan Wright [00:14:55 → 00:15:06]

The Importance of Business Direction: “They're in a state of constant flux and they don't know what direction they're headed, or they're headed in the general right direction. But they're almost spinning the wheels kind of thing.”

— Tristan Wright [00:16:27 → 00:16:34]

The Dangers of Inexperienced Business Coaches: “Rather than just a piece of information, it's the number one thing is actually understand the results That the person that you're looking into or researching, actually understand the results that they've achieved for themselves and for their clients.”

— Tristan Wright [00:18:23 → 00:18:40]

Viral Topic: Niches and Audience Targeting

Quote: “Using the American terminology, you need to know in Australian niches, we need to know who our niche is, what our niche's pain point is, and we need to tell them how it's gonna be solved and show evidence of how we've solved it previously.”

— Tristan Wright [00:20:05 → 00:20:22]

Delegate and Scale: “Find someone that can only do 30 or 40% of what you do and get them to be a subject matter expert in that and realize that your people that you hire are not going to be able to jump from one thing to another thing like you because they're not as invested in the business as you are.”

— Tristan Wright [00:25:45 → 00:25:54]

“Small Business Accounting Tips”: “What's the money that can come back into your back pocket? That's the number that counts.”

— Tristan Wright [00:30:25 → 00:31:07]

Q&A SNAPSHOTS:

1. How can businesses effectively integrate numbers and data into their decision-making processes to drive success and profitability?

Answer: Tristan emphasizes the importance of leveraging numbers and data to track key performance indicators (KPIs) and make informed decisions that drive success and profitability. He believes that “numbers don't lie” and can provide valuable insights for business growth.

2. What are the key advantages of utilizing international staff in businesses, and how can business owners effectively support and manage a global team?

Answer: According to Tristan, utilizing international staff can provide time zone advantages, allowing business operations to continue seamlessly. By paying slightly above market rates and supporting international staff, businesses can benefit from a diverse skill set and maintain operations around the clock.

3. In what ways can businesses plan for future growth and increased capacity, and how does this impact product and service quality?

Answer: To plan for future growth and increased capacity, Tristan advocates for hiring sooner rather than later to maintain product and service quality. This proactive approach can help businesses anticipate and meet growing demands, ensuring sustainable growth.

4. What strategies can business owners implement to maintain a clear vision and mission for their business, avoiding distractions and staying focused on long-term goals?

Answer: Tristan underscores the importance of having a clear vision and mission for the business, advocating for a laser-focused approach to avoid distractions and stay on track with long-term goals.

5. How important is it for businesses to establish systems and processes for sustainability and recurring revenue when transitioning to scaling, and what are the key considerations in this process?

Answer: Tristan highlights the significance of establishing systems and processes for sustainability and recurring revenue when scaling. This includes validating services, building systems and processes, and implementing automations for larger businesses.

6. What role does real-world experience play in standing out in a crowded marketplace, and how can businesses effectively showcase their real-world results to attract clients and customers?

Answer: Tristan emphasizes the value of real-world experience in standing out in a crowded marketplace. He recommends showcasing real-world results to demonstrate expertise and draw in clients and customers.

7. How can businesses use AI technology to develop a personalized tone and voice in marketing, and what are the key benefits of this approach?

Answer: Tristan believes that AI technology can be used to develop a personalized tone and voice in marketing. This approach can enhance customer engagement and create impactful marketing strategies.

8. What are the key considerations for business owners when hiring staff or outsourcing tasks, and how can they calculate the cost-effectiveness of delegating responsibilities?

Answer: When hiring staff or outsourcing tasks, Tristan advises business owners to find specialized individuals who can save the owner's time, ultimately allowing them to make more money or scale the business. It's acceptable if these individuals are not as personally invested in the business as the owner, as long as they bring value to the organization.

9. What are the top key performance indicators (KPIs) that business owners should measure, and how do these metrics contribute to business success and profitability?

Answer: According to Tristan, the top KPIs that business owners should measure include staff happiness, client happiness, and money in the bank, along with additional sub-KPIs that contribute to business success.

10. In what ways can businesses effectively track and understand financial figures to make informed decisions, improve profitability, and drive growth?

Answer: Tristan shares an example of a client who achieved significant improvement in sales by reallocating advertising funds based on return on ad spend. This demonstrates the power of tracking numbers and understanding financial figures to make informed decisions and improve profitability.

About Tristan:

Tristan is the Chief Business Sherpa at Evolve to Grow. His coaching model a.k.a “The Business Evolution Framework,” has helped change the lives of busy entrepreneurs across the globe from running the project-to-project hamster wheel to being able to work by choice. 

You can connect with Tristan through: WebsiteLinkedIn |Email | Instagram | Twitter

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To staying ambitious, 

2024-02-10T07:04:42+10:00

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