Momentum Podcast: 766
These Are the Reasons Not to Run Your Business Alone
by Alex Charfen
As your business grows, entrepreneurs like you and me must make increasingly difficult decisions with less and less information.
You have to be able to hold space for a larger population of people. You have to actually be able to deal with the stress and the pressure of decision-making.
Alex Charfen, a business growth coach who helps entrepreneurs grow and scale their businesses, gives practical, tangible, and actionable tips that you can implement into your business right now.
We have a saying in our membership. “Lead your business from the passenger seat.”
We celebrate and memorialize when our members achieve “Passenger Status.”
In order to get there, you must find a way to duplicate decision-making, get your team out in front of you, and truly step into your role as the transformational leader of your business.
The magic of passenger status is that it creates the spaciousness you need to actually do what you need to do in a business.
In this podcast, I'll show you how to get there.
Your business has the potential to change the world, and the only way to see that potential become a reality is to implement a strategic plan. If you're ready to learn more, go to predictableplanningsystem.com to get started.
Our entrepreneurial journey doesn't end here! Be sure to check out our Facebook Community filled with entrepreneurs just like you who are getting into momentum and building world-changing empires charfen.com/community
If you are an entrepreneur who is listening in and you can relate, then be sure and head over to momentumplanner.com/mps and gain access to one of the most requested business tools to grow and scale your business in any market condition, even in this one.
Full Audio Transcript
This is the Momentum podcast. If you're an entrepreneur who's grown a business and you're looking to stop doing everything yourself and stop feeling the weight of the business yourself. This is where we started transferring responsibility aggressively and we actually move into what we call the passenger seat. Now let me explain this because when an entrepreneur hears passengers seat, it feels passive. It feels like, well, if I move into the passenger seat to run my business from a passenger seat, doesn't that mean somebody else is doing everything? Well, the fact is absolutely yes. Seem there is a lot of things involved in driving a business that are tactical, like making the decisions as to when meetings are going to happen, making deadline decisions, making all the decisions in the business that you currently make. If you're an entrepreneur who has transferred transfer responsibility. And when you start transferring that responsibility, when you get out of driving everything, that's where you get massive capacity back to where you can be the person to build the business that you really want. I'm Alex Charfen, and this is the Momentum podcast made for empire builders, game changers, trailblazers, shot takers, record breakers, world makers and creators of all kinds, those among us who can't turn it off and don't know why anyone would want to. We challenge complacency, destroy apathy, and we are obsessed with creating momentum so we can roll over bureaucracy and make our greatest contribution. Sure, we pay attention to their rules, but only so that we can bend them, break them, then rewrite them around our own will. We don't accept our destiny. We define it. We don't understand defeat because you only lose if you stop and we don't know how. While the rest of the world strives for average and clings desperately to the status quo, we are the minority. The few who are willing to hallucinate there could be a better future. And instead of just daydreaming of what could be, we endure the vulnerability and exposure it takes to make it real. We are the evolutionary hunters, clearly the most important people in the world because entrepreneurs are the only source of consistent, positive human evolution and we always will be. Now, let me explain what I mean by this and give you some context around why we talk about the passenger seat, so to be a successful visionary. Here's what I believe are some of the key character traits we need to be collaborative, so we collaborate well with the people around us. We we exchange information while we support them. They support us. We need to be reflective. We need to understand what's going on and understand what happened and then be able to make better decisions. We need to be accepting and forgiving as visionaries. One of the things that will often often happen is people will make mistakes. They'll have challenges. We need be able to accept the mistakes, accept the challenge as a coach through them and help them overcome them. Now here's what I know about us is entrepreneurial personality types, not even just visionaries, but just the entrepreneurial personality type. There's this equation when pressure in noise goes up, things get really difficult for us when pressure in noise goes up and things are tactically overwhelming and even more difficult for us. And when pressure and noise goes up, we tend to pull back and withdraw and keep things to ourselves. And one pressure noise goes up. Our ability to collaborate goes down. Our ability to reflect and understand what's happened goes way down and our ability to be accepting and forgiving. Well, let's be honest, when pressure and noise is really high for you, how good are you accepting failure, accepting challenges, seen mistakes and being OK with them? The reality is one pressure in noise goes up. We become more sensitive to all of those things and they become more difficult. And so when we can lower pressure and noise, our ability to do all of those things go up. And so how do we do this? This is how we help organizations in by moving you as the CEO to a passenger seat. Now here's what I want you to understand about this. In some ways, it definitely is passive, and we do not want you to be actively running everything. You don't want to be actively running everything in the business, actively making all the decisions. In fact, if you're running a business is in the high multiple seven figures or a million dollars and you've never thought about this before, I want you to just take a deep breath. What would it feel like if you weren't responsible for every decision? If you weren't responsible for every time frame, every deadline, everything that you're doing as a company, what would that feel like? How much of relief would that be? Here's what I know from having coached hundreds of entrepreneurs is when you move into the passenger seat and you, you delegate those responsibilities to duplication of decision making. Like I talked about my last video, you get tons of capacity back as an entrepreneur. And what do we use that capacity? We use that capacity to do what we do as entrepreneurs. We get up in the morning, we go into the future, create a new reality, come back to the present and demand it becomes real. And as our business grows, more and more of that reality is created through delegation to somebody else doing it, not through us driving everything and doing it ourselves. So moving to the passenger scene is a massive revelation. It's a massive revolution for you and a business. And here's how I want you to just think about this. The coaches never take the field. If you watch any professional sports team, any amateur sports team, we would be shocked. Blown away to see a coach like take off their whistle, throw down their clipboard and go run onto the field, it would never happen. Why? Because the coach stays in a decision making capacity and the coach stays in a strategic capacity, not in the tactical capacity. And when you look at massive multinational organizations, the CEO is exclusively in a strategic capacity. So in your business, once you start building the team, once we move forward or once you move forward in building a team, getting some help, getting some delegations, stopping doing everything, we want to help you reduce the tactical and increase the strategic time that you're use. You're involved. And here's how coaches never get tactically involved. There's a game plan when they go out to play. Every person knows their position. They know what they're responsible for. They know what they're being measured by. They know even in a game what they're being measured by. There's big statistics like there are big metrics like the score of the game, then they're smaller metrics like individual performance. When you look at a professional sports team, every person on that team has a clear outcome. They know exactly what they're doing. In fact, if you walk into a locker room on any type of sports team on the first day of the year and you walk up to the entry level rookie, the person who's been there, the least amount of time you say, Hey, what are the goals around here? You're going to hear something similar to, well, long term. I want to get to the Hall of Fame and I want to win the Championship at the end of the year, and I want to win everybody. We line up against this quarter and in the next month, here's our opponents and this is what I'm doing. And in the next week, here's the workouts I'm doing, the rehab I'm doing so that on the weekend I can go face this team and win. And every person on the team has that exact description from long term Hall of Fame all the way down to what they're doing on a daily basis tells them they know exactly what is happening, and they know what they're doing on a daily basis is potentially leading to that Hall of Fame goal. Now, when we walk into the average entrepreneurial business and we ask the same question of the newest person on the team and we say, you know, what are the goals around here? A lot of times people say things like, Well, I don't really know, and I'm not sure. And how would we? I don't I don't know how to even tell you that. And sometimes the goals are things like, Well, we know we need to sell this much and we know we need to triple the business. But there's not a lot of granularity, and there's not a lot of specificity in how goals are set, how outcomes are created. And again, just like in my last video, each individual member of the team doesn't have clear outcomes, measurement and accountability like they would in a professional sports team. But even more, most people in entrepreneurial businesses don't know that what they're doing day to day really connects to the long term vision, and the way that we create this connection is the same way that you do in a professional sports team that long term Hall of Fame goal. That's your client centric, long term mission. That was the Championship at the end of the year. That is your one year outcomes. What are the goals you're showing your team? What is the company going to do in this year lining up against in the quarter and winning the quarter and winning this season? That is your quarterly targets. Like what are the projects you are going to put in place? What are the processes you're going to document? Who are the people you're going to hire? What are the policies you're going to apply to your company? And then every 30 days that month of games coming up, that is your 30 day game plan, your strategic plan, your roadmap for your team. And then we take that roadmap and we create weekly commitments so each person on the team knows what they're responsible for in any given week. And then that daily workout that says, if I do this, I can get to the Hall of Fame is the execution your team does on a daily basis. So when you have a roadmap in place, you actually connect everyone's day to day activities to the long term outcome. Now what does this do that gives your team inspired? That gets them excited, especially if you've hired true believers who believe in you and your company and your customers, they're going to be even more engaged, even more likely to take initiative. This reminds me of one of our members, Rachael Rogers, who I absolutely love. I think she's one of the most talented and incredible entrepreneurs I've ever had the privilege to work with and advice. She's just extraordinary, and she runs a company named Halo seven. We started working with Rachel in January. Worry of 2019, when she came to us, she was overwhelmed by her team, there was too many interruptions. She needed space to think so that she can be creative. It was difficult to see how the business was going to grow because of how much noise she was experiencing. Well, we put these systems in place with her. We put a clear strategic plan in place with her to show her team exactly where they were going. She went from making sacrifices to having the team that can now make decisions for her. She went from feeling completely overwhelmed to now achieving on a daily basis without having to do everything herself, and she had a million dollars a month in the middle of the pandemic. And when we started working with her in January of 2019, she did about one point nine million dollars in sales. She doubled that to next year in 2020 to four point two. This is twenty twenty one. She's going to end up well over a ten, maybe even well over $12 million this year. That is explosive 300 percent growth, and she's working less than she ever has. I know that that sounds unbelievable, and I know that sometimes even sounds like that's so crazy. I can't even think about it, but it's actually how it works. See, the more you are tactically involved as the coach on the field tactically executing, the more you will have to be involved. And when you say to your team, I've got this, I'll jump in and you leave that position of coaching and leading the team and you jump into tactics that die. Every time you do that, you create a space where your team isn't doing something, so they need you. You have to be there. You have to be more involved. And so by giving up day to day tactical execution, by moving yourself into a passenger seat, your team actually can step up, take initiative, get more done and move you forward far faster. And the way we do that is you create a predictable business by installing the process and the routine so that every person on the team knows the long term plan. Every person on the team understands their outcomes, their measurement and their accountability, and it moves you forward. And what happens in most million dollar businesses is this the CEO is in million dollar plus businesses. Let's just call that the CEO is continuing to take on tactics, too. And here's the feeling that happens to a lot of people. If this resonates with you, then I want you to know you have a ton of company. What happens is as CEOs, we start hiring people, but we feel like we're still working as hard as we were. Then we hire more people. We're still working as hard as we work. We hire more people. Now we feel like we're working as hard as we were, and we're responsible for all these people. Well, that can bring up what I call the quitting fantasy. The quitting fantasy is this voice in our head that says, Do I really want to do this? Do I want to keep on this? This is so hard. This is so difficult. Maybe I should just go back to doing it all myself. Now I want you to know every entrepreneur. Start that podcast on it. I do speeches on the quitting fantasy because every one of us feels that that resistance, because we're taking on way more tactically, it gets less fun to run the business. It gets actually infinitely harder to run the business because of how much we're doing what our mindset has to switch. We want to be the coach that is off the fields. We want to be the coach that is working and strategy. We want to be the coach that is not tactically involved. And of course, all of us are going to do something for our business, but we want it to be very specific. We want it to be understood and we want it to be measured. We don't just want to want you to be taking on everything all at once and right away and trying to do everything like you did when you were just to start a business. So the way that you go from being overwhelmed and high pressure and noise and not being able to step into that visionary role is to move into the passenger seat with the restructuring process and routine. And you show your team how to make decisions. You show your team how to create the outcomes. You show your team how to move things forward. And then you take the role of coach and you coach your team to accelerate and move forward and grow the business. This is how it works to set up a predictably growth to set up a business with predictable growth that persists, that continues and growth. Thanks for being with me here today and understanding how to move into the passenger seat and how revolutionary this will be with your business for your business. And if you're interested in understanding more again, go to billionaire code dot com. Download the billionaire code so you can see what you should be focused on at each stage of growth in your business and then set up a call with my team. We love to talk to you about helping you offload successfully in a way that you transfer responsibility, duplicate decision making on your team. Move into the passenger seat passenger seat so we can really see your business grow. Go to billionaire code dot com.
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