Building A Business That Thrive Independently | Michael Morrison

Is Your Business Ready to Thrive Independently?

🎙️Imagine having a business that grows and thrives, even when you're not there! Running a small business is like navigating a complex labyrinth. Systems, processes, and guiding principles—these aren't just buzzwords; they are the foundation of a business that thrives independently.  In the latest MBS Podcast episode, we dove deep into how documenting these key elements ensures consistency and scalability, allowing business owners like you to step back without compromising on performance. It's about creating a machine that runs smoothly, whether you're in the driver's seat or not.

Join me with my special guest, Michael Morrison, the Founder & CEO of BOSS Business Ownership Simplified for Success, and one of the top business coaches in the industry. He has owned numerous businesses and has consulted countless small business owners to build multi-million dollar organizations. We explored the nuts and bolts of creating systems, defining principles, and the magic of surrounding yourself with a dream team. Michael's story is nothing short of a thriller, with twists that led him from a harrowing kidnapping to becoming a beacon of hope for entrepreneurs. His tale is a testament to overcoming adversity and a sneak peek into the resilience required for business success.

• The Blueprint for a Self-Sustaining Business
  One of the most enlightening parts of our discussion centered on the concept of creating a business that can operate independently of the owner. Michael emphasized the importance of systems and processes, guiding principles, and the right team, which includes not just employees but also bankers, accountants, and other partners. He stressed the need for a clear vision and mission, as well as documented processes that ensure consistency and scalability.

  We also explored the challenges older business owners face when transitioning their businesses for future success. It's crucial to build a business with intrinsic value that extends beyond the owner's direct involvement, ensuring sustainability and a better work-life balance.

• Tackling Small Business Challenges with Mindset and Delegation

  Michael shared his insights on common hurdles for small businesses, highlighting mindset, delegation, and implementation as key areas to focus on. The right people in the right roles are critical, and Michael delved into the hiring process and the importance of aligning core values in partnerships. He also introduced his company's lending services, which provide quick access to funding, and an online course on evaluating business partnerships.

• Leveraging Automation and Processes The Right People in the Right Roles: A Game-Changer
  Michael underscored the need to define roles within an organization carefully and ensure that the right individuals fill them. He introduced the DISC assessment as a tool for matching behavioral traits with job requirements. For example, compliant individuals may excel in certain positions, while dominant, driven personalities might be better suited for leadership roles.

  Hiring slow and firing fast was a recurring theme, emphasizing the importance of making tough decisions promptly to maintain business momentum. Michael shared that businesses that have successfully aligned their teams with their roles have seen a significant reduction in turnover and a 90% success rate in hiring.

• The Intersection of Technology and Customer Engagement

  Lastly, he shared his background in technology and marketing automation, which dates back to the early 1990s. His experience in keeping customers and prospects engaged through automation has been pivotal in his work, especially in providing technology coaching for insurance agents. He helped them leverage automation to enhance their business processes and customer interactions, ensuring they stay ahead in a rapidly evolving digital landscape.

To conclude, build a business with strong foundations, align your team with your vision, and create systems that allow your business to thrive independently. By doing so, you'll set the stage for long-term success and a fulfilling entrepreneurial journey.

If you're eager to connect with our guest, Michael, check out the links below:

LinkedIn: https://www.linkedin.com/in/michaeldmorrisonokc/

Podcast: https://www.businessownershipsimplified.com/events/podcast

Instagram: https://www.instagram.com/businessownershipsimplified/

YouTube: https://www.youtube.com/channel/UCZPB5Pqbi_IoUaglltpZMHg

Facebook: https://www.facebook.com/businessownershipsimplified

FREE Tools & Resources: https://www.businessownershipsimplified.com/freebies