Episode 397: BBE Weekly: Sustaining an 8-Figure Business
In the fast-paced world of business, understanding the fundamental strategies that contribute to a company’s growth and success is invaluable.
In this episode of BBE Weekly, Adam Stott provides an insightful peek into the dynamic world of leading an eight-figure business. Sharing his experiences from the past week, Adam dives deep into strategic growth, client satisfaction, and the importance of creating a robust meeting rhythm for team efficiency.
Amidst celebrating another successful month with over a million pounds in revenue, Adam emphasizes the impact of maintaining high client satisfaction and fostering a supportive company culture.
Show Highlights:
- Effective meeting rhythm can significantly boost team productivity and business advancement.
- Prioritizing comprehensive employee training contributes to both individual and business growth.
- Balancing operational responsibilities with long-term vision is crucial for a CEO.
- Successful business scaling involves a shift from self-focused efforts to empowering the team.
- Client satisfaction plays a critical role in maintaining and expanding business success.
Links Mentioned:
Get your Business Growth Secrets SUCCESS PLANNER for FREE and profit like a pro: https://adamstottplanner.com/free-book47315172
Adam’s website: https://adamstott.com/?el=Pod
Watch the Episode on Adam’s YouTube Channel: https://www.youtube.com/adamstottcoach?el=Pod
Connect with Adam on Instagram: https://www.instagram.com/adamstottcoach/?el=Pod
Join Adam’s network on LinkedIn: https://www.linkedin.com/in/adam-stott-coach/?el=Pod
Coaches, consultants, and business owners – lower your marketing costs, increase ticket prices, and get more high-ticket clients: https://3daybrandbuilderworkshop.com/start-here?el=Pod
Transcript:
Please note this is a verbatim transcription from the original audio and therefore may include some minor grammatical errors.
[00:00:00] Adam Stott: Hey everybody, welcome back to another BBE Weekly. These are the audio only podcasts that I do on a weekly basis, where I tell you about what’s happening in my business, what we’ve been up to. It gives you a real look into the life of a CEO. Um, I share different lessons about what I’m learning, what’s happening, because we’re always learning no matter where we’re at.
[00:00:24] As well as, you know, all the development. So what you, you can get an insight into, which would be really helpful is all the things that we’re doing, uh, to grow the business, to push it forward. If you’re a client of ours, you’re in one of our mentoring coaching programs, it’s really good for you to hear because you get to see behind the scenes.
[00:00:41] If you’re not. It really allows you to understand what we’re doing to grow an eight figure plus events business. And on that note, you know, we just had another month where we did far in excess of a million pounds in revenue this month, which was really cool. Um, awesome. The business is growing. Uh, what’s even more important that is the, our client satisfaction rate is absolutely through the roof.
[00:01:02] Our clients in our coaching programs and mentoring programs are over the moon and the amount of progress and the cultural success that’s happening within the business is. It’s nothing short of insane, so things are going really, really well. I just held just to give you a bit of an insight into what we’ve been doing and, you know, over the course of the last week, I’ve just held our Tuesday meeting.
[00:01:26] So every week, and this is something that if you’re a business owner listening, you, you can put in your business, which can make a huge difference. I was telling my, My inner circle clients this the other day and the people that have applied it have got some insane results. So I was telling them that you need to create what’s called a meeting rhythm within your business.
[00:01:45] Now. That might what’s the difference between a meeting structure and a meeting rhythm or for me a meeting rhythm is when everybody knows the times the dates the structure of the meeting they turn up to me and without you having to change without you having to go over everything people look forward.
[00:02:03] To the meeting rather than dread the meeting. So they’ve got a, you know, a meeting rhythm. I like to call it, which means that you are continuing improving the back, the business on every single week. So the way that we do that is we have a management meeting. We bring all the managers together, um, on a Monday and we go over, uh, the, we, the BBE process, which I’ve mentioned before, what breakthroughs that we had in the previous week, what barriers have we got, uh, that we’re working on and what do we need to execute?
[00:02:32] And then on Tuesday we have our all staff means we bring everyone together and we just done that it’s really awesome on this particular meeting we do product training so we will do one type of product training every week where I will spend 15 minutes talking through one of the products how it helps our clients what results it gives them and that just allows every single person in the business to know you.
[00:02:57] What the products are, and that doesn’t matter if you work in finance, doesn’t matter if you work in accounts, doesn’t matter whether you work in marketing, every single person in the business knows the products that we offer, what we do, they know the outcomes that it creates for our clients, and that 15 minutes is a very small thing in the grand scheme of a CEO’s week, but that 15 minutes gives it.
[00:03:18] Everybody singing off the same hymn sheet and knowing what the products are, which is really cool. So we did that. We also did our employee of the month because with the end of the month, this month, our employee of the month was Emma, who works in our social media team. Uh, she really lovely girl. And. You know what i think the reason that she’s one employee of the month is because as a personal development training company we’re all about leveling up and she’s really leveled up she’s worked on herself a lot she’s worked on the quality of what she’s doing she’s listening all the time she’s got a big smile on her face and she’s really approachable.
[00:03:58] And everybody enjoys, uh, you know, her, her input. So I think that we did a vote in the management meeting who should be, uh, employee of the month. And Emma came out number one. So I don’t know if Emma listens or not, but congratulations to Emma, um, this month doing a great job. And again, you know, you know, when Emma joined, I didn’t have tons of experience.
[00:04:19] So she’s learning on the job every single day. She’s getting better every single week. She’s getting better. And, and the business grow secret from today is training. That’s what I would say is, you know, a lot of people moan about their staff. A lot of people moan about their employees, but reality is they didn’t just wandering off the street, you hired them.
[00:04:39] So the business owner hired them number one. And secondly, You know, if they’re not doing the job, right, you got two choices. You either go and find somebody else to do the job, right. But that won’t necessarily solve the problem you’ve got. Most people’s problem they’ve got is they don’t put enough time, attention and training and repetition into their team to raise that team’s levels.
[00:05:01] And I think Emma’s a great example of that, that she’s had the time, she’s had the training, she had the repetition. She’s certainly going in the right direction. Um, but the way that we think and the way that we act is no one is the finished article. We’re always trying to do better and we’re always trying to improve and that’s really cool.
[00:05:17] So I think that, um, that’s a good thing. Um, other things I’ve been doing this week is I’ve got an event called Adam’s house that we’re running in November. Well, I’m bringing 15, 20 people to a mastermind. I’m spending four days with them, coaching them. So we’re, we’ve been setting the agenda, uh, setting the guests, setting everything that we’re going to doing.
[00:05:40] So we’re going to have a great guest there. Uh, we’re going to have, um, uh, singers there. We’re going to have music there, all of these different things. So we’ve been working on that Adam’s house of it. I mean, it’s looking like an Epic, Epic, Epic event. Uh, the amount of Planning attention to detail, the luxury experience has been created.
[00:05:57] Um, we’ve been working very, very hard and I’ve got to say Cassie from my team has been doing a great job. Rachel’s been doing a great job and we’re working hard on that. Um, which is cool. Cause you know, it’s like as a CEO or you run in the business, you’ve got. A few things to consider you got the vision which is the future of where you’re going but you also got the operations which is the day to day and you gotta get a balance between the operations and the future of what you’re creating so for me.
[00:06:28] This is the day to day stuff I’ve been doing this week, which is the present. I’ve been helping with the Adams house planning. I’ve been running the staff means telling them about the future I’ve been, you know, we just got new staff uniform in for, for everyone in the business that our branding team of design, which is really cool.
[00:06:45] And now I’ve got to get the repetition of getting everyone wearing that right. And, and banging the drum there. Uh, we’ve been running, we ran a business growth secrets event, um, last week and had 25 people join on that event. 2025 people join our, our gold circle in a circle and other trainings. Uh, we’ve got speaker training today.
[00:07:04] So in a moment, I’m going to be going out. I’m going to be doing the speaker training. We’ve got the Christmas party planning that we’re doing. So we’ve got all these different things going on. We’ve got Damien coming over from America next week to run some trainings for us as well, which is really cool.
[00:07:18] We’ve got the recordings of the gold circle school group. And many, many got podcast guests coming in or there’s some great podcasts at the weekend. I’ve got a great, great episode coming up with Larry, um, who from bloom has done major weddings over people spending a million pound on flowers, which is, I think is a really good episode.
[00:07:37] So when you look at that, I mean, that’s just a snapshot. Of last week, one of the questions I get asked is, is how, how do you manage and how do you manage the time? And I said, the business growth secret is on training and we’ll keep, keep to that. You know, I think it’s really important that you’re always looking at you as the business owner.
[00:08:01] What high income generating tasks can you work on and what low income generating tasks can you get other people to work on and you have to prioritize the things that you’re doing as being things that can generate the most revenue for the business and drag you far further into the future and then everything else that you’re that is going on in the day to day of the business you need to you know work with your team and train your team to be able to to go and execute so i’ve got to say when i look at all these things.
[00:08:31] Cause it sounds like a lot I’ve had Abby from my team working on the Christmas party. She’s done a great job on that. So my involvement was a decision, you know, her and my COO have been working on that, but the staff uniform. So I’ve got Claudia and the team working on the brand and the design of the uniforms.
[00:08:48] I’ve had my marketing team working on, uh, the school group. We’ve had the Adam’s house planning team. I’ve been Abby again and the events team working on that. I’ve had my content team working on the podcast guests. So really. Building a great team is the business growth secret for this week, training the team, and then that’s why you end up having major results.
[00:09:09] Like I said at the beginning, you know, and, and you get things happening in the business. It’s a credit to all of my team, not just, um, you know, the things that I do are minor compared to what everybody else does. And when you look at it, and this is how it should be, a scaling business, I say this at business growth secrets or three day business training, a startup business is 90 percent you.
[00:09:31] 10 percent other people, you’ve got to do all the work and that’s okay because if you’re at the beginning, you just need to understand that, you know, a lot of people at the beginning of a business, they’ve got to go and do a lot of work. They’ve got to put a lot of time in, they’ve got to put a lot of money in.
[00:09:45] Sometimes that can be difficult, but that’s how it is at the beginning. Now, the aim of the game is to grow your business. So you’re not at the start up. So you’ve got revenue coming in and cashflow coming in. So it can be 50 percent you. 50 percent other people and the faster you make that transition in a way that doesn’t jeopardize the safety of your business the easier life is going to get for you and in the kind of conversation I’ve just had with you is the other way scaling business you know business that does eight figures a year you know and me overseeing that.
[00:10:19] It’s 10 percent me, it’s 90 percent other people. You know, my involvement is decision making and painting the vision of the future. Uh, and other than that, you know, it’s everybody else going around executing these amazing things. So train your team well, understand what stage of the business you’re at. In order for you to grow and i hope you enjoyed this episode this week i want to just give you the snippets you know thoughts that going through my mind what’s happening and of course would love to hear if these are the episodes you enjoy or if you hate these episodes maybe you prefer hearing from a guest rather than what’s happening from a ceo weekly.
[00:10:56] Uh, type mentality, you tell me, uh, we’ll keep bringing you the content that resonates with you the most, uh, and just keep trying to help you level up. So I hope you enjoyed today. If you did, don’t give us a five star review and I’d love it if you mentioned, you know, that these are the episodes you enjoy, if that’s the case, you know, that would be pretty awesome to hear because if so we’ll keep doing more and we’ll keep revealing more and giving more.
[00:11:19] All right. And if you don’t. Then, you know, we’ll stick to the guests and some of the other stuff as well. Right. So hopefully you like the balance. And if you do, please go and give us a review and I look forward to seeing you in person very, very soon.