5 Simple Keys to Unlocking Freedom in Your Business – Todd Randall￼
Unlocking freedom in your business. Is that even possible? Do you run your business or does your business run you? Most entrepreneurs come to terms with a chaotic and stressful life, but it doesn’t have to be that way. Our guest today is all about entrepreneurial freedom.
Todd Randall is the eight-time CEO and an inspiring business coach. He’s started 8 businesses in total, including spas, gyms, a construction company, a consulting firm, etc. Not only did he successfully exit three of these businesses, but he’s still effectively managing four of them remotely. Generating $6 million annually, Todd’s business enterprise worships freedom more than money which is his ultimate secret to success. Todd’s latest venture is a coaching practice where he enthusiastically shares his experience with other fellow entrepreneurs.
During his long professional experience, Todd realized that running a business can cost you your health if you let it. That’s why he’s so passionate about helping thriving entrepreneurs turn their lives around.
In this episode of the Think Business With Tyler podcast, we talk about why you need to learn to delegate tasks effectively as a business owner, the importance of building and cultivating trust, how to teach your staff to make good decisions, and the power of goals.
If you want to learn more about effective business management, tune into this episode to hear what Todd has to say.
💡 Name: Todd Randall
💡 What he does: Todd is currently the Chief Executive Office at Beachview Coaching.
💡 Noteworthy: He’s the eight-time CEO and a thriving business coach. He built 8 businesses in total, successfully exited three of them, and is now managing four remotely.
💡 Key Quote: “It’s hard to grasp this until you’re there but I was spending time on things that were taking me away from tasks that could double and triple my business.”
💡 Where to find Todd: LinkedIn
Learn to delegate properly. Being an entrepreneur is not simple. It takes a range of skills to be successful, from sales skills to time management skills. With that said, you don’t have to do everything on your own. If you want to thrive as an entrepreneur, you need to learn how to delegate well. Todd believes delegation is important because you can’t and shouldn’t do everything alone.
Todd explains, “There’s nothing more important than the people in your business. And so if you have a business with lots of folks and you are the one administering that care, then it doesn’t free you up to do the other things and that’s a mistake that I made a few times before I learned my lesson, to get good operators in there to help me manage the staff and drive culture so that I could focus on strategic stuff.”
Trust is the secret sauce behind every successful organization. Without a doubt, trust is the glue that keeps a business together. If you don’t trust your employees and vice versa, that lack of trust can get in the way of your business’ success. Focus on building strong team relationships so that you have peace of mind knowing your business is in safe hands.
Todd says, “I think trust is a really important thing and then you can nurture trust and you can communicate in a way that values trust. But you can’t if you’re going to delegate really important tasks like depositing money in a bank or hiring or important tasks like that you have to see eye to eye with that manager.”
Teach your staff to make good decisions. When delegating tasks, it’s important to build a rock-solid foundation first. You need to coach your team to make good decisions. Lead by example. Show them how to make good decisions. This is the safest way to ensure your business is in good hands when you’re not there.
Todd shares an interesting real-life example, “Karolina was someone that I really was starting to trust. She had managed a lot for me. She had worked for me for a long time, and we really got along well, and she came to me and said, ‘Todd, these are decisions that you don’t need to make. I’d be glad to help you with them. But I don’t want to make decisions in a way that wouldn’t be consistent. Let’s come up with a process.’
And from there we worked hard at it took us a couple of years and we failed a lot. But we came up with a little five-point process that worked for us and in the end, it became so successful that she started managing multiple businesses for me and training that process to the managers who ran them and it freed me up so much. “
Make goals for yourself. Setting goals is the key to a happy life. If you want to accomplish something, start by defining it first. Figure out what you want and then how you’re going to get it. Remember to focus on yourself, and yourself only.
Todd says, “Make the goals for you. There is some point if you are in a place where you’re dissatisfied or if you have a point of trauma in your life, a divorce or a health care concern is something that, these are super useful times to look inside and say, ‘Why? Why does this make me so unhappy to be without one person?’ […]
So many people spend their entire lives trying to make other people happy. And if you can decide what really makes you happy, then you can design a life around that, that looks a little different to other people but can be inspiring. It can drive you in ways that you haven’t had before.”
“I didn’t have a great idea. I took someone else’s idea and asked him if I could build one like it. And I did. And from there, just kind of sorted out what made that business successful and then did it again and did it again and tried something else. Next thing you know, we’ve got seven or eight businesses, some of them exited, some of them failed. Some of them succeeded, started coaching people on how to run their businesses, and here I am today.”
“When you’re 30 years old, and you’re running your own business, there’s such an enthusiasm, and it’s intoxicating. There’s a pride that comes with it. There is a sense of urgency that comes with it. There’s a fear and a panic that comes with it and it drives you to work hours and you don’t realize it’s not sustainable until you reach the end of your limits.”
“The fourth one was to at some point, you have to move from micromanagement to a coaching style. ‘And this is not a skill that many managers have until they start managing managers. […] That’s a mindset as much as anything and it takes incredible patience sometimes to hold your tongue and let somebody make a mistake.”
“I just don’t want to sound like the mafia, but when you’re far away, people are making judgment calls for you all the time and if your interests are in alignment, things can go extraordinarily well. They may not go exactly the direction that you would have wanted but they can still have a positive impact every single day because they know you well enough to make judgment calls on your behalf.”
“So many people spend their entire lives trying to make other people happy. And if you can decide what really makes you happy, then you can design a life around that looks a little different to other people, but can be inspiring. It can drive you in ways that you haven’t had before.”