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You can’t rush business growth. Growing a business from scratch takes a lot of time, effort, and dedication. Our guest today shares some firsthand tips about building a business.
Meet Michael Morrison. Michael is the Founder & CEO of Business Ownership Simplified for Success. He is a small business coach passionate about helping small business owners succeed. Being a seasoned entrepreneur himself, Michael knows the ins and outs of growing a business. He can empathize with business owners because he once walked in their shoes. When he started his first company, he immediately started working longer hours than the job he left and ended up having a lot more stress than before. But he turned things around, and now he’s living his best life.
Michael focuses on helping business owners become efficient and profitable in less than six months. His company helps entrepreneurs work smarter, not harder, through proven processes for success.
In this episode of the Think Business with Tyler podcast, we talk about why business owners need to take responsibility for their businesses, the importance of planning, the benefits of having a mission statement, and why you need to slow down to go fast.
If you want to hear more about building a business from the ground up, make sure you tune into this episode to hear what Michael has to say.
💡 Name: Michael Morrison
💡 What he does: He’s the Founder & CEO of Business Ownership Simplified for Success.
💡 Noteworthy: Michael is an experienced business coach passionate about helping other business owners live the lives they’ve always wanted.
💡 Key Quote: “Most business owners were always thinking ahead, and we need to slow down to go fast.”
💡 Where to find Michael: LinkedIn
Your business, your responsibility. Being a business owner comes with a lot of responsibilities. Whatever happens in your company rests on your shoulders. So when your business is struggling, you need to take responsibility because the buck stops with you. Michael explains, “It’s typically brought on by the business owner. When a business owner reaches out to me and kind of shares some of their struggles, I know that that’s not the root of the problem, that’s just kind of the symptoms. So we got a deep dive into there, and a lot of times, I tell the business owner, I have to be truthful with you because you either created this or you allowed it, one or the other. You’re the business owner, so we have to discover which one it was.”
Failing to plan is planning to fail. One of the most common mistakes that every newbie business owner makes is failing to plan. According to Michael, not having a plan is a recipe for disaster. So it’s critical to develop a clear plan and direction for your business from the early stages of development. He says, “The typical first problem is there was no plan. There was no direction, there was no guidance. They just kind of got busy, so they hired somebody, and then that person really wasn’t doing their job, so they hired somebody else and somebody else. Next thing you know, they have a team of 5, 10, 50 people and chaos, disruption, distractions, everything starts happening because nobody has a clear purpose of why they’re in the business, what their role is in the business.”
Know your mission statement. Your company’s mission statement reflects your biggest passion and long-term goal. So, it’s essential to know your vision from the earliest stages of your business. Otherwise, you will find it hard to stay motivated when things get tough. Michael says, “When you get into the office one day, you’ve lost an account, the electric’s not paid, and you’re just really frustrated, go back to your passion statement and say, this is why I started my business. I want to help these people for this reason.”
Slow down to go fast. You can’t rush business growth. It takes years of patience, effort, and dedication to build a stable business from scratch. So, take it slow and do it right. Michael explains, “Business owners, we’re about results. And so sometimes we don’t like to slow down for the details. And I always say, okay, lesson number one, that we need to remind ourselves of is it’s better to go slow to go fast. So even though these things aren’t fun to do and it can really exhaust your mind to think about, I said, this is the most important part of your business right here is establishing the direction, the north star of where you want to go because when you start hiring employees if you don’t have a clear understanding of your business, no one else will either.”
[11:04] “It’s just kind of those early-stage mistakes, and they’re not really mistakes, it’s just they’re not educated. Most of us have never owned a business. I started my very first one back in the nineties, and I didn’t know all these things either until I hired my first business coach. So it’s not really they’re doing anything intentional, it’s just we don’t know.”
[11:59] “My greatest lessons learned are failures.”
[13:24] “If somebody’s trying to determine or establish if they want a business partner, I always say don’t do it, not because of the failure risk but don’t do it until you’re confident that you know why you want a business partner. ‘Cause there are reasons why you would want one, but if you’re just looking to get some help, which most business owners want, that’s not a good reason.”
[22:01] “Most business owners were always thinking ahead, and we need to slow down to go fast.”
[22:51] “Not having a plan. I would say that’s probably one of the top problems that I see with most business owners if they don’t have a plan, and in my opinion, nothing intentional happens without a plan So until we have that plan of what we need to be working on, we’re just busy as business owners.”
[27:03] “Every day is an exciting journey with problems to be solved and memories to be made, and keeping that mindset throughout the day really helps.”