What’s a SMART business?
I talk about SMART business a lot. I make decisions about how I grow my businesses based on my SMART philosophy. Whenever I’m trying to decide how to grow or change my business, I ask myself—is it SMART? Meaning, is it simple, does it build margin, create assets, is it rewarding, or benefit my team?
What do I mean?
Keeping things simple means prioritizing; and it means saying no to stuff that doesn’t move the needle. It’s easy to complicate and much more challenging to focus on low-stress, simple solutions. SMART businesses always choose a simple path.
SMART businesses build margin in your business and your life. Margin gives you more time and more money to focus on what matters most to you.
SMART businesses create assets that can be monetized over and over, again and again. They replicate revenue or build recurring revenue in your business. They don’t reinvent the wheel or depend on trading time for money every time you make money. Build assets that do that for you like an Associate Team in your creative business.
Maybe it’s money, freedom of time, satisfaction of a job well done, or the impact you create for yourself and the lives of those most important to you. Whatever your reward of choice is—a SMART business creates rewards.
Team-based businesses are SMART. It doesn’t mean you have the biggest team—it just means you’re replaceable in your business and money is made with or without you. That’s SMART.
When I’m making a strategic decision in my business I ask myself, “How SMART is this?”
If only one of these attributes applies to the question, it’s probably not a good idea to move forward.
2 or more? I consider it.
3 or more? Probably going to answer yes.
4 or all 5—YES! Do it.