Wheels of Wealth
Sunshine Coast Businesswoman, Entrepreneur and Philanthropist Chris Childs explains why it is better to act like a general practitioner of business, money and property rather than being a specialist. This allows her to focus more on the big picture, allowing her a clearer vision to make the best decisions to accelerate each of her businesses. Chris shares her secret to success with Think Business Magazine.
It’s much more important to be the GP rather than the specialist (even though you may be one) if you want to achieve the most out of your business. That means knowing a fair bit about many things and not getting too bogged down in the nitty gritty.
A specialist on the other hand needs to know the how, why and when in exact detail to create, install and implement every step of the process or project along the way.
However, being a specialist requires a lot of time and leaves little or no time for all of the other really important things that need just as much attention. When you try to be the specialist in each and every area of your business, holding control with an iron fist because you believe only you can make it perfect; you limit your ability to move forward.
You need to learn be a GP and delegate the detail to a specialist even when you are the expert in your field.
TIME TO SHAKE OFF THE OCD AND DELEGATE
Imagine the scenario of life as an old-fashioned bicycle wheel. The sort with a silver circle holding the black tyre, held in place by many fine metal spokes all radiating from the small inner wheel or hub. The hub becomes you and the gap between each spoke becomes the ‘pie wedge’ of the important items, tasks and departments of your life.
There are segments allocated for personal, home, kids, social, finances, holidays, etc. Then there are the business segments and future planning, such as retirement.
You can take this one step further and create another wheel for each of these areas to add even more detail. For example, the business wheel breaks into its own segments such as marketing, sales, administration, finance, customer service and so on. These then get broken down even further, so marketing would break down into social media, print advertising, website, television, radio, sponsorships. Further still, social media would be broken down into Facebook, LinkedIn, Twitter, blogging, the list goes on.
By using this simple method, you achieve a clear vision of the entire picture to discover where needs your GP attention. Before you know it, you have drilled down and planned out your entire life, business, personal and future finances in an easy-to-manage and easy-to-update life plan.
I created this method of planning after finding a dry, dusty written business plan just didn’t work for me. I tried for years to follow convention, and found it was a waste of time and effort.
By the time I had finished a traditional business plan, my plan had changed and was worthless. Besides, a business plan is more for impressing someone; it’s rarely used in real life. Most business plans I have seen are created and then filed. By working in wheels, you can segment and work with a much clearer vision, accelerating the business to achieve your goals faster.
The hardest part is letting go of the specialist role and becoming the ‘GP’. It’s the first step towards running your business like a business instead of a job. A business will run without you, even when you are not there. Remain the specialist and you will have a ‘job’ for life.
MEET CHRIS CHILDS:
Jack and Chris Childs, together with their daughters, own and run nine successful businesses on the Sunshine Coast. Think Money Wealth Through Property, Think Money (Finance), Think Business Development, Profile Magazine, Think Business Magazine, What the Fox Creative, Think Investment Realty, Queensland Investment Building Corporation and QIBC Building inspections.
Chris spent 10 years as a financial planner, before becoming a mortgage broker in 2000. After 16 years specialising in money management and debt reduction strategies, and similar time involved in successful property investments and running businesses, Chris could certainly be considered a specialist in all of those fields – business, money and property.