IAM2139 – Understanding the 8 Business Pillars: 5. OPERATIONS / LEGAL

In this episode, Gresham discusses pillar number 5 and the process of drilling down into the various business pillars. He mentions that they have taken the insights and hacks from over 1600 episodes and condensed them into 16 themes, which they now refer to as pillars.

Gresham emphasizes the importance of identifying and focusing on a single pillar that can drive growth in business. He discusses the importance of focusing on various pillars in business, including entrepreneurship, strategy, products/services, people, operations/legal, visibility, finance, and technology. They emphasize the significance of understanding operations and legal aspects in structuring a business.

In addition, Gresham highlights the benefits of systematizing tasks and operations for a better working environment for both the team and clients.

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Transcription:

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Intro 00:00

Hello. Hello. Hello. This is Gresh from the I AM CEO Podcast, and this is a special I AM CEO Podcast because we're gonna be focusing on the 8 business pillars. I hope you get to enjoy taking a lot of these different pillars that came from the 1600+ episodes we did at the I AM CEO Podcast, which became the 16 themes, which eventually now became the 8 pillars that can help you level up your business.

And, really, what we're trying to do is increase the business success rate, and this is going to eventually become a course. So you hear some of these snippets actually be in that course and that library of content and information we're gonna put together to help you level up. So sit back and enjoy this special episode of the I AM CEO Podcast.

Gresham Harkless 00:38

Hello. Hello. Hello. This is Gresh here, and this is the episode where we drill down a lot more on pillar number 5. And there's many different pillars in business. If you just listened to this, we took the 1600+ episodes. We drilled down into that. Had hundreds of hacks, hundreds of nuggets that we accrued from each of the episodes. We took those. They became the 16 themes, which we originally called pillars, but they actually became themes. And then we really want to drill down on those 8 pillars. The reason that we chose 8 pillars is because we started to do a little bit more homework and research into business in general, but also into the things that were consistently coming up when we were doing these interviews.

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And we thought that these pillars were gonna be a little bit more foundational, not necessarily because they tell you all the things about business, but because they're very over encompassing. So that if you could potentially focus on maybe one pillar for a year, you could potentially see a lot of growth if you select the correct pillar. But it's also important to understand how interconnected they are because as you focus on one, you're deciding not to focus on another potentially. And if you decide to split your time between both, then understand you're not going to see the potential growth if you can find and identify the quote unquote one thing or the one pillar that could, really drill things, drive things forward even more.

So with that being said, we're gonna focus on and drill down into pillar number 5 with this operation/legal. It was just operations and then that legal part is obviously a huge part of business and entrepreneurship. So we wanted to make sure that it was under something that was one of the core parts of business, sometimes the quote unquote less sexy part of business. The business the part of business that is extremely important, but also is something that, maybe doesn't get the airplay, the fascination. You don't see a lot of TikToks that are around the legal part of business or the operations.

Although, they are very sexy if you're running a very strong business. So keep in mind that as I drill down a little bit more into this specific pillar, we wanna keep in mind that there are many other pillars, 8 other or seven other pillars, 8 total, that you want to make sure that you're focusing on. And those pillars, I'm gonna go down the line. Entrepreneurship and journey is gonna be your 1^st one. Strategy is gonna be your 2^nd one. The 3^rd one's going to be offering/your products and services. Number 4 is people in the human part of business. Number 5, we're gonna talk about a little bit more today, which is operations/legal. Then we're gonna drill down a little bit more into visibility.

Then number 7 is gonna be financial. And then finally, we're gonna cap everything off with technology. So understanding operations and legal part is really gonna be how you're structuring your business and what that looks like, how things are moving along. Now one of the most exciting things you can you can have is you start out with your idea. You realize that, okay, I have this business idea. I have this problem, this opportunity that I wanna serve, and you strategize around it. You figure out exactly how you're going to make that happen, and then you produce the idea or the concept, or maybe you get to test out your product and service.

And then you understand that this is how we're going to serve that human part of what we're doing. And you start to do that one time, two time, three times. You start to do that at a certain level. And then you realize you need operations because it's essentially going to be the engine that's going to allow you to serve the clients that you're working with. And so you really wanna understand the fundamentals of operations and systems and what they that looks like. Of course, you wanted to make sure that you're operating and optimizing those processes and systems.

And, obviously, we're gonna drill down a little bit more into pillar 8 around technology. But for a lot of businesses, not necessarily all businesses, technology is gonna play a huge role. So I think it's important to mention that, of course, because that could be one of the most impactful things, I think. And that's one of the reasons that it went from 7 to 8 pillars largely because of the the impact of technology. So know that automation, a lot of technological tools, things like project management software, all these things gonna play a really big part in terms of understanding exactly how to keep the trains moving, how to keep the trains moving consistently, and how to make sure that there's less spillage, for lack of a better term, and there's that same experience that you're providing throughout the entire journey for a client or customer, but also internally for your team.

How do you make sure that the business doesn't revolve around one person? It's gonna be your operations. It's gonna be your systems. It's gonna be those SOPs, those things you put in place to make sure that you are consistently growing the business into where it ultimately needs to be. So keep in mind that this flows over many different aspects of running a business, everything from supply chain management and those best practices to, like I mentioned, the legal considerations, understanding the way that you incorporate your business or actually even incorporating your business, how you, create, that structure and and what that looks like.

And we're gonna drill down a little bit more to the financial piece and and pillar number 7. But know that a lot of times the structure that you're creating does impact the financial aspect of your business, the amount of revenue that you're bringing in, and kind of, like, what that's going to look like. But also making sure that you're you're fully protected and what that looks like. And a lot of times when you hear attorneys, and by no means am I an attorney, but they'll talk a lot around making sure that you have your trademark, your patents, all those things in place.

Also know that it's probably I don't even know if it's more important, but I know it's also important to make sure that you're enforcing those trademarks and those patents because people can infringe upon them. And you wanna make sure that you're setting yourself up as much as possible to succeed. So make sure you have all those things that are in place, understanding business law, having any compliance checklists or things that you need to get done, agreements and contracts and templates, having those template templates, but also making sure that you're structuring those so that even if you're having conversations with someone that is extremely close, a friend, a relative, that you have a contract in place is going to be extremely important.

No matter who you're communicating with because or you're coming to agreement with might be a better way to say that because you wanna make sure that you're protected and that person's name is protected as well too. So know that's a big part as well too. Risk management strategies is another big part, of course, like I mentioned a little bit. Supply chain management is gonna be a really big part. So keep in mind that we have this offering, this product and servicing that you're doing to to make that impact. How are you, from an operation standpoint, going to ensure that that experience is going to happen?

No operations all can often speak to the idea of bringing on new clients or customers. But there could be operations around every single aspect of business, and often we don't realize that even those of us that provide custom products and services have certain aspects of what we do to be operations. And what I wanted to do is draw that a little bit deeper. We talked a little bit around the last pillar of the human part of the people part of business. Understand, like, how powerful it has been, hearing over and over again the power of morning routines. That it doesn't necessarily mean that there's a specific way that you have to do your morning routine, but just to be able to set yourself up for success is going to be huge.

And the reason I bring that up here is because when you're thinking about operations, of course, think about your business, but also consider hiring. Also consider how you're marketing your business or what the process is when there's a high rate client. All those things can be operations and SOPs that are put in place to make sure there is that somewhat consistent experience for everyone. But keep in mind that you also can create the operations in your life as well too. And when we talk about filling up your cup, when we talk about making sure your oxygen mask is on, as an individual and as a leader, understanding that human part, know that the operations and what you do on a regular basis also plays a really good part of through that too.

So with that being said, that's pillar number 5. Your operations, your legal part is gonna be such a big thing. Many people will argue while it's the least sec one of the least sexiest things, and maybe financial can give it a run for its money for a lot of people if you're talking about accounting and things like that. But keep in mind, it's the thing that might really open up that opportunity for you to scale the processes, the systems, the operations. Having those things in place can really take things to an entirely different level.

So this is, Gresh signing out. Remember, your operations are huge personally, professionally, and all the things that you're doing. So as we drill down more and more and more and provide more content in our community and, of course, in our library around what and how to improve your processes and your operations. Know that there's a lot of CEO hacks that help out with that, whether it's project management software. Just know that it sometimes could be one of the biggest things that you can lean into that's actually going to give you more time. And it allows you to sometimes invest that time by having to create processes, systems, operations.

But in the long run, it ends up creating those, consistent practices that allow you to be able to not work as much on or in the business as you are maybe presently and to focus more on working on the business. So think about what things can I systematize, what things can I create operations for, because it's only going to to create a a better environment, for you and the people that, you're impacting? And that's talking about your team, but also your clients as well.

Outro 10:11

Hello. Hello. This is Gresh again, and I hope you enjoyed that special episode of the I AM CEO Podcast. Just like I mentioned in the beginning, we're really trying to laser focus on these 8 pillars to show you as a builder how you can leverage these 8 pillars and really level up there so it helps you level up your business and organization.

So hope you enjoyed this episode, and definitely please check out the show notes so you can learn more about the pillar, learn more about the person that I guested on their episode, and, of course, learn more a little bit more about us as well too. This is Gresh signing out. Hope you have a phenomenal rest of the day.

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