Scaling Business Through Automation & Delegation - Mastering Excellence Series - With Special Guest Mike Abramowitz
Time is one of our scarcest resources. As entrepreneurs, effectively managing time frees us to focus on strategic activities to grow our sales and business. As part of our Mastering Excellence Series, Nikki is delighted to interview Mike Abramowitz, an expert on scaling businesses through automation and delegation.
Mike has 20 years of experience in direct sales, training over 5,000 reps and generating $19M in sales. He's authored 9 self-help books and founded a charity providing over 100,000 meals to the homeless. Mike's businesses and nonprofit now run independently, allowing him a "Time Rich" lifestyle.
As a father and husband, he helps business owners use AI-powered virtual assistants to focus on high-value tasks. Mike hosts "The Better Than Rich Show" podcast and leads the Automate, Delegate, Systemize community.
Nikki loves the idea of scaling through automation and delegation. In this episode, they dive into the nitty-gritty details of how to scale a business using these strategies, enabling listeners to achieve the freedom to step away from their business and have it run independently.
Mike shares how the team and the tech come after the predictable system. He provides an example of a sales system for a coaching client, focusing on the idea of predictable systems and simple playbooks so the team can be doers rather than experts.
Mike also offers advice on utilizing AI. The technology is quickly evolving, but he suggests finding what works for you and sticking with it. He advocates for committing to your chosen technology instead of constantly switching.
If the idea of building a business and then removing yourself sounds impossible, stay tuned as Mike breaks down the basics of getting a simple system in place to support your team and the technology that makes your team's job easier.
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In This Episode:
[02:36] - Mike shares a little more about himself and his early career, including selling for Cutco Knives.
[04:01] - Having to sell and teach people how to sell when Mike was in survival mode taught him much about himself and helped hone his techniques.
[04:19] - After attending a Tony Robbins event, he took all of his lessons learned in his twenties and began speaking and crafting his first book.
[05:07] - His early years were about growing through a challenge then taking that gift and turning it into something to serve the marketplace.
[05:28] - In 2016, his business coach helped him corporatize his sales operations to operate without him.
[05:55] - By 2020, the business had $2.5 million in sales and provided 1000 jobs.
[06:12] - Mike gets personal and talks about the premature birth of his son and how his business ran without him for 254 days.
[06:30] - After this success, he wanted to teach people to do the same thing and Better Than Rich was created.
[08:08] - Mike talks about how having a team to support him and the technology to support the team is at the core of his technique.
[08:39] - A more sophisticated approach is to start with the systems and playbook that the team and the tech are following.
[09:14] - We want to be surrounded by a great team with good tech, but we also want the systems and the playbook to support the team and the tech.
[10:10] - Having simple systems in place makes it possible to find lower wage workers as opposed to expert workers. AI is changing the game of tech. AI is changing the tech game.
[11:19] - Four pillars of business: Attract, Convert, Onboard, and Retain. Each pillar has its individual playbook.
[12:27] - A playbook for attracting coaching clients.
[13:40] - Have a good lead magnet. 5 I's of marketing: Getting someone from Ignorant to Intrigued. What are the possible “if thens” in this sequence?
[15:59] - Once you know what you want to do, build out scripts for this. The team and the tech comes after the predictable system.
[16:51] - How do I get from Intrigued to Informed? AIDA
[18:24] - Once they are Interested present the offer in a way that gets them Invested.
[21:25] - AI paired with delegation. A technique for getting podcast guest spots and defining avatars and reaching out.
[27:15] - You can use AI to pull summaries from YouTube transcripts. This can be used for authentically reaching out.
[28:58] - The desire to do everything is one of the biggest limiting beliefs that business owners have.
[31:37] - There are so many high-value tasks that a business owner should be spending their time on.
[34:15] - White space gaps can be traps if not used properly.
[37:00] - Use Loom to do a task once and then delegate it.
[38:08] - Mike shares about his AI virtual assistant business.
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