Scaling Success: Insights from Mike Fata

Hey Small Biz Owners,

I just couldn’t wait to share with you one of the most exhilarating moments I had last month. I had the pleasure of having a thought-provoking podcast interview featuring Mike Fata, a seasoned entrepreneur who built a 100-million-dollar business and then Sold it for 419M. Mind-blowing right?

His insights shed light on crucial aspects of business growth, internal culture, and personal well-being. Here are three key takeaways that I believe every small business owner should consider:

1. Craft a Business Growth Map 
Just like embarking on a journey, having a plan ensures you're headed in the right direction. Whether it's expanding your market reach, launching new products, or improving operational efficiency, a growth map provides a strategic framework for decision-making and resource allocation. Take the time to outline your business goals, identify key milestones, and regularly review and adjust your plan as needed.

But be careful not to put yourself in a tight spot trying to figure out the next 20 years. Take it one year at a time.

2. Identify What Works and Scale

Before you can replicate success, first you must identify the processes or strategies that have yielded positive results for your business. Ask yourself this question: ‘ What did we do that got the business its first, $500,000 or 1 million?

Once you get the answer, here’s what to do.

Create detailed procedures, workflows, or standard operating protocols that outline each process, including roles and responsibilities, timelines, and performance metrics. By systemizing your successful processes, you make it easier to replicate them across different departments or locations as your business grows.

3. Cultivate a Strong Internal Culture:

As a CEO or entrepreneur, it’s important that you clearly state your business mission, and core values and keep the culture.  

You should not only define these values but also embody them in your actions and leadership style. Lead by example, foster open communication, and create a supportive environment where employees feel valued and motivated to contribute their best.

Here are some of your action items:

• Get full access to the wisdom Mike Fata shared by listening to the podcast Built 100M business then sold it for 419M 

• Desire more small business tips to keep you and your business on the right track? Join other business owners on the Small Biz Podcast on YouTube.

• You can also access our free training to help you when choosing a virtual assistant here

• Also register for our Free Masterclass on How to Hire a VA using this link: https://bit.ly/3Tqxdqj