Richard Phu, Unlock Your Business’s Potential: Scaling, Coaching, and Delegating for Success – Innova.Buzz 583
Richard Phu, Outsourcing Angel.
Our guest in this episode is Richard Phu, the go-to Business Freedom Designer for businesses worldwide. Richard has 10+ year of experience coaching hundreds of business owners in designing scalable businesses with automation, systematisation, and virtual assistants. In less than a year, Richard transformed Outsourcing Angel virtual assistant agency allowing the CEO & Founder of the business to finally be free from day-to-day operations while continuing double-digit growth year after year.
In our conversation Richard and I discussed
- systemizing delivery work to building a client ladder,
- the importance of finding your core genius,
- the power of delegation and coaching team members, and
- the value of clear communication in preventing mistakes.
Listen to the podcast to find out more.
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Invest time upfront in coaching your team and watch them become more competent, saving you time in the long run. #TeamDevelopment #Leadership @therichardphu on #InnovaBuzz podcast Click To Tweet
Show Notes from this episode with Richard Phu, Outsourcing Angel
Episode Summary:
- Importance of having capacity to provide extra value for businesses
- Starting with a basic approach and upgrading it as needed based on how people use it
- Scaling businesses based on size and journey
- Steps for starting a coaching business
- Monitoring progress and taking action to sustain or revise goals
- Time stealing
- Importance of investing time in coaching team members
- Real-time freedom achieved by delegating decisions rather than focusing on tasks
- Importance of specific actions and communication to avoid repeating mistakes
- Importance of supporting team members
- Observing how business owners make decisions to determine if it’s a safe environment to work in
- “No naked questions” policy
- Effective onboarding for new hires
- Importance of coaching to ensure the success of new hires
Host Jürgen Strauss engages in a dynamic conversation with guest Richard Phu, exploring strategies for scaling businesses, navigating the coaching industry, and building efficient teams. Throughout the episode, Richard shares valuable insights based on his own experiences and expertise.
The episode kicks off with a discussion on the importance of providing extra value to businesses. Richard emphasizes the significance of testing out existing models and having a rough process in place before perfecting it. He cautions against wasting time and resources by building a process that has never been done before and suggests starting with a basic approach, upgrading it as needed based on user feedback.
Scaling businesses is a central theme in the episode, with Richard stressing that the focus should depend on the size and stage of the business. For startups, the first step is to systemize administrative and delivery work and delegate those tasks to a virtual assistant, allowing business owners to concentrate on generating leads and sales. As the business grows, additional hires are made, including a salesperson, marketing manager, and social media assistant. Richard envisions a future where an executive team is in place, setting Key Performance Indicators (KPIs) and focusing on progress rather than just results.
Transitioning to the coaching industry, Richard shares his insights on starting a coaching business. He advises coaches to validate their system or method and achieve results before venturing into one-to-many situations. Starting with one-on-one coaching allows coaches to gradually build capacity and make minor tweaks to develop a one-to-many coaching program. Richard recommends creating a waiting list for one-on-one coaching while building a beta testing group for group coaching. Coaches can still offer one-on-one coaching while being invited to join group coaching, thus creating a product ladder with one-on-one coaching at the top.
The conversation then shifts to discussing the idea of monitoring progress and taking action to sustain or revise goals, even when the results are positive. Jürgen seeks advice on taking small steps towards implementing group coaching programs. Richard suggests identifying one’s core genius and centering around it to differentiate oneself in the coaching industry. Richard emphasizes the importance of finding true value and aligning one’s career with it.
Richard introduces the concept of “time stealing,” which involves investing time today to save time in the future through the creation of efficient systems and coaching team members. He highlights the significance of investing time in coaching team members to enhance their competencies and decision-making abilities. Lack of patience and focus on tasks are common challenges entrepreneurs face when delegating decisions, and Richard emphasizes the need to delegate decisions to achieve real-time freedom.
The episode delves into the importance of clear communication and providing context when answering questions. Richard shares a personal experience of miscommunication between a virtual assistant and a client regarding work hours. He stresses the importance of specific actions and open communication to avoid repeating mistakes and promotes a safe and supportive environment for team members.
Furthermore, Richard emphasizes the significance of onboarding new hires effectively, communicating expectations upfront, and implementing good training systems. Coaching is an essential part of ensuring the success of new hires but is often neglected. He encourages leaders to understand their team members’ decision-making processes to better mold them for future opportunities.
Overall, the Innova.Buzz episode featuring Richard Phu provides an insightful exploration of scaling businesses, navigating the coaching industry, and building efficient teams. Richard’s valuable expertise and practical advice offer listeners meaningful strategies and tips for success.
Delegating decisions, not just tasks, can lead to real-time freedom for entrepreneurs. Create a safe space for your team to take accountability and responsibility. #Delegation #Accountability @therichardphu on #InnovaBuzz podcast Click To Tweet
The Buzz – Our Innovation Round
Here are Richard’s answers to the questions of our innovation round. Listen to the conversation to get the full scoop.
- 1 thing to be more innovative – Set aside reflective time for yourself and your team.
- Best thing for new ideas – Creating space for my team and building a safe collaborative environment.
- Favourite resource – Google Now.
- Keep project/client on track – Remind everyone what is the focus and why.
- Differentiate – Identify and own your core genius.
Action
Think about and plan for how to start creating more time freedom for yourself now. How do you create that for yourself and your team? What do you need to put in place today to make that happen?
Reach Out
You can reach out and thank Richard through LinkedIn.
Suggested Guest
Richard suggested we have a conversation with Linh Podetti, CEO and Founder of Outsourcing Angel on a future InnovaBuzz Podcast episode.
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Cool Things About Richard
- Richard left a corporate career to start an online men’s coaching business, that ran itself, allowing him to travel the world, spend time with his family and even move overseas for a time.
- He is a #1 Best Selling Author, International Speaker, Coach, Podcast Host and Virtual COO.
- He has contributed to and been featured in publications that include Entrepreneur, Foundr, Medium, The Good Men Project, CrowdInk and Men’s Muscle & Health Magazine.
Communication is key to avoid repeating mistakes. Be specific in your actions and address failures with actionable steps, not just apologies. #EffectiveCommunication #ContinuousImprovement @therichardphu on #InnovaBuzz podcast Click To Tweet
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