Interested in starting your own entrepreneurial journey in business development but unsure what to expect? Then read up on our interview with George Mayfield, Founder of Frameworks Consulting, located in Frisco, TX, USA.
What's your business, and who are your customers?
Frameworks Consortium is the first program to offer a fractional C-Suite-led Advisory Board along with a Peer Mastermind and managed Vetted Business Providers — providing proactive and actionable guidance to business owners that can't afford trial and error.
Our clients are either adventurers who started a business because it sounded way more fun than working for someone else or value seekers who knew they could generate more value than a company. The adventurer has realized that his business is no longer fun and that the business is running him. The value seeker has hit a wall and needs help building more value into the company with his expertise. Both know they need help from someone or some group with the experience, knowledge, and skillset to continue their growth.
Tell us about yourself
I grew up in a family of entrepreneurs. Most of them struggled daily, yet each was skilled at what they did. I joined the US Navy right out of high school. I saw how inefficient the military was and would always try to suggest changes that would save time, money, and resources. Only being enlisted, I was consistently shot down. I grew frustrated at my inability to change the world around me and decided to pursue an education in business. I wanted to help business owners like the ones I grew up around.
I got my MBA and started working with companies as a project manager. I wanted to learn as much as possible about leading teams, managing budgets, and navigating the business world. In my last real job, I was hired by an IT company to build their project management department. Then, I began to consult with our client's business owners on why their suggested projects needed to be approved. While they trusted our company, they needed to understand the importance of replacing a ten-year-old server, upgrading their internet, or refreshing their employees' computers.
I began consulting with those owners, showing them the ROI and benefits, and putting together prioritized plans and three-year IT strategies. It worked so well that the owners started asking for help in other areas of their business. I saw that as my break to start Frameworks Consulting, where I functioned as a fractional COO, but I wasn't needed any more. I wanted to supply my clients with all the resources they needed to guarantee their success, so I built the Frameworks Consortium program.
What's your biggest accomplishment as a business owner?
My first client was able to quadruple their recurring revenue stream, during COVID, because of the operational changes we put in place for 18 months!
What's one of the hardest things that come with being a business owner?
A business owner is on an island by themselves. Employees can't relate, and it's challenging to be vulnerable with those who might be clients or referral partners. It's Who should I reach out to for advice?
What are the top tips you'd give to anyone looking to start, run and grow a business today?
- Have the means to support yourself for at least a year.
- Understand your competitive advantage. Plan ways to scale your value machine and mitigate risk and weaknesses.
- Your first year should be spent networking hard. One-on-ones, networking events, and social media. You've got to get out there and be recognizable.
Where can people find you and your business?
Website: https://www.frameworksconsulting.solutions/
Facebook: https://www.facebook.com/profile.php?id=100087669728576
LinkedIn: https://www.linkedin.com/in/georgemayfield/
If you like what you've read here and have your own story as a solo or small business entrepreneur that you'd like to share, then please answer these interview questions. We'd love to feature your journey on these pages.
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