Many people think that business growth has to occur slowly…no…actually, from my personal experience, nothing could be further from the truth.
In my success coaching business, I advise a large numbers of entrepreneurs every year. Some are fresh out of school and very green in their textbook ideas about how business growth ‘should’ occur. Others however, have been in business for years, often very successfully so, but just cannot make it to that next level of growth and success they wish to achieve. I tell them all time and time again, I have seen people achieve incredible levels of growth in a very short period of time.
“WAS IT JUST GOOD LUCK?” – that’s usually the direction of the questioning that follows when I make the aforementioned statement.
No it wasn’t ‘just luck’ – luck may have played a part for some people, but regardless, the majority of the “secret” to FAST GROWTH has to do with FOCUS!!
YES – WHAT YOU FOCUS ON MATTERS! I delve more into this in my book, The Way of the Rich, that will be available soon for purchase on this website. But here are 3 key things to focus on that THE RICH (aka those who grew their businesses FAST + CAPITALIZED on that growth) make their focus.
#1. Raise your PERSONAL Performance Standards
It’s easy to get a little slack when it comes to driving your own daily performance at work. Your business might be going quite well, without much of your effort or perhaps you’ve been running it for many years and you’re just bored by what you’re selling. Pretty soon you’ve relaxed too much and started functioning at a sub optimum level.
It shows in small ways: you arrive a little later to work, you settle for lower product standards. You don’t give a sales presentation everything you’ve got. And before long you aren’t performing brilliantly, you’re coasting and taking it a bit too easy.
The solution is to take a step back, evaluate your performance, and if you find it lacking decide to recommit to personal excellence.
If you accept low standards from yourself, all those you work with will function at a lower level too.
So step one is to lift your ideals, aims and standards and everything else will rise in accordance with that vision.
#2. Get more Help on the NON-MONEY MAKING things
Entrepreneurs tend to do too much themselves. I can’t tell you how often I’ve seen the heads of businesses waste hours doing tasks that a low level assistant could have done.
You must stop doing what doesn’t matter. Hire an assistant (part time if your cashflow is low) and load them up with all the tasks that take you away from making money: looking for stuff on the internet, typing, tidying, answering unimportant emails, etc…
You’re not saving money, you’re losing money – if you had somebody to help you you could double or even triple the amount of time you spend growing the business.
3. Create Something Else to Sell
If your company has grown to more than $1 million in revenue, often the fastest way to grow faster is to sell an additional product to your customer base. Is it not true that you probably have numerous customers who would buy a second product from you, if only you offered it to them?
After all they already know your company. They like what it does. And they believe in your staff and what you’re aiming to do.
That should make it pretty easy to convince a fair amount of them to take a look at something else you’ve been developing for them.
Disney did this by creating a Disney cruise line. Apple did it by adding the iPod, iPad and Apple Watch. Porsche did it by creating an SUV for the family.
As soon as you begin thinking along this vein, you’ll quickly come up with some promising ideas. Simply ask yourself: what else would my customers buy from me? Then choose something that is easy for you to produce or offer within your current way of operating. (You don’t want to radically change how your company works just to try a new product).
Now none of these ways to quickly grow your business quickly are particularly difficult. If you put them ito action, it’s almost certain that within a very short period of time you’ll have both a bigger business and a better run one.