What exactly is quantum business growth?
For many “business owners”, this concept would elude them. Hopefully, you won’t be one of them.
Quantum business growth is where you grow by leaps and bounds over your past performance and your competitors. You beat all industry standards if any and defy all expectations.
To achieve such phenomenol growth in a short period of time would require a change in thinking and mindset. A paradigm shift, if you will.
It is what best-selling author Robert Kiyosaki eludes to in his book ‘Cashflow Quadrant‘. The transitioning from a self-employed to a bonafide business owner.
If you are serious about taking your business to the next level, you need to observe the following principles…
1. Be a Leverage Master
Do it once, and get paid over & over again. Leverage is a key concept wealthy people use.
The key leverage points are people, systems, technology, money, and marketing.
Leveraging Your People
• Team Members or Employees
• Business Partners & Associates
• Strategic Joint Venture Partners
• Centers of Influence
Leveraging Your Business:
• Create your product and sell it over and over again.
• Obtain resale/reprint/distribution rights to other people’s products to sell if you don’t have any.
• Break down the essential elements (critical success factors) of your business and work on the most important ones systematically.
• Create policies and procedures to systematize your business processes
• Joint venture with similar businesses to maximize profit and customer satisfaction.
• Intellectual capital – Your people have their own unique talents and understanding how to maximize them is the key to upgrading productivity and career satisfaction. See my resource on team building for information on how to achieve this.
Wealthy people use OPM (other people’s money) to grow their enterprises. An example of this is real estate. Investors borrow money to purchase real estate that will increase in value over time. They cover their monthly payments with rental payments. Another example is a publicly traded company. External funds from family members, angel investors, venture capitalists, and the public are borrowed to fund growth rather than relying on bank borrowings or organic profit growth.
2. Strategy vs. Tactics
In order to understand how this affects you as a business owner, let’s define what strategies and tactics are.
Strategy, put simply, is the over-arching goal and objective. This means the way you go about achieving it may change and adapt to the circumstances, but the overall goal doesn’t change. Your goal could be to achieve $10 million in sales. You create the vision of how the business would look like and how it would operate. Once you have the clear vision in place, you take the necessary action to meet your objectives. Along the way, you adapt to the changing circumstances of the environment and the response you receive from your efforts.
This is similar in respects to a war plan where the objective is to win the war and not the individual battles. Battles may be fought and lost, but the most important objectives must be met and sacrifices may have to be made to accomplish those objectives.
Tactics are the means by which a goal is achieved. It is the fuel that drives strategy and strategy acts as the catalyst. Tactics may change over time and reflect the changing landscape of your business or industry.
Understand this: Strategy will make your life easier over time. It also is a major driving force in empowering people in your organization. Tactics only bring short term results. It is ultimately unsustainable and does not take into account the big picture.
The goal is to accomplish the objective and not to perfect the execution of any one tactic.
3. Intensity of Focus
There are many ways this is done.
Product focus – If you have an online presence, your website should only sell one product at a time on your web page. As the saying goes: A confused mind always says NO.
Develop your Ultimate Strategic Advantage (USA) – You dominate the niche you have chosen. Your clients must see you as the preeminent provider of the product or service. Your product must stand above all your competitors; there must not be any ‘comparable’.
It’s all in the perception of your audience. If the audience believes it, that’s all that matters.
Concentration of forces and finances – These are your core competencies. Also called the “Citadel Strategy” in Brian Tracy’s book ‘TurboStrategy‘, you have core strengths/businesses that you’ll fall back on if everything else fails. Your core business allows you to fund and explore other areas of opportunity. It is the strength you must guard with your life because if all else fails, it must be able to protect you from harm.
4. Test & Measure
Test all the variables you possibly can. Lead generation, conversions, marketing pieces (headlines, copy, offer, etc), profitability of product lines, etc.
Measure all the results you obtain against a control piece. Being aware of what results minute changes in your online or offline business lets you choose the best strategy for your business.
5. Multiple Pillars of Business
Have more than one method of bringing the sales. If you only depend on one marketing source for your sales, you are looking for trouble. What if that strategy no longer works? A multi-pronged approach to marketing and growing your business helps you avoid potential pitfalls that could occur on the way.
Just because your business sales come from the internet, don’t depend solely on the internet to bring you more business. The internet is just a medium. Examples of mediums are like newspapers, magazines, billboards, etc. Use offline tactics as well like magnetic signs, ads, flyers, coupons, etc.
Have more than one customer. Depending on a single customer or a small handful of customers is outright dangerous to your business and is the cause of many business failures.
6. Be a Process Master: Systematize the Routine, Humanize the Exceptions
Automate your business so you don’t have to do the repetitive tasks. This frees you up to work on the more important and more profitable aspects of your online business.
For more information on systemizing a business, see the strategic business success system.
Always look for ways to improve, tweak, alter, and modify your business model for the better. Look out for new methods to propel your business and stay in front of the pack.
Be a leader and not a follower. A leader naturally becomes the preeminent provider of a product or service while followers don’t.
This isn’t about people management. It’s understanding the difference between delegation and abdication.
The ability to inspire people to greatness is what will make a major difference in your business. Everyone is limited to 24 hours a day. We can only do so much a day. Multiplying your efforts over several people and you’ll accomplish far more in a shorter time.
Inspiration involves the ability to communicate your ideas and have them understood by all levels of your organization. The ability to get buy-in from all your team members is crucial to maximizing performance.
As a leader, you exert such influence that your people become better by being around you.
When someone does a good job, a leader attributes it to the team or individual, never himself/herself. When things don’t go right, a leader must accept the responsibility and take steps to correct it rather than wait for others.
A leader demonstrates the willingness to perform duties that he asks of others. If the he/she is not willing/unable to perform a task, how can he/she command the respect of the team?
A leader also attracts capable and talented individuals to the organization. He doesn’t fear being “out-smarted” by his employee because this person will contribute more than he ever could himself. Bill Gates of Microsoft attracted and actively wooed many of the world’s brightest minds to work in his company. This helped avoid situations where talent would be used against his company and also kept his company a well-run and extremely profitable organization.
Li Ka-Shing, one of China’s billionaires, started business on a very small scale. In the beginning, he lived from hand to mouth. When there wasn’t enough, he would make sure to take care of his “men” first before himself. These “men” became his trusted lieutenents and he went on to build a billion dollar empire with his trusted advisors around him.
Having an outstanding level of integrity is vital to long-term growth. Be a man (or woman) of your word. Say it like it really is and mean it.
I once dealt with a man of little integrity. In the beginning it was easy to fool everyone with his speeches and his confidence. As time moved on, his true self started to show and all the hard work he put in to build a team vanished almost overnight. He started getting greedy and wanted to keep everything to himself. People left in droves and had little good to say about the business.
It takes a lifetime to build trust and integrity, only an instant to ruin it.
Integrity leads to trust and respect from all around you. Protect and guard it with your life because it is more important than money.
In summary, these are the absolute essentials to masters of business, whether online or offline.
You’ll see that those who make it to the top and stay there will practice many of these core principles.
Anthony Yap is an entrepreneur and business coach who enjoys working with passionate business owners wanting to grow their business and make a quantum leap. He also offers a step-by-step method to team building that covers all the details of building a truly exceptional team. Please provide a direct link back to billionaireintraining.com if you wish to reprint this article.
[dels]team building, business growth, business principles, entrepreneur[/dels]