Aside from my work on Facebook and online marketing, I am frequently asked by companies, whether that be those I have invested in myself or those that have simply reached a plateau, to advise them on how to catapult their growth.
Whilst it may be hard to believe, successfully kick-starting your company’s growth really doesn’t take a huge amount of time as long as you are focusing on the right things. One particular company I worked with went from a loss of $500,000 to $10 million in sales within a mere 12 months, all from following my advice.
Here are 5 key steps you can start implementing right now to significantly grow your company towards multi-million dollar status.
1. Focus on the outcomes your company will provide
In order to have notable influence within your field, you need to define what outcome you will provide to your target audience as opposed to wholly focusing on your company’s product.
People want solutions. Distinctively portraying the solution that you can offer through your product is a sure-fire way to increase sales.
For example, if you are a locksmith, don’t simply state “I am a locksmith”. Yes, it clearly says what you do, but it doesn’t demonstrate how you can provide a benefit to your audience. If you were to instead say “we provide security solutions to improve our community’s safety”, you are successfully focusing on the positive outcome your services provide which is much more likely to entice the reader towards your company.
This automatically generates a more creative way for you to demonstrate your value, and allows you to seamlessly offer complete solutions to your audience.
More powerfully though, changing your thinking on what you do will unleash creativity in your mind and you’ll begin to approach your work vastly different and purposefully, and that to me is a key factor to successfully growing your company.
2. Be morally responsible for achieving your client’s desired outcome
My goal has always been to look after my clients and provide the best possible service and advice to them that I can. But one thing that Jay Abraham, my mentor, taught me was to see yourself as being morally responsible for ensuring that your client gets an optimum outcome.
That is, doing whatever it takes to achieve such an outcome. Even if it means advising them to do something they might be initially opposed to, it will not only demonstrate your passion for what you do but is sure to achieve the best result in the long run.
Let’s go back to my previous example. If you provide security solutions for your community, it means you are morally obligated to oversee that everyone within that community receives the safest security possible. Ensure that every person living in the area meets with one of your consultants so that an in-depth review can be done of their home’s security systems, keys cut, screen doors etc. It means going the extra mile which your clients will appreciate, leaving you to reap the rewards.
Moral responsibility also involves telling your clients something they may not want to hear. If someone has a limited budget and wants a cheaper product, you owe it to them to tell them if you feel it would do them a disservice. You are the expert and, provided you emphasise the benefits of taking your advice, your clients once again will appreciate your service and are more likely to take it on board to achieve their desired outcome.
3. Be boring
It is common for entrepreneurs to experience temptation to be overly creative and take on exciting new opportunities and jobs. Whilst on the surface this may seem enticing, it is the wrong approach.
You should have already defined the outcomes and solutions your company will provide, so break these down into step-by-step systemised processes. Then, you can put specific people in place to deliver these solutions to your clients.
This is vital, as it will enhance your sales velocity. The number of sales your business can generate in the fastest amount of time will lead to increased profit. Sales velocity is incredibly important.
Absolutely everything should be systemised to perfection. The entire process from your phone calls, emails, and sales appointments through to delivery should be meticulously organised. This means that you can feel free to step yourself away from the process without causing a halt in delivery.
Make it boring, repeatable and organised, and say hello to those profit rewards!
4. Work on ways to increase your profit compared to your competitor
Making more profit per customer than your competitor is very important (you will see why if you read on to step 5), and there are many different ways to do this. Here’s how to do it.
Innovation is important when looking to increase your profits short-term and long-term. This doesn’t necessarily have to be achieved using expensive technology; Innovation simply means finding better ways to do thing within your organisation. For example, coming up with a new procedure to get a task done in half the time is an innovation that will pay dividends over the long term.
Other ways to increase your profit per customer can include establishing new products and services you can sell to your clients to benefit them. Enhancing the value of your already existing products will also allow you to charge more, which will in turn increase profit per customer sale.
Joint Venturing with other firms to cross-promote your products and services is another great way to increase your profit per sale. If you partnered with a company that had a complementary product you could offer to all of your clients, you can increase your profit without taking on new inventory or new cost bases.
5. Use your profit wisely
Now that you have significantly increased your profit, the worst thing you could do is to pocket it or blow it all on a brand new car.
Use this new-found profit to invest in advertising. This will get you more clients, which will automatically lead to the growth you want for your company!
If you can outspend the competition on their advertising budget you’ll win more business.
If it helps, put all of your new-found profits into a separate account to be used solely for advertising purposes. This way, you will be less tempted to use it elsewhere and will be able to keep track of exactly how much profit you’re spending.
You now know the 5 key steps I consider to be vital when growing a company. Becoming more accessible by redefining what you sell into the outcomes you can offer, achieving the best outcomes for your clients (that they will appreciate and happily pay more for), increasing the speed of by systemising your entire process, successfully increasing your profit, and using said profit for advertising to gain a larger client base will all result in multi-million dollar growth much faster than you would expect. Stay focused, and prepare for big things!