There is a sense in today’s day and age, that there is some trick to becoming a millionaire overnight in business. The idea permeates our culture and this idea is marketed to us online every day.
It’s unfortunate that there are so many “gurus” who would have you believe you are one simple step away from a million dollar business. That you can simply print money using their “secret system”.
That being said, you can grow a thriving, successful multi-million dollar business today. In fact, it is easier than ever to leverage the power of the technology and information to cost effectively reach potential clients.
However, while business tactics may have evolved, the fundamentals of growing a successful business haven’t changed.
Based on my experience working one on one with over 300 businesses with more than $1M in annual revenue, this is what I believe.
Think Big. Act Small.
It takes big thinking and small steps to create a thriving business.
You have to have a big vision. You have to have a purpose.
You have to develop key strategies that will set you apart in the market. Once you have this foundation, you must grow your business with many small steps. Incrementally, testing and evaluating what is working and what is not.
Know Your Audience
You need to deeply understand your ideal clients. You need to know where they have been, where they want to go and what is holding them back.
You need to know their values, their goals, their fears. You must know their objections to moving forward, so you can address these issues and support them in making positive changes.
The better you know your audience, the better you can relate to them through marketing and sales.
You need to create value for your potential clients. You need to do this on a regular basis. You must be consistent.
You need to create products and services that will improve their lives. You must continue to innovate and make these products and services better.
What was valuable last year, or even last week, might not be valuable today. So you have to evolve and grow to best serve your clients.
Understand Your Market
You need to understand the competition and where you fit in. If you simply do what everyone else is doing, or chase the next “hot” tactic, you will never stand out from the crowd.
There are no silver bullets in business. If there was a one size fits all solution to serving your clients, well, everyone would already know about it and everyone would be equally successful.
You need to carve out your place in the market, with your own voice, driven by your unique purpose.
If you want to grow a million dollar business, chances are you aren’t going to do it on your own. Most businesses that exceed a million dollars in sales are going to depend on a team.
An effective team will consist of highly effective individuals, often specialists, who are aligned with your purpose and vision. You need to know how to attract, hire (or contract), manage and compensate a winning team
Engage Your Team
You have to keep your team engaged and focused on what matters most to your clients and your company.
As a business owner, you have to create the environment where your team deeply understands why your company exists. Who you want to serve. How you want to serve them. They need to carry out your vision every day.
When you create this environment, your team will know how to make the day to day decisions that impact your clients. When your team is functioning at this high level you can scale your business.
You have to understand and apply basic marketing and sales principles to engage and convert your audience into your next clients. You need systems that deliver consistent, reliable experiences.
With the right systems, people and processes in place, you can spend more time leading, and less time managing.
Your Business Can Thrive
Today, I work with entrepreneurs, coaches, and consultants who create purpose, process-driven businesses where their employees and clients thrive.
They rise above the day to day of their business and lead. They spend their time advancing their vision and strategies that will take their company to the next level.
They build organizations that are designed to deliver superior client experiences. They create value and win.
You Can Do This Too
The first step is to take a step back. Get clear on your vision. Get clear on who you want to serve.
Stop chasing the get rich quick ideas and get focused on how you can create the most value in the most genuine way possible for the types of clients you would love to serve.