As an entrepreneur, it is important to grow constantly, to dare to do new things. You have to constantly develop yourself further; you have to outgrow yourself. This is the only way to ensure that your company can grow steadily. Sales and marketing, for example, are very important. But you yourself are just as important.
Your company is like a mirror image of yourself. Working on yourself and your mindset means also working on your company.
In this article you will learn about five big changes to your mindset that will lead to an immediate and sustainable growth of your business.
This first step is simply to think bigger: ten times bigger!
You may be thinking to yourself: 10 to 20 percent growth this year is doable, but 100 percent is impossible. But this kind of conservative thinking will cause your business to remain relatively small. It will never reach its full potential.
The question you need to ask yourself is this: What measures do I need to implement in order to achieve 100 percent growth within one year?
It doesn't matter if you actually reach that goal. Rather, it's simply about thinking bigger. It is one of the most important factors in taking your business to the next level. It's the cornerstone upon which you build your success.
You need to ask yourself: Is tenfold growth possible in my industry? Who has achieved this goal, and what can I learn from them?
No matter the specific industry or country; all businesses ultimately function in the same way. There is always an input and an output. Think of it this way: If you have an input (e.g. advertising costs) of 10,000 Euros, and an output (i.e. revenue) of 30,000 Euros, you have a margin of 20,000 Euros.
Your goal must be to increase the output and the margin.
To achieve this, you must immediately reinvest the money that you earn into the input. The easiest and fastest way to grow a business is through marketing and sales. Invest (or rather reinvest) in these two areas. Do this by placing more advertisements or hiring new salespeople.
The more money you gain through the output, the more you can divert back into the input. It's a cycle that will spin faster and faster, bringing you higher and higher profits.
The metric to keep in mind during this process is CPA: cost per acquisition. How much money do you spend to acquire a customer?
And also, how much money does a customer bring to your company?
The difference between CPA and customer value is the profit you make. Reinvest in the input until this margin is as high as possible. That's the only way your business will grow.
If you make these first two mindset changes, your business will quickly see growth. The next question you then need to ask yourself is: How do I scale my business? The answer is the right positioning strategy. Position yourself as an expert by specializing in a very specific type of niche and customer. This is the key to scalability.
If the customer type is always the same, their problems and requirements will be the same. You can create repeatable processes that scale easily. You can introduce an assembly line system that is efficient, scalable and also beneficial to the customer.
By focusing on a specific task, you are able to provide better service. In addition, as a specialist, you can also charge higher prices, because specialists are trusted more.
All this ultimately leads to an increase in customer value. You will have created a company that functions with reproducible processes and is ready for a bright future.
Especially if you are an expert in your field and if have expertise that is difficult to aquire, you may make the following mistake. You may think: I am the only one who really knows how to do this job. If I don't do it myself, it will be done wrong.
But this is a very limiting thought that must be avoided at all costs. If you don't abandon this wrong mindset, you will never grow. You will be trapped in your own genius.
Instead, understand that your business can never be really successful without the help from employees.
Every job, no matter how creative or individual you may think it is, can be systematized. And once this is done, it can easily be handed over to employees.
The goal of implementing processes and standardizing procedures should be to make yourself obsolete. Your business should run in the same way, even if you're on vacation for a few weeks.
When you make yourself obsolete and are no longer involved in the day-to-day business processes, you can work on the business instead of working in the business. In other words, you can focus on what's important, your company's mission and vision.
Your company has grown tremendously, you're seeing annual sales in the millions. You've reached the top - but it can be lonely at the top. It's hard to find like-minded people who understand you, with whom you can exchange ideas, struggles and experiences. Most of them just can't relate to your new situation.
So it's very important that you find mentors and people to connect with. If you're on your own while your business is going through 10x growth, you may make serious mistakes and hold yourself back. One wrong decision can suddenly cost you millions.
So you have to put your ego aside. What you have accomplished is terrific and you have every reason to be proud of it - but others have done it too. Seek out these others, get in touch with them. This will result in numerous advantages for you personally and ultimately also for your company.
Now you know what steps you need to take if you want to bring your business to the next level. Think big, reinvest, find the right positioning strategy, implement systems and processes that make you obsolete, and seek to interact with other people who have achieved your goals.
These five mindset changes can be applied to all situations and businesses. They always work. Try them and you will find the magic number 10x in your own business.
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