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How to build a $10M business
10 simple steps to create a multi-million dollar business
We often hear about the high percentage of new businesses that fail, but imagine a world in which it’s easier to grow your business than you thought. Imagine a world in which just 10 simple steps could help you take your business to the next level – starting today.
Thanks to Dave Kerpen, CEO of Likeable Local and Cofounder & Chairman of Likeable Media, you don’t have to imagine. Dave has 10 proven business strategies that have brought him massive success over the last seven years, and he recently shared these insights with Chad Cooper in a Tony Robbins webinar.
Here’s a look at Kerpen’s 10 key ways to building a $10 million business:
1. Find trustworthy partners
Whether it’s a close friend or family member, partner with people you know you can trust as you begin researching how to build a business. Most of the time, we focus on the character and virtues of those we are legally partnered with. But vetting other people and entities that you are associated with –including your vendors and advisors –is equally critical. You have the freedom to select whom you want to work with, so take the time to do your research.
2. Create a strategy and focus
One of the biggest mistakes young businesses make is over-committing. They end up saying yes to almost everything because they’re excited to get the word out about their company, but they often lack a clear focus by not being selective enough. But if you try to be all things to all people, chances are you will fail. Start with making a one-page strategic plan that forces you to focus on creating and doing one thing for one target audience. What do you want to do that will add value to the lives of your customers? Verne Harnish’s one-pager provides an ideal framework to help structure this thought process. With a singular focus, you can harness all of your energy and effort and direct it towards a specific outcome.
3. Say no to what’s off focus
Saying no to anything that isn’t in your direct line of fire may be difficult to do at first, but can actually be one of the smartest business decisions you make in the long run. Even if it means firing your own customers. Why? Because it frees you up to focus on your target, it allows for more space and bandwidth to grow, and makes you available for the yesses.
4. Find peer support
If you’re a business owner, you know what’s at stake and how much risk is involved in running a company. But how do you handle the fear of failure? Where do you go for advice and guidance? You want to uphold your position as a leader and don’t want to talk about these things with your team, and you might not want to discuss these heavy topics with your family. That’s why finding a peer community is so important. Not only can this provide a confidential atmosphere where you can find support and valuable insight, but it can be instrumental in the process of learning the most efficient and effective ways of taking your business to the next level.
5. Form a board of advisors
Coordinate a group of trusted mentors to counsel you on key issues in growing your business. Many of these people know how to make a million dollars and can advise you on your financial plan. While an advisory board may not seem like a critical component of business success, it can actually become one of your most important assets in business development – providing the strategic advice and complementary skills to take your company to the next level.
6. Hire slow and fire fast
The sooner you part ways with employees who aren’t the right fit, the better. Most of us, however, do the opposite. We hire quickly to fill the position when we really should be taking our time to determine if the candidate has the right nature, the right personality and whether or not their core values align with the company’s mission. Then we are slow to let the person go, even though we know in our gut that it isn’t working. By hiring slow and firing fast, you will find that it is more efficient and effective for you, your business and for that person. This approach makes it more likely that you’ll bring valuable team players on who will help your company grow. Additionally, when you hire the right people, you don’t face as much turnover and have to hire and fire less frequently.
7. Build great values and culture
Take the time to create a space where your employees want to spend their time. Think about it — you spend more of your waking hours at work and with fellow employees than anywhere or with anyone else. So isn’t it worth taking the time and money to create a place that people enjoy working? What is the culture at your company? Do you have a strong set of core values and do your employees value these standards? Building a company where people want to go to work is one of the most pivotal ways to building a growing and sustaining company. What’s more, you want your employees to feel valued at the office. Foster a culture that celebrates your team’s wins, big and small.
8. Build your brand
With social media and a global audience at your fingertips, this is the single best time to build a brand online. It wasn’t that long ago that you needed to hire a PR agency to create brand identity and awareness. But now, if you are determined and diligent enough, you can build a brand by creating quality content every single day and leveraging social media outlets to attract and engage your target audience.
9. Ask for referrals
In deciding how to build a business, you’ll find that the best form of marketing is through your current customers. While this may seem obvious, most businesses just don’t utilize this resource. We may feel uncomfortable asking existing customers for referrals or we may not realize how powerful a marketing asset this can be. But if you don’t try you won’t reap the benefits. And it’s actually quite simple to do, if you know how to present your products or services with certainty, and can go a long way toward building your business.
10. It’s the people
The single most important factor in your success is your people — your partner, your advisors, your staff, your peers. All of these individuals will help you do the work to take your business to the next level. That means you don’t have to do it alone, but you do have to find the right people, and empower them, so you can harness the power and potential of their talent, skill and drive.
Looking for additional business strategies to help your company thrive in any economic climate? Attend Business Mastery. The incredible five-day event features world-class speakers that will leave you feeling empowered and ready to take on any business challenges. After leaving the event, you’ll be armed with the knowledge you need to make a $10 million business.
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