02 Sep Do what the 1% of the entrepreneurs do to scale your business
Ready to be 1%’er?
After being able to network with different Founders/CEO’s of E1 Billion in revenue, I can now share their secrets with you. If you can scale up your business you will join the 1% of the 126 million registered businesses in the world.
It is simpler then you think… So let’s start right now with the 6 steps to scale up your venture.
There’s a popular Chinese proverb that says: “The best time to plant a tree was 20 years ago. The second best time is now.” Basically in the context of the conversation here today, this means that if you want success and growth in the future, the best time to act is now.
1st necessity: Have a great vision: Think Big
This means you have to be like Sr. Richard Branson or Elon Musk: have a vision that will make others think you’re crazy. It doesn’t mean that you are going to compete with the current unicorn businesses. But if you have a E1 million business, why can’t it be a E10 million company? Or better yet, how can you strategically go from E10 million to E100 million? This is having a massive vision.
But vision alone is not going to bring you success otherwise more of us would do it. You also have to take massive action. To start, you have to adjust your standards. Surround yourself with the right team, mentors and connections who will support you to build strategies to reach your ‘vision.’ Then execute.
The only way to run a full 42km marathon is by visualising and letting others know your goal for the run. Structure a process where you can start training. To be able to get to the finish line, you have to start with your first step….
2nd necessity: Build A BRAND
This is the best time in the world to create a brand. Although it is very noisy online, it is the cheapest way to start sharing values. We are currently living in a “P2P” people-to-people world.
Jeff Bezos or Amazon — which has the bigger imprint on your brain? It’s Jeff himself because he is the leader of his business. Other people (read: customers, investors, advisors, strategic partners) wanted, and still want, to know him.
First, publish basic information on the founder/leader of your business on a website be proud of.
3d Necessity: Be replaceable
Yes, you read it right. Ask yourself this question; does your business run when you’re not there?. Can you go offline for a week and your business doesn’t need you? This is one of the biggest challenges of a business owner.
Get clarity on what core activities you need to be laser-focused on as the leader and visionary. Then, protect your boundaries around these actions. In other words, structure your business so well that when you are not in the business, it still runs and makes money.
4th Necessity: Find And Establish Key Relationships And Networks (surround yourself with achievers)
In the beginning, It’s who you know that’s important. Later, it’s who knows you. Period.
Yes, you need to know your stuff. You need to be the best and you have to bring value to your network. In the end, it comes down to connections.
Yes — it’s who you know first.
5th Necessity: Understand what you need to Expand
How do you go from E1 million to E10 million and then to E100 million? You’re going to need money. If you don’t have a wealthy family, this means it has to come from somewhere else. So, where do you start to look? It’s in your newly established network.
However, whether you want to expand your employee base, purchase a new facility or develop a new product line, one of the key elements in taking a company to the next level is knowing the kind of capital injection you need to support that growth.
So what do you do? You need a high-level finance person by your side. If you don’t have a one on your team, get one. Like yesterday. Now.
6th Necessity: “Work hard, Play hard & Party harder”
One thing that I have seen in successful companies is that they party as if there is no tomorrow. With the parties, you create a fun culture where your employees love to come and work on your vision. In my business, we hire a huge mansion for a week once a year and we work and party every day. These work vacations help with team building and this is very important in your business.
Do yourself a favour: please don’t just read this and think “oh, if I visualise this it will help grow my business.”
So instead, do something about it. It’s up to you to take action.
Written by: Eric Burnik
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