An entrepreneur has to a lot to succeed.
But some actions and approaches have a bigger impact than others.
Here are 7 such things that you can put to use to supercharge your business:
1/ Reduce the gap between thinking and doing
This can be the difference between building a $100,000 and $ 10 million or even a $100 business.
A lot of entrepreneurs come up with a lot of ideas in their heads. They read and watch videos but do nothing about what they learn. Any entrepreneur committed to taking action on what they want will have a considerable advantage over those who don’t act on their ideas.
2/ Think long term
Identify the leading indicator of growth in your business and just focus on that. Instead of worrying about day-to-day, see if you are making progress on that and set a goal for 3 years or 5 years or even 10 years. Whatever feels real to you.
Know that 10% quarterly growth means 40x growth in 10 years.
3/ Raise your standards
Identify your 3 priorities and raise your standards in each area. To match raised standards, your behavior will have to change, and with changed behavior and raised standards will come the new you and a new level of growth.
4/ Work on the right thing
You won’t reach anywhere if you are working on something that does not have good potential, it is in a market that you don’t know much about or don’t have any inherent strength.
The business owner himself is busy with busy work, checking emails, creating proposals, or taking customer calls. She should identify the one thing that moves the needle in business, identify her part in it, and just do that work — the $10k work, nothing else.
5/ Focus on 20% that gets you 80% results
Identify what these actions are and spend most of your time here.
Usually, these are actions that put you in your zone of genius.
So identify what drives 80% results in your business and focus on that.
Then make the 20% your 100%. It will make you uncomfortable, but this is the way to 10x your growth. Think about this, if your current 100% is getting your current growth (1x), and if 20% of getting the majority of that growth, then when you make 20%, your 100% i.e., doing that activity that is bringing you most of your results fill time, will instantly result in 3-4x growth for you.
Repeat it as many times as you’d like, and you’ll see remarkable results. If you choose to do it 10 years in a row., you’ll witness – 3x3x3x3x3x3x3x3x3x3 = 59,049 times growth, so if you are at $100,000 currently, you can get to $5.9 billion in 10 years.
This seems hard to believe because only a few can achieve this kind of growth but this is how companies you didn’t know yesterday turn into billion-dollar businesses. If you are not comfortable with this, then imagine having 2x growth for 10 years.
With this you’ll witness – 2x2x2x2x2x2x2x2x2x2=1024 times growth. So if you are at $100,000/year now, expect to reach $100 million per year in revenues. That is also a great outcome.
Remember 10x is easier than 2x. So plan accordingly.
6/ Do high-leverage work
High-leverage work allows you to make big positive changes in a short amount of time. For example, hiring leaders and doers for your business is high-leverage work, creating templates and frameworks that other team members can follow.
True in the beginning, almost everyone does time for money kind of work but as you increase margins and build a surplus, fire yourself from everything other than what you are best and if you are the CEO include thinking, hiring and ensuring there is money in the bank as your major responsibilities.
Find what is the high-leverage work in your business and focus on that.
7/ Increase speed of execution
Kill the end of the week and adopt the end of the day. When everyone in your team adopts this mindset, you see fast growth.
This needs a mindset change like most of the things here.
For this to work, turn the end of the week or end of month work to end of two hours. Ask employees to do today what they say they will do by the end of the week. If they come up with an excuse. Ask them why the other things they are doing are more important. If what they are doing is genuinely important, let me be and ask them to do what you asked as soon as they are done with the current work.
If not, tell them to prioritize. Everyone should first be doing what moves the needle in the business and then everything else. Think about what you or a team member would have done in a week or a month, if you do it today and then repeat every day the same speed of execution you’ll do in a month what would have taken you a year to 18 months earlier. So in a month, you’ll 5-20x your growth because growth comes from working on the right things and relentless execution.
What will you add to it?