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No matter what business or industry you are in, the fundamentals of business growth remain the same. The only things that change between industries are the specific strategies or “How-tos” that are used to achieve growth in each area. Mastering these secrets (which really aren’t secrets) is the difference between staying right where you are and taking your business and your life to entirely new levels of success and fulfillment.
Secret #1 – Mastery
Success in business requires you to have Mastery of your Money, Time (Self), Destination (Goals), and Delivery.
Secret #2 – Niche
Now that you have achieved Mastery of the basics, it is time to grow your revenues by establishing your Niche. You have mastered the Niche level of your business when you have No Price Competition in your market.
Secret #3 – Leverage
Once you master your Niche, you are pretty busy but with good cashflow. Now we take some of that cashflow and use it to buy back some of your time by implementing Leverage in your business in the following areas – People, Finances, Systems/Technology, Delivery/Distribution.
Secret #4 – Team
When you get to the point where you are ready to work on the Team aspect of your business, your focus as CEO/Leader is building the systems to Attract, Train, and Retain your Team.
Secret #5 – Synergy
Once your Team is trained to do the work of your business using the systems and tools you have provided, you can install a General Manager and turn your focus to growth. Growth can be expansion, new products/services, new locations, new businesses. Or even more fun…buy out your competitor who doesn’t know the secrets!
Secret #6 – Results
In the Results stage you are no longer a business owner, you are an investor. You are creating multiple streams of income through businesses, real estate, and financial instruments.
In the upcoming weeks, I will go into more detail on each of the Secrets, sharing some of the details of the key activities and measures of each level.
Author: Mark McNulty, Business Coach in Louisville, KY