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Keys To Business Growth

KEY TO GETTING MASSIVE GROWTH IN YOUR BUSINESS

The goal of this article is to share a strategy to help business owners get massive growth in their businesses in the least amount of time. This strategy is simple and I didn’t realize it was even a strategy until I reflected on my most successful business ventures. The best part is that it cost little or no money and you can start today.

Massive growth starts with expanding your thinking about your business to where your mind can never shrink back to where it once was. This change in mindset will change the growth trajectory of your business. Now let’s talk about the strategy for growth in your business.

The first requirement for massive growth is to have a clear vision of where you want to take the business. It can be in terms of revenue, profit or some valued metric. Regardless of where the business is currently; the destination is only limited by the boldness of your vision. The realization of the vision should make you almost embarrassed that you dare to dream so big and actually believe you can do it. If you share your vision with friends and family and they believe you can do it – I mean really believe beyond pleasantry; then you need a bigger vision.

“When you establish a destination by defining what you want, then take physical action by making choices that move you towards that destination, the possibility for success is limitless and arrival at the destination is inevitable.” Steve Maraboli.

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The strategy I am about to share is about getting advisors to help you create massive growth in your business by helping you plan and execute your vision. I’m sure you have shared your knowledge with others simply because you were asked. Knowledgeable people enjoy sharing their experience if they are approached the right way. Continue to share your knowledgeThe Key to Getting Massive Growth in Your Business and use the principle of reciprocity to seek advisors to help you. No individual posses all the knowledge to do great things alone. A great way to find advisors is to look at your associations, professionals in your industry, circle of friends, relatives, and colleagues. Use social media sites like Linked-In to find thought leaders in your field that can help you. Be sure to compensate them in some way to show your appreciation. The compensation need not be financial, but of course, that works too. It could be a gift certificate, a dinner, tickets to a ball game, or simple thank you. Use your imagination and take the time to find out what your advisors like, after all they will be a key to your success.

The key to this strategy is the avoidance of solving problems that have already been solved. The CEO of Tesla, Elon Musk considers Nikola Tesla a personal hero and not a stretch to say an advisor as Nikola Tesla’s work creating induction motor technology made the Tesla Automobile possible. Elon Musk didn’t waste time solving the problem of electric propulsion, he used a 100 year old solution and added innovation to make the Tesla Model S the 2013 Motor Trend Car of the year and a $25 billion dollar publicly traded company.

Nikola Tesla died in 1943 but Elon used him as an advisor to build Tesla Motors. Your Board of Advisors should be people you can access, but there are instances where you need specialized experience that you can’t access other than through the person’s past work. Any person or body of work that you can draw from can be considered for your board. Nikola’s published works on induction motors were enough to build the Tesla Model S.

Establishing a board of advisors shouldn’t be difficult. It can take on any form that allows regular meetings and benefit from the board’s experience. It can be formal, following protocols and keeping minutes, or informal. Be flexible and make it easy for your board to participate. Consider using technology to meet online, by phone, etc… Remember they are doing you a huge favor so it shouldn’t be burdensome on them. Here are some places where you can find experience for your board:

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Mastermind Groups– This is a group organized around mutual improvement and Ben Franklin established one in 1727. It was also used by Napolean Hill in his classic “Think and Grow Rich”. He describe a Mastermind Group as “the coordination of knowledge and effort of two or more people, who work toward a definite purpose, in the spirit of harmony”. Mastermind groups offer mutual accountability, brainstorming, and constructive criticism and everyone in the group is invested in helping each other.

Conferences– Live instruction and immersion into your field is advantageous because your have access to instructors and piers that you can learn from. You may seek board members at the conference or use the event itself as an advisory session of your board.There are lists of conferences organized by category so you can find dates and times for the conferences in your industry. www.allconferences.com is a great site to start looking for your next conference to attend.

Coaching –A consistent on going relationship where the coach helps to implement new skills and assist in achieving your goals. The coach maintains objectivity and uses a formalized system to to get you functioning at a higher level. There is cost usually associated with coaching, but it’s money well spent if you achieve your goals.

Mentors – Everyone should have a mentor. It doesn’t have to be formal and you can have several if you need a scope of mentoring that can’t being met by a single person. You can have a mentor and never let that person know that they are mentoring you. If they are up for a formal mentoring relationship that is great, but start where you are in your relationships and see where it goes.

Score – Non-profit association comprised of 11,000 volunteers that are dedicated to helping businesses achieve their goals through education and mentoring. The volunteers have a broad mix of senior executive and small business experience. Score can be a sounding board for ideas, finding solutions and help avoiding costly mistakes.

Chamber of Commerce – You local chamber is a great place to network with local business people. Get to know the business people in the chamber and contribute to the organization and it’s people. The bible says ” Whoever sows sparingly will also reap sparingly, and whoever sows generously will also reap generously…” The chamber is a place to help grow your business and could also be a great place to recruit for your board.

Preparation should be done before every board meeting. There should be free sharing of information including financials. You may choose to limit some information you deem sensitive. For example, you may share profit numbers, but not actual sales numbers or vice versa. You may share gross profit numbers, but not line items. You may divulge new customer acquisitions, or web traffic, or whatever is a meaningful measurement. The board meetings should be designed to give the members information that matters. If the members don’t have good information, the results can’t be good. You may even want to get a non-disclosure agreement signed if you have any concerns about the information you share being misused.

The information should be shared before the meeting so everyone can review the information beforehand. Board meetings should have an agenda that includes the biggest problems facing your vision. The meeting should have the goal of creating action as a result of the meeting. Put your board members in a position to add their experiences to yours to make the best decisions possible. Preparation should be done whether your board meeting is formal, informal or involves one person or many. The exercise of preparation will help clarify and provide focus that will make problems easier for you and your board to solve.

Any bold vision has points where things don’t work or fail. Failure has to be taken for what it is: A part that needs to be re-worked and tried again. Look at failure as a computer program with a bug. You may need to tweak the code dozens of times before the program will run as it should. All of the greats have failed a lot more than the average person. Entrepreneurs with vision aren’t average people, so they can embrace failure and keep moving to solutions.

Having to present ideas to an advisory board brings out your best. Ideas that seemed brilliant when confined to your own thoughts may not survive the journey to the written page; but it’s soon exchanged with your next better idea that warrants presentation to your advisory board. The process of exchanging “your next better idea” is the engine for massive growth and innovation. A board will expand the number of experiences you can draw from to achieve your vision faster. Assemble your own advisory board today If you want to envision massive growth for your business.

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Marv White holds a BS in Chemical Engineering with a minor in Economics. He is a partner in Bizprofitpro and author of Seven Pillars to Profit, A Blueprint for Small Business Success. He has advised numerous businesses including start-ups, sole proprietorships and large enterprises. He firmly believes that entrepreneurs and business leaders are special people that see the world as it can be and not as it is. Marv White has published over 50 articles about small business and related topics including business exit strategies, growth by acquisition and other business related topics.