Here’s something for you to consider if you want your business to grow significantly in the medium to long-term.
It’s based on an idea I shared with a friend, which saw him increase profits and turnover by more than 200% in 2014.
Meaningful improvements lead to meaningful progress
Here’s what we know: The only way to grow your business in a meaningful way, is to make meaningful improvements. It’s simply not enough for you to do what you did this year, only a little better. At best, that strategy may allow you to tread water. To spin your wheels. To waste another year.
However, it certainly won’t lead you to anything worthwhile.
Add some zeros
My friend Harry saw a 200% increase in his revenues last year, with an even greater increase in his profits. How did he achieve this? Instead of focusing on how to grow his business by 25%, I suggested he should add a zero to his target. He then sat down at the end of last year and set himself an inspiring challenge: How can I increase my turnover and profits in 2014 by 250%?
Harry explained that by focusing on a target of 25% growth, his thinking was limited. A pretty small target required pretty small thinking. The target also lacked any pull — yes, a 25% lift is good, but it wasn’t going to change his life in a meaningful way.
However, by setting himself a huge growth target, one that was 10 times bigger than ever before, he was able to blow the lid off his thinking. He was able to set his full potential to work on the challenge. Plus, because growing his business by 250% would massively improve his lifestyle, he found it exceptionally motivating.
So, he’d set himself an inspiring target that allowed him to think big AND he was more motivated than ever before. He missed his target. Instead of growing his business by 250%, he only managed just over 200%. His business is 3 times bigger and over 3 times more profitable. He’s also pretty sure he can hit that 250% in 2016. I believe him too.
How you can succeed on a totally different level
Steve Jobs famously said that when you’re working on something exciting, the vision pulls you. I’m paraphrasing there, but the message is both powerful and accurate.
Most small business owners stay small, because they set themselves targets or goals that fail to inspire them. Puny goals restrict your thinking. They also rob you of the energy, which only comes when you’re being pulled by a compelling vision.
So, why not do what Harry did — If you want better results and more energy, add some zeros!
PS: This will help you. How to build a successful business. It’s packed with ideas and examples you can use.