HOW WOULD YOU LIKE TO DOUBLE YOUR BUSINESS?
Maybe even quadruple it?
I’m not necessarily talking about doubling the amount of work you do. Just double your profits with a bit more work (or maybe even less work).
How would you do it? Here are five powerful principles and strategies I have been achieving outstanding results with some of my clients over the past 12 months or so…. I hope they achieve the same results for YOU..
STEP ONE: START WITH THE END IN MIND
Everything is first created in the mind.
As Steven Covey writes in his blockbuster book The Seven Habits of Highly Effective People.
‘..All things are created twice. There’s a mental or first creation and a physical or second creation to all things.’
A coach has to imagine in his minds eye winning the premiership.
An Olympic athlete has to first imagine winning the gold medal.
An entrepreneur has to first imagine growing an international business.
Sit down tomorrow morning, early, around 6 am, and just dream for 15 minutes.
What will your business look like if you doubled your profits?
Use the power of your imagination…. Dream it. Visualise it. Create a vivid clear picture. Picture the colours. The People. The buildings… As much detail as you can..
Then write in your personal journal the details that come to mind.
You’ll be surprised.
STEP TWO: LEARN FROM OTHERS WHO HAVE ALREADY DONE IT
There are already plenty of businesses out there who have doubled their profits. So stand on the shoulders of giants.
You will not be a pioneer, so you don’t have to worry about the arrows in your hat, others have marked out the path.
One great story I love is of Eckard Pfeiffer, CEO of Compac computers.
Since 1992 in his first full year as chief executive, sales have more than doubled, to $10.9 billion, and profits more than quadrupled, to $867 million.
‘How did he do it?’ I hear you ask..
A BUSINESS DOUBLING STRATEGY THAT’S WORKED…
In October 1991 –
- He cuts worldwide workforce from 12,000 to 10,000.
- Expands dealership network from 3,500 to 38,000.
- Presses suppliers for better terms
- Expands into PC markets for home, education and small business uses.
- Puts in a 24 hour mail order and customer service phone line.
- Brings focus to the team – sets and communicates clear goals.
- Implements work practice and efficiency reform.
- Sets a stretch goal – Compaq will become the biggest producer of PC’s – in 1997. The critics laugh and call him arrogant.
By January 1995 in front of 16,000 employees and their spouses in Houston he announces ‘We are Number 1. We made it in 1994! We’ve replaced IBM as the worlds top PC vendor. (2 years ahead of schedule)
He now sets another stretch goal: Triple the companies sales to $30 billion, by 2000.
If he can do it, you and I can do it.
Does he have a bigger brain than you or I?
Did he wake up yesterday morning with an extra set of arms and legs?
Of course not.
He had the courage to dream. The courage to stand up and speak of his dreams.
He had the courage to be laughed at by the spectators of life – the critics.
We can learn from others. You can do it too..
STEP THREE: DISTRIBUTION – Understand, Appreciate and Apply
Pfieffer of Compaq, Cumins of Cash Converters, Stokes of Channel Seven, Eisner of Disney, Watts of Omegatrend all understand, appreciate and apply the power of distribution.
The more people you have out there selling your products and services, the more likely you are to make more sales. Its that simple. The question then is ‘ How can I double or quadruple my distribution force.’
Don’t think sales force, think distribution force.
Sometimes when we think sales force, we think ‘salary, car, phone, more overheads.’
Get clever. Think, self employed, commission based, franchise or licensee.
That’s how the giants of success do it.
You can too.
In fact, the harder you make it to join your team, the better.
If you want to become a McDonalds franchisee you have to go to Hamburger University for 1 year at your own expense. Only after that will they consider you for a franchise.
Every entrepreneur I have spoken to has told me, ‘the people I have the greatest trouble with are the ones I made it easy for to join our organisation.’
We can learn from that.
STEP FOUR: RADIATION TO ATTRACT
Much has been written about the power of marketing.
Marketing is about the power of attracting the right prospects to your business. One of my key Marketing principles comes from the laws of science…
You must radiate to attract..
A magnet has to radiate its magnetic field to attract another magnet or other iron filings. A flower has to radiate its beauty to attract the honey bee. We in business have to radiate our attractive colour and energy if we are to attract customers.
How to radiate more to your target market
Here are some ideas to improve the power of how you radiate to the marketplace to attract more business.
- newspaper advertising with special offers and benefits in the copy
- direct mail to targeted groups
- sales reps
- newsletters, VIP Clubs, Loyalty programmes
- asking your present customers to buy more and more often
- asking your present customers for referrals
- getting publicity on radio, television, in the newspaper
- running seminars for prospective clients
If you’re not doing all of these, you have an opportunity to radiate more to attract more business.
STEP FIVE:. DREAM IT, PLAN IT, GO FOR IT
This country needs more dreamers.
This country needs more people who want to make things better.
The fact that you’re reading this report makes you one of the special people who do want to make a difference.
So please take this simple 3 step approach – Now.
- Dream it. Dream the dream
- Plan it. Sit down with pen and paper and your team, and plan it.
- Go for it. Break out of the comfort zones. Don’t listen to the critics, excuses or your own self doubt.
Go for it.
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