If I asked you, how is your business doing, what would you say?
A. Its in trouble
B. Its doing good
C. Its growing. Fast.
In case of almost 80-90% of solo entrepreneurs, their business is either in trouble or its just doing fine. And for the remaining 10-20% of them, its either growing fast or growing faster them ever.
I always used to think more business means more work and more work means burn out. Now I know I was wrong. Dead wrong.
Because when I look at those who are running fast growing businesses, I can tell they’re NOT burning out. Not even a tiny bit.
On the contrary I can clearly see that they are having fun. And some of them are having more fun than ever.
When I first realized this, I was blown away. Because I couldn’t imagine running a freelance business without getting stressed out.
My initial reaction was – What! Wait. What did you say? Having fun! How is that even possible?
Growth is everything
Every business must aspire to grow. Growth is everything. We’ve all heard that a business that stops growing, starts dying.
And so, for a business to survive, its positive cash flow must keep increasing.
Here is how you can assess your business to find out if its on the right track:
- If the positive cash flow is not increasing – Its in trouble
- If the positive cash flow is constant or growing slowly – Its doing good
- If the positive cash flow is growing faster than the growth rate of your market – It is growing fast
Every business, that wants to sustain for long term must grow faster than the market growth rate. So that it can get to the top and stay there.
15 things fast growing companies do differently
Here are 15 things that fast growing companies do to get to the top and stay there
Built ot scale
Most fast growing companies are built to scale. No matter ehat your business is and whether its online or offline. It needs to be something that you can replicate easily and cost effectively.
If you’ve got an online business, the easiest way to scale it, is to sell more information products to more people.
To increase cashflow:
Offer consulting services,
Promote affiliate products,
Sell direct adv space etc.
There are endless possibilities to scale an online business. All you need is your own platform.
If you have an offline business look at Mc Donalds or any retail chain stores. Observe what makes them inherently scalable.
Built to last
The goal of your business should be to stay relevant for the next 50-80 years. Or atleast till you are alive. If your business isnt built to last, take the time to reengineer your business model. As solo entrepreneurs we are going to spend a large portion of our lives running our businesses. Doesnt it make sense to build something that will last really long? A business that will help us fulfill our personal goals and also make a positive impact on society. Spend some time to analyze if your business can evolve and sustain for a long time.
Are you running a business to cover your day to day expenses? If yes, you need to think BIG. Really Big.
Because if your main issue is expenses, you cant stop worrying about it. Expenses are always there. Whether you are earning $1000/month or $100,000/month there are going to be some expenses. Think Bigger. Think about growing your income instead of worrying about your expenses.
The habit of thinking small is the #1 reason why so many people settle for staying mediocre. You are capable of achieving so much more. Commit to building a business that is nothing less than extra ordinary.
Look at any solo entrepreneur who is running a multi million dollar business. Do you think they started it just to cover their expenses? Obviously not. They certainly had big dreams and a bigger purpose.
Become profitable. Fast.
A business that struggles to stay profitable doest survive for long. Fast growing businesses dont take too much time to become profitable. If you are struggling to stay profitable, then that should be your main priority right now. To become profitable as fast as you can. Observe those who are alerady profitable. Because, the real growth happens after you become profitable. If your business is built to scale you just need to replicate your success. If it works. Replicate. Fast growing businesses are not worried about covering their expenses. They are here to make a difference. Once they cross the ramen profitable point, they start replicating their success. As a business owner your first milestone is to become ramen profitable. So that you can start scaling in all directions.
Make a positive impact on the lives of other people
No matter what business you are in, ultimately your job is to improve the quality of lives of your customers. And if you can do it properly, you dont have to worry about where your next customer is going to come from. You will earn a life time customer. And also get tons of referrals.
When your business spreads through word of mouth, thats when it begins to grow really fast.
Rely on Partnerships
The easiest way to grow your business fast is to partner with other fast growing businesses. Develop a strategic partnership that is a win-win for both sides. You can benefit by leveraging their huge network. And they can benefit by using your faculty to solve their biggest problems. Make it a point to consistently form new relationships with other businesses. Soon you will find tons of opportunities to expand your business.
Invest in people
One of the biggest problems faced by business owners is finding the right candidate for the job. But do we always need to find the right person?
Because we know, what happens when we go out looking for the right person. Disappointment.
Instead its always better to just find normal people. Because we too are normal. Arent we?
And we all want the same thing.
Everybody is in pursuit of happiness.
Everybody is looking to pursue their passion. And everyone is in it for the long term.
When we adopt this perspective, it becomes easier to build a business where everybody has the freedom to pursue their passion.
And thats how fast growing businesses are able to create loyal and committed employees. By giving complete freedom to their employees. Businesses that tend to exploit their employees might grow rapidly but they can never survive in the long run.
The way human mind works is very strange. Isnt it? You tell your mind to think positive, it will think negative. You tell it to stay calm it will go crazy. You tell it not to think about failure & it will show you the worst thing that can happen.
Similarly, every year we set a new year resolution but then we give up. We decide to get rid of our addictions but we cant.
It happens all the time. With all of us. May be because our brain acts little weird.
But you can trick your brain. For instance, if goals dont work for you try this. Instead of setting goals, create a bucket list. Bucket list is a list of things which you are excited to do.
Pushing yourself to accomplish your goals is a bad strategy. Because we dont like getting pushed. Our natural tendency is to do the things that we want to do. Not the things we should do. And there is no way anyone can stop you from doing the things you want to do. If you want to do something, you are going to do it. There are no ifs and buts. We cant resist doing the things that we really want to do. Can we?
Creating a bucket list is like putting a massive dose of excitement inside your most important life goals. So that you can take action and live fully. When you create a bucket list, you put your vision on paper. This vision pulls you. And the force is so strong that even if you want to resist you cant. Create a bucket list today. Let your imagination run wild.
Love Challenges and Adventures
Fast growing businesses love challenges. They like to do things no one has ever done. I am sure you must have heard about Richard Branson’s crazy hot air balloon adventure. Solo entrepreneurs who grow fast, live their life to the fullest. They challenge themselves to do something different.
Solve Important Problems
Fast growing businesses solve real life problems. Or real business problems. Some common business problems are – Finding the right people, Accounting, Marketing, Risk management…
Similarly there are tons of real life problems. Fast growing businesses solve these problems more effectively. Bigger the problem they solve bigger is their business growth. What problem are you trying to solve through your business? At Whole Lotta Leads we solve the problem of insufficient leads.
Primary aspiration is expansion
The primary aspiration of any fast growing business is reaching more people. Impacting more lives is their motto. And that can’t happen without expansion. To grow fast you must aspire to reach millions of people.
Motivated by duty
People who run a fast growing business are motivated by their duty. Their primary motivation is not passion or money. Their business and their life is aligned with who they are and what they want to do. This is how they live a meaningful life and build a purpose driven business.
We take our lives way more seriously than we should. We worry about what we want to do in life, we are confused about our career choice, and we are anxious about our future. Everybody is trying to compete and get ahead in life. When in reality, we should be collaborating to make this world a better place. We forget to live in the moment and to just have fun. Its a choice that we all have to make. We all must find an hour or two to stay fit, have fun and get that work life balance.
“If you’re not having fun, then it’s probably time to call it quits and try something else.” – Richard Branson
Look for the best in other people
This is another tip from Richard Branson. He believes in building bridges not burning them. Trusting people, looking for the best in them, and appreciating them. He says this is essential to not only build a business but also to live a meaningful life.
Ego is a burden. And we all should let go of it. If some relationships have turned sour, try to sweeten them today.
As solo entrepreneurs we have the mentality of working with less overheads and small team. But if we accept people for who for they are, and find the best in them. It becomes much easier to build a manage a big team
Physical, Emotional, Spiritual Transformation
Building a fast growing company is not always as fun as it looks. They have challenges and difficulties too. When you have so much responsibility, it isnt easy to always stay calm and focused. But by creating good habits that help you to stay fit, control your emotions and find peace you can master yourself and manage a fast growing company
Move forward every single day
Big growth is nothing but the sum of small daily growth. To grow your business fast, you just need to move forward every single day.
So the big question is
Is your your business better than it was yesterday?
Consistency is the key to small daily growth. Build habits that move you forward. It isnt that difficult.
Get shit done
Fast growing businesses plan their entire year ahead of time. As they say it – Dont leave the things that matter the most at the mercy of the things that matter very less. If something needs to be done today, get it done
Solo entrepreneurs who build a business fast are unstoppable. Its not like, there are no obstacles or challenges in their path.There are plenty of them. But those things cant cant stop them. But they do it anyway. No complaints and no explanations.
Habit of looking at the positive side of the things
Businesses that grow fast, have the habit of looking at the positive side of things. This is how they always find opportunities where people find obstacles. For instance, when everybody is selling on stock market, the experts are busy buying stocks. In the long run, they will be profitable. This is how many traders make a fortune in a really short time. Develop a habit of looking at the positive things in everything. (Please take proper financial advice before investing)
Be happy with what you have. Gratitude is everything. Its the key to happiness. If you are not happy with your life or business, practice gratitude. If you cant handle a small business happily, How can you handle a big business happily? Can you?
Fast growing businesses focus on keeping customers for life. If you sell just one product, one time per customer. You will have to keep on acquiring new customers. Customer acquisition is tough. And to do it autmatically by creating a system, is even tougher. Why not get a customer and keep them for life?
You must have seen thant some businesses lose customers faster than they acquire the new ones. This is bad. In such a case, failure is guaranteed.
To avoid this horrible situation, you have to genuinely care about your existing customers.
To expand your business, increase your number of offerings. This will maximise revenue per customer and increase the customer life time value.