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How to Grow Your Business

How to Grow Your Business

Every entrepreneur always thinks about how to grow your business and try a new different strategy to grow their business. If you an entrepreneur or want to be and think about how to grow your business then this is the right place for you.

Hey! I’m Karan your host and today I want to talk to you about that one question that entrepreneurs have in the back of their minds. When you buy yourself, and you ask that one question after building your business Why is so-and-so growing at a faster pace than me you’ve asked that question before so that you know, that’s a question every business always asks.

We’re going to talk about the four different parts. Most crucial part of any business which is necessary for business expansion and one of the things I want to challenge you to do is I want you to as I’m going through it make notes of each Part you’re going to read this article two or three times because the moment you can figure out how to grow much faster you’ll be more competitive more profitable. You’ll enjoy your business a lot more, it’ll keep you more energetic, and you will be saner than maybe driving yourself insane because if there’s one thing all entrepreneurs.

Four Different Part Of Business’s

Functioning

So, what is functioning is what allows your business to perform every single month every single day. So the operation is the supporting cast you provide for your clients, your agents for your employees for your partner’s. Everything is about a consistent functioning and if there is any part of a business that has to be the most predictable consistent is the functioning Part.

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Let me give you an example

Centripital force

what is functioning so imagine above image is your business okay this is performing Part of your business, this needs to be happening every day some business functioning is shorter where they’re going like this because they only have two or one assistant with less supporting cast as hiring more employees this thing gets bigger and bigger and bigger.

Let me give you another example,

If you and I, if I’m trying to be a bodybuilder, if I’m trying to get in shape, you ask any personal trainer that’s an expert personal trainer works at Equinox. So one of these celebrity personal trainers they will tell you the most essential part of your body to work is what everybody will show you 80% will tell you it’s your core your abs how strong it is your lower back it’ll allow you to do squats better or let you do shoulders better everything comes back down to your core you’re functioning speed is the core of your business.

But if you all of a sudden say I’m going to fire people because I don’t think I need all these people that are working for me right, then you’re functioning part naturally drops, and it affects everything else. Your customer service drops, your relationship drops with your clients, your agents your associates, your partner’s everybody, so look at functioning Part process.

So, what is process very simple how quickly you take the product from A to Z, for instance, McDonald’s is not known for the most incredible hamburgers. McDonald’s is not known for the most incredible many things. Although the fries are unbelievable, they put something in that thing they want to keep going back to their chips, so why does McDonald’s do so well look how efficient it is the process McDonald’s.

Burgur making process

The reason why they’ve outgrown their competitors is that they’ve done a lot of things rabbit. There’s one part they paid attention to is their process speed. It takes a hundred and eighty-nine seconds for a person to go through the drive-through to order to get the product 189 seconds last year used to be 188. They’ve dropped by second and say the unfortunate thing they talked about from 188 to 189, but it takes 189 seconds from the moment you order the food to pick it up fast food. So as a customer’s thinking I will should I go I don’t have much time I got to get home pick up my kids from school I don’t want to go to McDonald’s but it’s fast boom the decision was made I want the best food I was made my choice what’s rapid boom you go to McDonald’s because Burger King is 198 seconds chick-fil-a is 204 seconds this gives you an idea on process part.

In real estate mortgages process would be from the moment I get the file from the client that’s interested they’ve been approved for a loan then they approve ago do the underwriting, we find a home appraisal inspection you know everything is good signature check funded keys boom that’s the process. How long does it take from finding the house getting the loan to understanding the key that’s the process and insurance would be gone meeting the client first appointment I gather info second appointment I present the product reach the paperwork come back to submit it to the insurance company they scrub it up goes to the carrier goes through it underwriting what’s the deal with this blood urine. They do their testing comes back on the writings good approve we need this signature that signature delivers the policy that’s the process right that’s the speed of their process.

Timing

The third Part is a little bit difficult to explain. It’s called timing. So what is timing well remember how I give you the example of bodybuilding. The most crucial part of your body is your core. You ever met people that go to the gym, and maybe you’ve done this before I did this when I was 14 years old, thinking this is going to work and every day.

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What is a new person that has never lifted weights what do they do every time they go to the gym a new guy goes to the gym what do they do cross every day. They do benchpress every day right they’re thinking if you do every day your biceps are going to grow and they wonder why it doesn’t that’s the timing part, where you’ll learn your bicep needs 48 hours to rest, so it’s a better idea for me not to do biceps again three days from now so I don’t want to do squats every day.

Because my legs need to have a chance to grow and recuperate. The energy comes back in business; it would be you. Sir, I have ten thousand dollars of marketing money how do I stretch these ten thousand dollars of marketing money to create a contest event initiative to get excited to my customers to get them going, for example, Amazon recently did something against Walmart where they came out with this prime day that they did where everything was on sale and not just regular sale.

You were buying a 40 inch screen TV for $79 or $99 they’re losing money on that but why are they doing that it gets they have to sit down and say if we lose this money on this, but it brings a traffic to the website, and they buy other things because generally the average person that buys a product with us they tend to buy four products at a time not one product at a time. We may lose 50 bucks on one product, but we’re going to make 90 dollars on two other products we still gain to $40 it’s worth us stretching this money.

You were finding out how you take that money to get the highest level of return, injecting enthusiasm, a new initiative, a new contest a new exciting thing that gets your team going that’s the timing money, and knowing what season to do it and what needed during that time. When your business is struggling, an area that you want to inject that specific Part that’s the timing part, and nobody can teach you anything. Generally, the timing part gets better by making many mistakes.

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So don’t expect to be very good at the timing part that’s going to take a long time for you to figure it out, but something is out sooner that’ll be on you.

the last one which is the reason why coco-cola is where are today right when you look at coco-cola where they are to be the reason why these guys are where they are today the reason why a guy like this writes a book called Good excellent on how a regular company goes from being simple small to all of us and boom they have that tipping point.

Expansion

So expansion means how quickly do I go from hiring that new real estate agent that’s being trained and educated to learn the system to develop a new office of a person running it by themselves and it’s an independent office in a new area that we expanded to for you would be how quickly can I move a person out of my office to go out there and open up their agency.

Grow Your Business

If you’re in the insurance and financial industry, how can I expand when coca-cola have to sit there and think about how can they grow their business, even more, they said well. We’re drinking more selling more coke than Pepsi to consumers what can we do, and they bring a new CEO on the CEO said out of everything that a human drinking every day, what do they drink now listen to our strategic.

This is what do they drink, and they have to figure percentage-wise they drink this punch percentage of water this much orange juice this much vitamin water this much debt, so guess what companies coca-cola owns the Sahni water is a coca-cola product they were not going to be where they were going to be.

If they were not going to have a new outlet Dasani is coca-cola owns water owned by coca-cola Minute Maid if you go to Vitamin Water is not owned by coca-cola because they see, we have to expand the business expansion on how you open up new outlets.

For you is very much closely connected to one thing, and you know what it is you’re functioning Part because when this drops, this is what happens to your expansion, it loses it doesn’t expand. You have to this is why when they say a business owner is not a business owner because the customers own a business the employees own a business the reps own a business the partner’s own the business owner is because this is what the business owner has to do.

Every day a business owner needs to be running their business; every day, if you don’t you lose your momentum, and this is why so many people you notice activity they go like this because they ohh, I think to go to take off by itself. No, you’re functioning part needs everyday attention, not one-time consideration.

Now, You Know how to grow your business but this article will be incomplete if I don’t tell what are the mistakes you do while you grow your business and starting a new business. This is for you

The things not to do when starting or growing the business.

Pick the wrong Business

A lot of companies fail, 80% plus the companies fail in the first five years. A lot of it’s because you picked the wrong business your business just trying to make money and if money is the only goal you’re not going to be successful you look at any entrepreneur who starts off and just trying to make money they rarely do or if you look at the most successful entrepreneurs of all time the big names of people who you would recognize will Pro Winfrey, Bill Gates, Steve Jobs whoever it is looked at why they got started to look at the early days of the reason for starting their business.

Why-most-small-businesses-fail-in-Facebook-Marketing-and-how-yours-wont

First and the only one is never to make money okay! they want to have a positive impact they want to change the way something that’s done they want to mean something but it’s not just to make money now making money is important okay I’m not saying start a charity you got to make money you got to be able to support yourself, your family your community live the lifestyle you want. Money is going to be important we’re not throwing it away but it’s not the number one reason for starting this business you have to be passionate about what you’re doing.

The Perfect Plan

So Many entrepreneurs want them to have a perfect plan before they get started, you gotta have it. All lined out it’s got to be a hundred percent quick know exactly what you’re going to do before you launch and that holds you back and this was me.

Grow Your Business with a plan

In my first real business the biotech software company I had I spent a whole summer making my plan right here’s how we’re going to grow here’s exactly what we’re going to do and as soon as we launched.

Everything was changed because my plan was wrong my assumptions were wrong and so to many entrepreneurs get focused on making the perfect plan that they don’t start that they hold themselves back. The best thing you can do is plan a little and start right. When you get feedback and reaction, and customers telling you what they like and don’t like you’ll have to adapt anyway so get that feedback as soon as possible don’t worry about making the perfect plan and don’t wait until you have that perfect plan because so many people wait so long that they don’t actually take any action at all they give up on it because they can’t figure out the perfect plan you will never have the perfect plan at the start.

Spent Money

So many entrepreneurs have great ways on how to spend money right if I gave you a million dollars you can find a million different ways to spend it not many entrepreneurs are great at making money and so stop trying to think about how to spend money.

Financial planning

You do not need a website you do not need an office you do not need a car you don’t need business cards you don’t need anything you need you and your hustle to get out there and start talking to customers stop trying to figure out ways to spend money you do not need money to make money you need to work, you need the hustle you got to get out there and start talking to people it takes your time you got to invest your time but don’t start investing your money stop spending money until you’re making some money.

Try To Do It Alone

You can’t do this alone you cannot do this just on your own. You need people to help you and whether that’s having volunteers or interns that I have when I started my first business whether it’s having people who are working for you part-time the first guy hired was for one hour a day to relieve some of the work off of me.

Grow Your Business with the help of your team

Whether that’s having a mastermind group of people that you connect with I have one I run here in Toronto where we meet every month to talk about our businesses and help each other out you can’t do this alone you need to be able to talk to people how people help you and we’re not spending money at the start right back to the last point we’re not spending money on these people to start but you can attract people to you.

You can meet up with the mastermind group once a month you can have volunteers or student interns helping you out hey if you’re saving for something important you’re going to have people coming to you I can’t tell you how many people want to volunteer at my business because I’m trying to do something big and important you could start that way but don’t try to do everything yourself because running the business is a lot harder than one person can manage and if you want to do something big you want to have a big impact, you want to change the world, you want to have a huge you know meaning and also make a lot of money in the process. You need to be able to reach out and not do everything yourself.

Jump Into The Wrong Partnership

So many entrepreneurs jump in the partnership maybe you met somebody at a hackathon over the weekend you have this great business idea and there’s six of you starting up don’t jump in the bed with the wrong partner and I get why you do it right you want to surround yourself with like-minded people who have complementary skill sets you’re on board here’s our big vision here’s where we’re going rah rah-rah here we go and then when things get tough that’s when the partnership starts to crumble that’s when a lot of fights start to happen to be in the business.

Grow Your Business

Partnership is just as important as being in a marriage right you got to think about these people as I’m gonna get married to this person can I live with that right you’re seeing them how many hours of the day right you’re seeing them probably more than you’re going to see your husband or wife during the week, so you have to be someone who has the same values as you and the best way to try that out is to start working together on small projects before jumping together into the partnership.

Work on a small project together and see if both of you guys get along see if you work well together see if you share that same vision see if you share the same values it’s so much more than just having complementary skill sets, if you’re the business guy you need a coder you don’t just bring on any coder who can program what you need right then give them shares in your business has to be somebody who you can get married to and work with for the rest of your life potentially right it’s got to be that important so don’t just jump into the wrong partnerships.

Operate in a bubble

Mostly entrepreneurs and myself included we try to figure everything out ourselves and I wasn’t investing in myself I wasn’t learning to try to get better I remember with my first business I was earning 300 dollars a month and surviving on beans and struggling and trying to put up a good face for my friends because I was supposed to be the guy making it big and doing well but meanwhile I tried everything I knew I was falling I couldn’t afford anything I couldn’t afford a night out to have beer with my friends and the strategy that saved me was modelling success and looking from the strategies of Bill Gates and how we started Microsoft applying that to my company and that helped me start to grow.

If I never look at which thing made Bill Gates successful. I would not have been able to make my company be successful because I actually told my partner that I quit like I was so stressed out I was so tired of not making any money that I wanted to quit and do something that I felt that would be meaningful and I would feel valued in so I was operating the bubble and you can’t operate in the bubble.

Aurorasa Coaching Emotional Intelligence Training, BrainDiamonds™,

You have to bust through right whatever your comfort zone is you got to be able to bust through that to become the entrepreneur that you can truly become so that’s model success learning from others watching videos reading books stretching your comfort zone stretching your knowledge zone stretching the the safe environment that you have for yourself to become a better entrepreneur and every single big break up having my business career has been because I’ve taken my limiting beliefs and smashed it and expanded them a little bit more and expand them and believe that I could do more and learn from others to accomplish those things and model strategies and small success.
so stop operating in a bubble.

Startup Product

This is a bit of a controversial one but big fan of product startups the main reason comes back to the money issue right I want you to get profitable as soon as possible I want to cash in your hand as soon as possible and the problem with product companies are you spend a lot of money at the start right.

Your First Product Is not Your Last Product

You have to invest into product into inventory and so many companies entrepreneurs start-up to invest a lot you know they put a lot on the line they may you know take out another mortgage on their house they may pull out money from their retirement savings to launch into this product and then they end up with all of this inventory sitting in their garage in their basement that they can’t sell.

Many product companies fail because they picked the wrong product. It’s so much easier to start in a service-based business because you’re not investing anything except your time you don’t need to invest any money into a service-based business except your time and what that does is allows you to get close to your customers allows you to refine your message allows you to find your service because the service you go in thinking you’re going to do is not the service that you end up actually doing it will change right go back to the point about planning it will change and it’s so much easier to be flexible in a service-based business to figure out what your offer is going to be and then launch into a product.

Get some cocktail coming in getting that mortgage bill and that electricity bill paid off from your service-based business it’s harder the scale of service it’s much easier to scale Park that’s why it’s so attractive right you want to trade time for money you want to build a huge Empire that’s why building a product but start with the service to get the cash she’ll be coming in to get you close to the customers to get you understand what it is that people want you to have a base of people that sell your product to you have an income stream coming and support you then launch your product dominate the world so I’m not a fan of starting with a product.

So, in summary,

The things not to do when starting in the business

  1. Pick the wrong business
  2. Make the perfect plan
  3. Spend money
  4. Try to do it alone
  5. Jump into the wrong partner
  6. Operating the bubble
  7. Start a Product.

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