Many new businesses fail because there are so many things owners have to think about and so many things owners could lose sight of. Learn how to be one of those businesses that succeed!
It’s true. I created an algorithm for growing and scaling businesses. And I used this algorithm to create immense profits for three of the four businesses I most recently created. Oh, and that fourth business? The one I didn’t use the algorithm for? I lost $8MM in the process of trying to recreate something that I already had the roadmap of success created for. Take it from me, you want to use this formula.
The algorithm has many components, such as using cash flow to build, scale, and create maximum value. Also included is the ability to reference, by way of context and contrast, the experiences of other business owners who have already experienced the same things that you’re about to.
While I’m not going to give away all of the algorithm’s secrets to building, growing, scaling, and 10X-ing your business here (I’d encourage you to attend one of Cardone Ventures’ remarkable and transformational events for that), I will tell you a few important things you simply must know if you want to create something that reflects the sort of legacy organization you can be proud of.
People Move Businesses; Businesses Don’t Move People
According to Gallup, two thirds of all employees surveyed aren’t actively engaged in their work. That’s potentially two thirds of your workforce, asleep at the wheel of your business, representing your brand at the lowest possible level of engagement. How do you think this affects your customers’ perception of your business?
So, what do you think you should do? You can’t just tell them to be more engaged. That’s not leadership. That’s not employee advocacy; that’s an abdication of responsibility. No, you need to help each and every one of your team members understand why their role matters, and how their performance directly impacts the health and growth of the business. Inspire and motivate people by aligning your expectation of their results to the mission, vision, and core values of the organization.
People don’t want jobs any more. They want careers. They want opportunities to learn, grow, and achieve things through their work. But this doesn’t have to fall all on you. Of course, you need to set very clear expectations for their performance, and incentivize them accordingly when they reach those targets. Show them that when the business wins, they win.
Using the Rule of Three to Create Business-Wide Team Growth
As the Rule of Three states, once you have perfected something — a task, process, or tactic — perfect it three more times across two other team members each. You plus the two team members are now three people that can perform the same function remarkably. Repeat the process across three more, and so on. What you’re doing here is creating a system-wide process for success, one that can be applied to either the biggest or smallest responsibilities in your organization. All it takes is a commitment to doing so.
This is how you scale your business. Growing and scaling isn’t born out of ideas; growing and scaling comes from taking massive action. But the distinction here is that the entire organization is taking massive action to test, perfect, and duplicate.
Your team, in turn, should be documenting every step they take so that when it’s time to train someone new, hand off responsibilities, and so on, there’s no mystery of expectation. Apply the Rule of Three to your remarkable employees, just as you apply it to yourself. Ensure they are duplicating at all levels of the organization.
Don’t Forget to Duplicate Yourself
As your team works together to perfect and duplicate their performance, provide them the guidance they need and the autonomy they deserve, while paying special attention to whomever is proving to be your strongest developer with the greatest sense of leadership skills.
This is precisely who you should lean into even further, mentoring them to duplicate your roles and responsibilities in the organization. You didn’t think you wouldn’t be replacing yourself, did you? Set any ego or tentative feelings about this aside that you might have, and consider this: By duplicating yourself with your strongest performer, not only are you creating massive career growth for them, you’re also freeing up invaluable bandwidth for yourself so that you can focus on other areas of the business that need your attention.
And don’t think that other employees won’t notice! Others will see how bringing their A-game creates new career opportunities, and, perhaps most importantly, you’ll be developing a whole new layer of leadership for your company to grow along with.
ARE YOU A 10X BUSINESS OWNER STRUGGLING TO CREATE A 10X BUSINESS? IF YES, THENOU NEED TO ATTEND A 10X EVENT. CONTACT ME TODAY TO COMPLETE YOUR REGISTRATION. THE TIME TO 10X IS NOW.