Grow Your Business

Technology is amazing how it can transform tasks and the flow of information. Without technology we wouldn’t be able to operate at the speed with which business moves today. Although technology has transformed our daily tasks, it has not replaced these critical components of success I’ve noticed lacking in the technological world. In fact, technology may even hinder these important pieces of success.

Hustle

Drive

Persistence

The ability to communicate

Interpersonal skills

Focus

Discipline

Commitment

Attitude

Belief in oneself

The next time you want to learn a new app for your technology; consider relearning one of these old apps instead. I believe the more hustle app will help your personal success much more than the TMZ app for your phone.

I’ve heard it called paying your dues, sweat equity, falling on your sword, and doing what it takes to survive. Bottom line it’s a red flag your business model is broken. What am I speaking of? Not paying yourself what you are worth.

I’ve never seen a business fail because the owner was being paid properly, but I’ve seen many businesses fail because the owner was not taking a check home.

If you are not getting properly rewarded for your efforts you will lose interest and energy and there is where the business failure comes from – you start just going through the motions.

You aren’t running your business to be a non-profit or damage your lifestyle. Remember why you started your company to begin with – to get paid what you are worth and improve the quality of your life!

If your business isn’t paying you enough to at least support the lifestyle you had when you started the business, why are you operating your business this way? It’s an important question to ask yourself.

This is not a question about your work ethic, how many hours you are putting in or how much desire you have to succeed. Ever watch a gerbil on a wheel? He has focus, desire and exerts lots of hard work but he never gets anywhere.

When you find yourself in this situation re-evaluate your business model because the red flag is waving indicating something is wrong. There is no joy or reward in being a martyr for your business.

A business growth strategy isn’t sitting and waiting on the phone to ring and hope customers just walk in. You must hustle, be agile and adapt to change in order to make your own luck. Leadership makes luck, because luck happens when preparation meets opportunity. Looking for ways to make your own luck in business? Check out this short video on the 3 Ways to get “lucky” in business.

Oftentimes you will hear the phrase “exponential growth” bandied about in describing company growth at company pep rallies, investor sessions and nearly any time you get a group of CEOs in a room.  The use is to highlight dramatic growth, typically doubling and doubling again.

This is fairly easy to do in the early stages of a company if the fundamentals are there.  We know it isn’t difficult to go from $10,000 to $20,000 in sales.  If your history is short, growth is a powerful motivator.  But what happens when you are well-established multi-million dollar company and struggling to show 20, 10 or even 5 percent growth?

I suggest think exponentially.  Specifically, think in terms of the “Rule of 70” which is a product of the Malthusian Growth Model.  The Rule of 70 states that the years it takes to double an asset based on a constant rate of growth can be calculated by dividing 70 by that annual rate of growth.  For example:
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The mathematics may be invigorating or sobering depending on how you have been planning your growth. Getting a good idea of time line is a great first step in visualizing your company’s growth. Setting a goal of doubling your company’s revenue might seem audacious, but it can be done achievable steps. Understanding your doubling time – whether 3 years or 35 years – allows you to be more strategic in your business management.

Next time we’ll talk about some considerations to make during your plan to achieve exponential growth.

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Darryl Parker owns Parker Web, a website management company based in Charlotte, NC. Parker Web has been named to the Charlotte Business Journal’s Top 25 List of Web Design Firms each year since 2004. Darryl Parker has been interviewed for articles appearing in CNN Money, CRN Magazine, and local publications for his knowledge in small business uses of the Web. As a website manager, he works with growth expectations every day. You can also learn more on Facebook via the Parker Web fan page.
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When I speak at conventions and conferences in breakout sessions, one of my main goals is to shut down one other concurrent session. I want to have such a large audience eager to hear my information that I have standing room only and one other speaker has an audience of 3 or less. It works regularly and I’m proud of it.

Does this sound cruel to you? Does this sound like I have my priorities all askew? I am in a competitive world just as you are and everyone should be looking for ways to make your business such a draw it cripples your competitor.

I learned this years ago when I was working a cable television trade show and part of my compensation was to have a booth. It just so happens my booth was in between HGTV and the Playboy channel. Because of my antics in the booth, the games I was running and the prizes I was giving away created an excitement that drew a critical mass of people. Once there was the critical mass, people started to noticed and wondered what they were missing and the crowd grew even more. In fact for that show I out drew both of my neighbors purely because I created the right excitement and enthusiasm and had a plan to draw a crowd. Isn’t that the purpose of a trade show? It’s the same purpose for your business.

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