Keys to Building a Million Dollar Business in Crisis
Building a legacy is no easy achievement. As a digital entrepreneur, I've experienced the ups and downs of building a business and principles.
Aside from my youngsters, there is nothing I'm prouder of than the companies we've built: Iconic Genius, Supreme Merchants, and Paw & Bones.
While the madly successful tech businesses are the most notable ones (and what I'm certainly working on right now), the truth is that most companies that build generational wealth, are service-based businesses.
As I have studied and learned from the most successful to ever do it. I started compiling all of my notes and found 10 simple steps that you can use to build your own business and a legacy for your family.
- Find a Trustworthy Partner
As in most things in life… (Especially marriage) Finding the right partner will make or break your success.
When creating a million-dollar business it really helps to have a trusted partner to be in it with. Look at all the most successful businessmen and women. Steve Jobs, Oprah, Bill Gates, and all of the others. They all have one thing in common… PARTNERS…
Who can you partner with?
- Build a Strategy and Extraordinary Focus
Not having a solid plan might work early on to help generate revenue, but it isn't a sustainable business model. Eventually, most businesses fail because they don't have a sound business and marketing strategy and focus.
Leave room to be flexible and always be looking toward the future. Macy's didn’t have a strategy to keep them in business and you see where they’re at.
- Say No to What's Off Focus
It's easier to create and plan a strategy and focus than it is to stick to it. But if you're going to be successful, it's not just important to say "Yes" to the right things, it's important to say "No" to the wrong things.
It's really hard to say no--but essential if you're going to really grow your small business.
- Look for Peer Support
It's secluded at the top. Really, running a business is one of the toughest jobs out there, you have no days off. Nobody who doesn’t live it could really understand what you're going through. When you start to scale up, you need sound advice.
Create a Board of AdvisorsHere are five great small business peer-to-peer organizations for entrepreneurs to consider, including BNI, EO, Vistage, YPO, and YEC.
You can't feasibly know it all, and even with a good partner and great peers, you can use help in developing your business. While it's great to have networks and mentors who can aid you, I recommend you organize your mentors through the creation of a Board of Advisors.
We all have associates and mentors with more experience than we have--by forming a Board you can better tap into that experience.
- Hire Slow. Fire Fast
One of the biggest mistakes you will make as an entrepreneur will revolve around hiring the wrong people, or worse yet, keeping the wrong people for longer than they should be around.
This is often more destructive than hiring the wrong individual in the first place! The solution? Hire slow, fire fast.
- Form Great Principles and Culture
You and your employees spend more time at work together than you spend anywhere else, including at home and with your own household. So the core values you have and the culture you cultivate for your business are undeniably essential to your success and happiness.
Some good traits to consider are transparency, accountability, and passion for small business, obsession for customer success, drive, and continuous improvement.
A few smart ways to build culture are retreats out of the office, social events, unique benefits like on-site massages.
- Construct Your Brand
The internet and social media have made it easier than ever before for companies to "act and look big."
Whether it's on your blog, on Facebook, Instagram, YouTube or LinkedIn, through online training or pictures, or articles or whitepapers, you have a capability to constantly build your brand--to make your business more trustworthy, more trusted, and more easily reached to your customers and prospects. Social media is the great equalizer when it comes to building your brand, and you have a greater opportunity than ever before to make your small business brand BIG!
- Ask for Referrals
It seemed so apparent like so many good ideas do after the fact. One of the best forms of marketing has been and will always be referrals from your existing customers because if you're doing a good job, they'll have no problem telling the world about it. This is called the raving fan strategy.
- It's the People, Duh
You will get absolutely nowhere without your employees, partners, customers, and advisors. Five of the nine steps above involve people. The reality is, your job as a boss and leader is just four-fold: set the vision and strategy, make sure there's enough money in the bank to make payroll, keep customers happy, and get the right people in the right seats on the bus.
The people you hire and fire, partner with or don't partner with, take advice from or choose not to take advice from--these people will make the difference between success and failure. These people will help you go from 0 to $500K, or 0 to $10 million, or even from 0 to $500 million.
People ARE your business. People are your future success. People are everything. Now go out there, get some great people together and build your dreams.
Now it's your turn: What are your secrets to success as a business owner or entrepreneur? What steps have you shadowed? What am I missing? Please let me know your thoughts in the comments section below, and please do share this blog with your network to help inspire as many dreamers as we can.