11 Ways to Build an $11 Million Business
JT Foxx said he would give us 11 ways to build (up) a business, and he delivered on his promise. He said if you do one of these things, you will build a $1,000,000 business; 2 of them = $2,000,000, etc. Maybe, maybe not. I am sure he can and has. It was good stuff, that’s for sure. Here’s an audio file of JT’s presentation: 11 ways (please note that it takes 4 minutes to download this 42 minute audio)
#1 – Strategy. You must absolutely develop strategic thinking on a daily basis. Wake up early, clear away all distractions – no tv, phone, radio, or work. Find and use a notebook or journal dedicated just for your strategic sessions. Take 30-45 minutes and focus on one aspect of your business that you would like to improve. Write down the date, and jot down everything you can think of – that you can do, that you want to do, that you want others to do, path to take, possible answers, definite solutions, etc. Let it all out and put it on paper.
In a business, have a strategic meeting with your staff every morning. Focus on transformational activities rather than transactional activities. Also target a specific aspect rather than the whole picture, one aspect a day.
#2 – WOW experience. Do things that WOW the client/customer. A delivery of flowers, extraordinary results, much more than the competition. JT once used a bagpiper as his intro as he walked in for a seminar. Find the unWOWs (problems, flaws, oversights, etc.) and eliminate them. WOW sells, plain and simple.
#3 – Marketing. You never get a second chance at making a first impression. Look at ads and what other people are doing. If it is successful, ask yourself how you can use and apply what they do to improve your business. Become a conceptual thinker.
#4 – Selling. Get someone else to validate you, i.e. have a video with someone well respected to talk about you, put it on YouTube and embed it in your website. Title your video as a question that people ask, i.e. “What is the Hawaii market doing?”, and as people search on Google/YouTube, they put in a question about “Hawaii market”, your video pops up, you get more hits that lead to your website.
#5 – Negotiating. Make them see the light and give them all the credit.
#6 – Management. Read the book “Top Grading” by Brad Smart – how to hire the best.
#7 – Innovation. Read books on Apple Computer. Ask yourself, “What can I do that my competitors is not doing”. You want to be the only one doing something – be ahead of the pack.
#8 – Delegation. Write down what your time is worth per hour, hire someone else to do your grunt work for $10/hr. Figure out what you do best, do what you do best and delegate the rest. Don’t do 5,000 things, do 5 things 1,000 times.
#9 – Technology. Can do the work of 5 people, can help automate business. Ask yourself, “Will it make my life easier, and will it make me money.” Important question.
#10 – Systems. Write down steps 1, 2, 3, …. everything that you would do. You give the person you delegate a job to the steps. Create a list of expectations of what you want from your employees, show them a list of expectations you have for yourself. Realize that no one thinks like you, so you have to train people. Develop one system at a time, refine, test.
#11 – Follow up and Follow through. Be relentless. Call the hard sell 13 times, 100 times. Don’t give up. [Wayne Allyn Root talked about receiving hand written thank you notes or acknowledgments as being very special to him. Wayne Allyn Root is worth about $100,000,000 and values a thank you note very highly.]
Start one at a time. Take one of the ways, expand on it, create sub-topics, expand the lists, develop in your own unique way.
Make your $11,000,000.