Why do some businesses seem to “tip” over and over again while others never quite seem to break through? I spend an inordinate amount of time trying to figure that out.
Often their businesses look identical on the outside. Many times, the difference boils down to a misunderstanding about what’s going on beneath the surface and how they engineer the success they achieve.
You can’t possibly hope to recreate a business’s success by recreating what you see at the surface level. You’ve got to dig in and figure out what else is happening.
In this post, I’d like to reveal some of the actions that are causing big business breakthroughs for the entrepreneurs you’re admiring and how you can apply them for yourself as New Business Year’s resolutions—now, or anytime throughout the year.
If you’re trying to engineer a tipping point or breakthrough in your business right now, you’re not alone. It probably goes without saying, but everyone I work with is in that situation: they’re ready for change.
They’re tipping from part-time to full-time, one-to-one sales to leveraged sales, paying the bills to creating wealth, going at it alone to growing a team, moving from one business model to another to generate exponentially more revenue.
They each tell me, “I know what got me here won’t get me where I want to go.” And, I wholeheartedly agree.
What tipping point are you at? What breakthrough do you want to engineer for your business in the next year?
Maybe you’re ready to break through to a new revenue threshold. You’re ready to hire a new team member. You’re ready to expand operations or roll out new offers. You’ve got growth on your mind and you’re busy putting the pieces into place to make that happen.
Here’s what is going on behind-the-scenes of the businesses that are constantly making it happen. What can you incorporate into your next plan?
1.) Put boots on the ground and find new customers.
It might seem like your next revenue breakthrough is just a traffic-building tactic away. You’re probably regularly on the look out for new ways to get more eyeballs on your blog posts, Facebook page, or sales letters. Maybe you’re looking at running Facebook ads, or the finer points of JV webinars, or constantly building new welcome gifts to entice people to your email list.
But the most effective community builders and salespeople know that nothing beats putting boots on the ground to find new customers. Literally. They’re at conferences, hosting events, picking up the phone, and meeting with prospects.
It might be slow going but the results are staggering. These people land bigger gigs, sign better contracts, and create strong relationships with influencers that put them in front of hundreds or thousands of more customers in the end.
2.) Set prices based on goals and hard data.
Sales solves most business problems. Except, when it doesn’t. Sales can’t get you to your next business breakthrough if the prices of your products or services just make things worse every time you sell something.
Breakthrough business owners use hard data to set their prices. And, they set prices based on what they want, instead of what they have.
How do they do it? They figure out how much it costs to run the business they want (not the one they have) and they figure out how much it costs to live the life they want (not the one they have). Then they break it down. How much can they reasonably sell? What does that knowledge lead to in terms of price points? Where do those price points lead you in terms of positioning?
To have a big breakthrough, you need to think of price as a way to reach all of your goals—not just revenue. Price tells a story that can position your brand, woo the right customers, and lead to big life changes.
3.) Decide to spend more.
I’m all for finding the leanest, meanest way to make your business run. But I’m so tired of hearing business owners always looking for a free solution to their problems.
You see, free solutions have a cost. Every time someone dials your conference line and hears, “Service provided by Free Conference Call,” they make a judgement about your business. Every time you can’t use an important feature of an app because you’re not paying for it it costs you effectiveness and functionality.
You’ll never hit a breakthrough that makes you feel comfortable spending more. It’s a decision you make that you are worth it, your customers are worth it, and your business is worth it. This kind of worth doesn’t come from revenue—it comes from intense focus on what the vision of what you’re creating.
4) Don’t try so hard.
Business breakthroughs rarely come from working harder. In fact, working harder can make your breakthrough far more difficult to achieve. Why? Because innovation doesn’t come from working harder, it comes from creative constraints.
Whenever you feel yourself pushing to make something happen, take a step back and reevaluate. What’s really going on?
- Is there a skill you’ve avoided learning?
- Do you need help from someone more experienced?
- Is your current business model holding you back from earning more?
- Is there a fatal flaw in your plan?
- Are you avoiding the temporary discomfort of growth by relying on what you know (working harder)?
If working harder is your usual MO, put new constraints in place by answering these questions. Give yourself a limited number of clients to reach your revenue goal (price accordingly). Learn a new skill (stop spinning your wheels). Connect with a mentor (stop trying to figure it out yourself).
5) Take advantage of a solid support network.
Stop trying to grow your business in isolation. Stop waiting for others to catch up. Stop cultivating relationships that feel safe.
There is no more pressing time to break out of your comfort zone than when it comes to building your support network. You need to connect with people who intimidate you, use different methods, and work in different industries. You need people in your corner who are making things happen at the same—or faster—pace as you are.
Sometimes, you need to pay money to establish these relationships quickly. That’s okay. Other times, you need to make serious investments of time. That’s okay, too. Relationship-building has a cost. But the return on investment is incredible. Stop waiting for people to come to you and start building a network that catapults your business forward.
No matter how you choose to set resolutions (or not) for the new year, integrate these ideas and watch them transform your business.
Now, I’d like to hear from you. What’s your big business goal for the next 12 months? Click here and tell me—and please be specific!