This is sponsored content from Strategic Coach.
Entrepreneurs often find themselves stuck in, or even paralysed by, the existing process within their business, making it almost impossible to shift from incremental to exponential growth. These complexities, pressures, limitations and bureaucracy will have accumulated as you have grown your business. So how do you differentiate yourself from the competition and position yourself so you can take advantage of changes in your industry, the market and the world?
Some 95 per cent of business owners will typically find themselves in this frustrating position, and no amount of working longer or harder will allow them to accelerate their growth. But there’s an upper echelon – a top one per cent – of individuals who have what I call a “Multiplier Mindset” that enables them to generate more revenue, act with more freedom and creativity, and actually enjoy being an entrepreneur!
That’s why I often ask entrepreneurs: “What would it take for you to multiply your success by ten times?” The answers are usually diverse, as people’s individual circumstances vary greatly, but there are often common themes that surface, reflecting the everyday challenges everyone faces in business.
Many entrepreneurs will:
- Lack the ability to align the right resources and people;
- Experience a sense of frustration about the growth of their business;
- Face uncertainties about how to make the journey from their current situation to an even more profitable, successful future; and
- Struggle to identify and utilise their own and their teams’ Unique Ability.
However, implementing the right transformational strategies and a new way of thinking can remove the constraints and create a clear path towards growth, increasing value both financially and creatively.
This Multiplier Mindset is about multiplying your results in any area you choose – from growing your business ten times to having ten times more free time, while continuing to run a thriving business. It’s a way of thinking that means always looking for and finding ways to get bigger and better results from the same or less effort.
The following five proven strategies are designed to enable you to develop a Multiplier Mindset that will help you multiply your business ten times and break through the barriers of complexity that lead to stagnation and unprofitability.
1. Establish a clear vision for your business to multiply your progress
Entrepreneurs with a clear picture of the future have a distinct advantage. Progress depends on your ability to see a bigger future in any situation. This has a way of drawing the most useful talent and resources to you and igniting the passion of like-minded individuals who can contribute to making it a reality.
One of the biggest mistakes entrepreneurs make is trying to do as much as possible themselves, with some trying to do everything. To truly grow your business, it’s a matter of focusing on what you do uniquely well and investing in people, processes and technologies that provide the foundation and capability to multiply the growth of your business.
Regular, focussed attention on and conversation about your vision has a dramatic effect on your progress. Without this focus, you can still grow; you’ll just grow more slowly. With it, you’ll experience exciting improvements in your client base, your health, your personal relationships, the quality of your support team, and satisfaction with your work and private life.
2. Establish free time in your working life to multiply your productivity
Undoubtedly, one of the biggest issues entrepreneurs face on a daily basis is increasing revenue, cash flow and personal income. The solution lies in taking more free time away from your business. This may seem likea radical concept, but the time you take off is always more than made up for in the productivity gains that follow.
When you’re tired, simple tasks take longer, stifling your productivity. Taking time off allows you to rest and relax, and then approach problems and opportunities with a renewed ingenuity on your return, ultimately making you more strategic and efficient. This will enable you to multiply your business quickly and effectively.
When you take time away from your business, you also give your team members an opportunity to gain confidence and enhance their capabilities in your absence, providing them with a great sense of ownership over their growth. This enables them to become personally invested in the contribution they are making to your organisation.
Share this story