james

10 Ways to Scale above $1 Million

Over the course of the last several years, I have been pretty intentional about going down a path of growth. Pushing myself way past my comfort zone to grow personally and professionally.

I recently put together a list of items that I personally feel are the biggest pieces of advice I would have for someone trying to grow their business past the point of market validation.

The specific mindset I used to create this list was lessons for people who want to grow their business past the 7 figure mark. (My list would be different for people who are focusing on market validation – usually under $1 mill in revenue)

Would love to get feedback in the comments 🙂 – I even added a picture of me up on a soap box for visual effect.

1. Delegate responsibilities, not tasks. If you delegate tasks, that person cannot take over that job again if anything changes. Also be careful who you delegate to, they need to both have the skill set and motivation to take over the task. Don’t be lazy.

2. Create processes and optimize them. Processes are built around items that should not need creative input. Meaning it is scalable and lower priced labor or automation can take care of them. If you can’t optimize something down to a process, that means it is still in R&D phase and needs to be fine-tuned so anyone can do it.

3. Ownership Mindset. ALL ISSUES in the company are YOUR fault. If someone is terrible at their job, it is because you hired them, or hired someone who hired them. Do not be a victim. You can only solve problems that you are personally accountable for. As the owner, you are personally accountable for everything. You can delegate responsibility, but ultimate accountability is on you.

4. FINE TUNE YOUR HIRING PROCESS. This is where almost everyone goes wrong, they don’t hire until they ABSOLUTELY need someone. There is a 1 to 20 rule… You hire one person for every 20 qualified applicants you get in.

5. Culture. Create core values to delegate decisions, and create a vivid vision to communicate your personal view of where the company is going. (See Cameron Herold’s book “Vivid Vision”)

6. Strategic learning. Figure out what skills you will need 3 years from now and break them down into years, months, and weeks. Then figure out what you need to do to get that knowledge. On the job, learning will only give you linear returns. Proactive learning will get you exponential results.

7. Strategic Priority setting. Same as above, but make sure you know where you want to be 3 years from now. And set yearly quarterly, monthly, weekly, and even daily priorities. (Read Scaling Up). If you are not getting your priorities done for the day or week, then you are not successful at your job. You either need to change or prioritize your time better.

8. Increase leadership and management skills. These are LEARNABLE skills. These are not something anyone is born with. You either learn them the hard way, or you spend most of your learning time mastering these skills. These include coaching, delegating, communication, active listening, etc.

9. Over communicate. Coaching is one of the best skills you can learn. If you can effectively communicate with someone and actually get to the core of the problem, you can save tons of time fixing a problem. Coaching is one of the most scalable leadership skill sets you can learn.

10. OWN YOUR HABITS and Environment. Exponential growth happens with good habits and a great environment. If you can’t own your habits and they don’t have an intentional positive consequence, get rid of them. If you can’t get rid of them, you won’t move past where you are. Habits have a compound effect. A daily habit of meditation and journaling will create exponential clarity around decisions. A daily habit of drinking alcohol will only mask your issues and provide you with a long-term problem with the time that could be better spent. “The healthy person has a million dreams, the sick person only has one”. Your environment is where you live and who you spend your time with. If you hang out with losers, you are in fact a loser or you will become one very quickly. If you hang out with people you consider successful, you will statistically become successful. Be VERY careful who you spend your time with.