A team at the Singularity University asked that question. They studied Tech 10x businesses. And observed that 10x businesses use a combination of 11 Exponential (ExO) Strategies. They published their findings in their book Exponential Organizations by Salim Ismail and others.
These 11 strategies, comprise 5 internal strategies for the business, 5 external strategies, and a key strategy, the Massive Transformative Purpose (MTP). So what are these strategies? They range from external focused strategies like generating online community and crowd support, to the internal strategies like using dashboards to make critical data visible to your team. Implement the MTP, plus 4 other ExO strategies and any business could grow 10x.
Can you retrofit an ExO?
Can a bricks and mortar, “slow growth” business go 10x. It appears so! Robert Goldberg and GTG Capital Partners are successfully retrofitting American mid-market companies. GTG works with a company for a fiscal quarter, while they implement some ExO strategies. And if together they are able to double the growth rate in 3 months, then GTG invests and a 10x target is set.
How could you ExO retrofit your business?
Doubling a business each year is hard, but 10x is a whole new level. The 10x mindset thinks of multiplying where others are still adding. It means seeking and being open to every opportunity that can help you grow by 10x, and avoiding those things that don’t contribute to that growth. (Dan Sullivan).
Practically, start here: Take the ExQ Test (Exponential Quotient) in the appendix of the book. Partner with a coach who can challenge you to grow with your vision. Set your own MTP to give you clarity focus and direction. And hold on for the ride!