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How Can Business Grow 10x per Year?

26 October 2018 by Jerome

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!

Click here to reach out today

Your Stages of Life

3 November 2017 by Jerome

Four stages of life emerge in my coaching with entrepreneurs like us. We can spiral in and out of these stages but all entrepreneurs go through them. They enrich our lives, and they prepare us for enjoying the next. They are: the Foundation, the Rewards, the Contributions, and the Inner Journey.

Foundation Stage: Getting the business going and profitable, and establishing our secure family and home. This provides us with security we need to strive to the next level.

Rewards: Now we need to reward ourselves for our discipline and hard work. By receiving toys and nice experiences, we motivate ourselves to the next level.

Contribution: Once we’ve got stability and had some fun with our toys, we’re ready to contribute to community. And entrepreneurs are great at solving human and community problems that others are challenged with. And this is fun: whether serving on the school board or creating a charity with a purpose. We find this rewarding at this stage.

Inner Journey: inevitably we humans seek deeper meaning at some stage in our lives. We take a turn inwards. This can happen at any stage, and the rewards are huge. Often the biggest obstacles in business are faced with an inner journey. Here’s an invitation and a challenge.

Big Questions First

6 October 2017 by Jerome

Our coaching conversation starts with the big questions. And in any great human endeavor we need to ask these 3: Why? What? And How?
When we are asking the right questions, we’re more likely to paint the right wall. When we are clear on these three questions, the answers give you focus and direction.

First, the biggest question we ask is: Why? This question gives us your drivers, your passions. This leads to your values and visions in life. And your big priorities you love to work with. When you ask the Why? question well, only then do you know what you want.

Second, now you know what you want, the What? comes fast and clearly. The What? question gives us your goals and your objectives. We guide you to get clear on what specifically you want. (Exactly how much money?). The What? goals focus the mind to take action, by asking the next question.

Third, comes the How? The goals stimulate the How? questions, and a list of actions to answer the How? And you may need to have a tight action plan for a project. But the real art of manifestation, the art of the how, is to let the universe provide different answers, and unique opportunities on a daily basis.

Now, we strengthen our mind muscles to ask great questions. And have the confidence to rely on the universe to provide great answers. Here we start to converse with the Universe in true interaction, sowing and reaping in abundance.

Outer Game / Inner Game

5 September 2017 by Jerome

You’re good at the outer game of every day life and business. You’re already very good at what you do. And there are lots of tools and strategies I can share to improve on what you do. The outer game is important to get right. But the inner game can be just as important.

We can’t keep doing same old and expect to make fundamental changes. And in 15+ years of coaching, real change usually involves the inner game in some form.

As a sport psychologist I noticed that the outer game of sport is hugely dependent on the inner game of beliefs and identity. The athlete scans inward, and changes their own beliefs and identity, and the outer game of performance changes profoundly.

In business the same is true. Inner game work improves outer performance. This can be as simple as a conversation around what is a great client or a great employee. Or it can be as profound as identifying a lifelong pattern of behavior, and deciding to change. In 1000’s of situations the pattern is clear: First we gain some awareness, then change happens automatically. And awareness then creates more awareness, making it easier to grow and change.

It’s not rocket science. It’s just getting a better handle on the previously invisible workings of the mind. And then turning the handle to get better results. And I have seen how a few minutes of looking at things differently can change your world.

Market Validation

22 August 2012 by Jerome

Thinking about your new opportunity in an existing business.

Two complimentary sets of tools could be useful to you maximizing the potential of your new successful business model / business software.

They come out of Silicon Valley innovation and start-up community, and they are being applied to existing larger corporate also to reinvigorate them in a fast changing market.

These are Market Validation / Customer Development and Business Model Generation.

(Please note: the examples and links below are mostly IT startups, and the principles apply to existing businesses with some validity):

Market Validation / Customer Development (for example in an existing business – asking existing customers, past customers, and potential customers what they need and will pay for)