7 BS Facts About Growing A Business Everyone Thinks Are True
They laughed when I stood up to talk – but when I told them the plan… “7 BS Facts About Growing A Business Everyone Thinks Are True” the laughing stopped.
The hall packed with people.
And the audience was all keen to learn how to grow a business.
But they were skeptical.
They had heard what the last speaker said, and it had worried them.
Never had they heard such a ridiculous statement about business growth.
It was amazing but true.
He said, “most business owners go about things in a way guaranteed to get them less sales.”
So when I stood up and said I agreed with him, the whole venue erupted with laughter.
Until I shared the 7 BS facts about growing a business that everyone thinks are true.
I spoke about how we helped Chris Marsden from Plans 2 Extend grow his business by 728% in 3 months.
And how he had started a second business using the things that he had learned.
The second business made more profit in its first 90 days than his original business. Even though he didn’t spend a single penny on marketing.
Chris is now paying himself more than ever before.
He now owns 2 businesses running at a great profit.
And he’s looking at growing both companies by over 100% again this year.
That’s when the laughing stopped.
And every single person in the audience leaned forward.
Growing A Business Event
What’s the best thing to do when growing your business?
There are 7 big mistakes that business owners make when growing a business.
And you’re jaw will hit the floor when you hear number 3. (Yes, people still make the mistake that number 3 on the list details).
But first, I wanted to share something with you that will help you grow your business in a major way.
This idea got me excited when I first saw it last year. It’s the best answer I ever saw to the most common business question: “What’s the one thing I should do when growing a business?”
The answer was as simple as it was brilliant.
“Get your marketing right.”
There’s no point in having the best product in the world if no one knows about it.
Think about it.
If you had an average product, but you had the best marketing on planet earth, what would happen?
Your business would explode.
Does the product you have right now need to be miles better for you to grow?
Probably not.
What about if you had the top marketers in the world? Let’s say, Jay Abraham, Seth Godin, Gary Vee, and Neil Patel are all on your marketing team.
What do you think would happen to your business?
Now let’s look at the other side of the coin.
If you had a product that could reverse aging. Make you even more beautiful, and give you instant wealth, would you buy it?
Not if you didn’t know it existed.
And that’s why marketing is so important.
So whatever you do, become great at marketing.
Because without it, you’re winking in the dark.
Please, before you go any further with your business, get your marketing right. Otherwise, you are wasting all the effort that you’re putting into everything else.
Marketing is crucial to growing a business
Those that have got the business growth right…
When I first met Chris he was a solopreneur and business was a lonely place.
He had no one that he could ask for advice.
No team to talk things through.
And he was getting fed up with being in the spare bedroom at home.
It was at that event that he realised that he could grow his business instead of having a poor-paying job.
Chris started to put in place the strategies that he was learning.
And his business took off.
He now has a full team that consists of people doing the marketing, sales, operations, and finance.
Chris is no longer in the spare bedroom, he has a lovely new office that he and his team work from.
And his business has grown in a major way.
In the last 90 days, Chris has improved the profitability of his business by a whopping 728%.
Whilst starting a second business in the same quarter.
But that’s not all.
The other business has exploded.
He’s made more profit in the new business than he did in his original business which took years to build.
It’s safe to say, Chris now knows how to grow a business.
Now it’s time for you to learn how to grow one as well.
So here they are:
The 7 BS Facts About Growing A Business Everyone Thinks Are True.
1. It’s all about having a great idea.
It’s a common misconception that having a great idea is the only way to grow a successful business.
While a unique and innovative idea can be helpful, it’s not vital. Nor is it the only way.
If you do have a great idea.
It’s important to execute the idea well.
Part of that comes from conducting thorough market research.
Then you can create a solid business plan.
Then executing the business plan becomes a priority. It’s key to turning an idea into a successful business.
You could have the most groundbreaking idea, but without proper execution, it’s useless.
You can only write a great business plan if you understand business. That means focusing on every aspect of your business.
You have to understand everything from product development to customer service. From marketing to sales. And from management to finance.
It’s essential to have a team that can execute in those areas as you grow.
You can’t do it alone forever.
Market research is also crucial in growing a business. Understanding your target audience and their needs is vital.
Why is it so important? Because market research allows you to make informed decisions.
It’s easy when you have data that shows you customer feedback, preferences, and trends.
It means you can be confident in your decision-making. Which is much better than coming up with subjective ideas.
A solid business plan is the backbone of any successful business. It should outline your goals, strategies, and financial projections. A well-crafted business plan provides a roadmap for your business. It can help you stay on track and focused on your objectives.
It also helps you secure funding and investment, making it easier to grow your business.
In summary, having a great idea is one step. But it’s not the only one.
It’s important to execute that idea well.
You can do that if you conduct thorough market research, and create a solid business plan.
By focusing on these key factors, you can build a successful business.
It’s also more likely to be a sustainable business that stands the test of time.
Growing A Business
2. More employees equals faster growth.
Many entrepreneurs believe that hiring more employees leads to faster growth. But, this isn’t always the case.
While hiring more staff can help your business scale, it’s important to do so at the right time and in the right way.
Hiring too many employees can actually hinder growth. Especially if the company is not generating enough revenue.
One of the main challenges of hiring new employees is the cost. More staff means more expenses.
That includes salaries, benefits, and training costs.
If a business is not generating enough revenue to cover these expenses, it can find itself in trouble.
It can lead to cash flow problems, missed payroll, and a bunch of other issues.
Another challenge of hiring too many employees too fast is managing the new staff.
If a business is not prepared to manage and support its new employees, it can become overwhelmed.
It can lead to low morale, high turnover, and a loss of productivity.
That can slow down growth and impact the company’s bottom line.
To summarise…
In summary, hiring more employees isn’t always the answer to faster growth. While more staff can help a business scale, it’s important to do so at the right time.
Hiring too many employees too quick can lead to a host of problems that can hinder growth.
It’s important to focus on other factors such as improving efficiency.
Making sure you’ve got a strong margin is also crucial.
Having a strong marketing department to generate new customers is key.
And so is optimising processes, and generating revenue.
Those things can often come before expanding your staff.
3. Social media is the key to success.
Now before I go any further, this hardly qualifies as a big idea. It’s just a mistake so damned obvious that I hope you don’t make it.
It’s a common misconception that social media is the key to success in business.
There are plenty of companies out there that are profitable and healthy. And it isn’t because of social media.
Social media is a marketing strategy.
It’s not THE marketing strategy.
There are lots of industries where it doesn’t come close to being the best.
It’s true social media can be valuable for marketing and building brand awareness. But it’s important to recognise that it’s not a silver bullet.
In fact, success in business is the result of a lot of different factors.
To achieve long-term success, entrepreneurs need to take a holistic approach. You should focus on other crucial areas such as product quality.
Or you might need to work on your customer service or financial management.
Social media can help to connect with customers and build a community around your brand. Yet it’s important to remember that it’s not the only aspect of a successful business.
It’s also worth noting that social media algorithms are evolving. It’s making it vital to stay up-to-date with the latest trends and adjust your strategy.
It requires a proactive and dynamic approach, as well as a willingness to learn and adapt.
In summary, social media can be a valuable tool for growing your business, but it’s only one part of the equation.
To achieve long-term success, entrepreneurs need to focus on a broad range of factors.
That might include product quality, customer service, and financial management.
By being flexible you can maximise your chances of success. So stay on your toes and keep your eyes peeled in the ever-evolving business landscape.
4. Growth is more important than profit.
There’s a common misconception in the business world.
The misconception is that growth is the be-all and end-all of success.
The reality is that growth for the sake of growth can actually be harmful to a company’s bottom line.
Think about it. There are only 2 ways to fund and bring money into a company.
One of them is by making profit so you have the cash to run and grow the comapny.
The other is with debt.
If you are growing, but you aren’t making profit, then debt is funding the growth.
The problem is, if you don’t make a profit sooner or later, banks will stop lending you money.
You’ll already have debts that are too high.
Investors aren’t likely to lend money to a business with a ridiculous debt either.
Choose profit over debt
That means that focusing on growth at the expense of profit can lead to a bloated company.
A company that’s unsustainable in the long run.
Instead, it’s important to focus on profitability as the primary goal.
Growth can and should be a secondary consideration.
Profitability is the foundation upon which you should build a sustainable business.
Without a healthy bottom line, it’s impossible to invest in innovation.
Or new products and services, or even marketing efforts.
Focusing on profitability allows a company to maintain its financial health. That way you can weather any economic storms that may arise.
That’s not to say that growth isn’t important.
It is.
Growth can provide lots of benefits. Things like increased market share and greater brand recognition.
You should approach Growth with an eye on profitability.
In conclusion, growth is often seen as the holy grail of business success. But profitability should be the primary focus.
Prioritising profitability over growth will lead to a stronger and more sustainable business.
A business that’s capable of weathering the ups and downs of the marketplace.
5. You need to have a lot of funding to succeed.
Starting a business is often seen as a daunting task.
Lots of people believe that they need to have a lot of funding to succeed.
It’s a common myth that can hold entrepreneurs back from pursuing their dreams.
The truth is, having access to funding can make things easier. But it’s not a prerequisite for success.
Many successful businesses have started with little to no funding at all.
One of the most important things you can do as an entrepreneur is to focus on what you can control.
That means putting in the time and effort to develop a solid business plan.
Or conducting market research, and building a strong brand.
These factors are often more important than funding.
Of course, funding can be helpful. Especially in certain situations, such as investing in new technology.
But, there are loads of alternative funding options available. You can get grants and loans, that need you to give up equity in your company.
In conclusion, to state that you need a lot of funding to succeed is:
A myth.
While having access to funding can help, it’s not a prerequisite for success.
Build a great business. Market it well. And follow business principles. That’s what it takes.
And remember, there’s more than one way to reach your goal.
6. You need to do everything yourself.
The idea that you need to do everything yourself is a common myth among entrepreneurs. Most business owners want to control every aspect of their business.
But it can actually hinder growth and limit your potential.
Successful entrepreneurs understand the importance of delegation.
To do it well you need to build a strong team to help achieve your goals.
Trying to do everything yourself can lead to burnout and poor decision-making.
So take off the cape.
And get rid of the superhero-itis.
If all roads lead to you, things will get missed.
You’ll make mistakes.
And you’ll suffocate the growth of the business..
Delegating tasks to trusted team members allows you to focus on your strengths. Then you can tackle the most critical aspects of your business.
Things like working ON the business instead of in it.
It also allows your team to develop their skills. They might even take ownership of their responsibilities.
Building a strong team also means being able to trust and rely on others to execute tasks. It can be a challenge for some entrepreneurs who do everything themselves.
But without delegating you can’t keep growing.
So delegate responsibilities and build a strong team. Then you can focus on the big picture and drive your business forward.
7. Growth is always linear
Growing a business is a journey filled with ups and downs, twists and turns.
But there are a lot of people that believe that growth is linear – a steady upward climb.
They beat themselves up if they don’t grow every month.
But the truth is, growth is rarely a straight line.
A business might experience explosive growth in its early days, only to hit a plateau or dip later on.
Or a business might struggle in its infancy. But it might pick up momentum and experience exponential growth later on.
The key takeaway is that growth is rarely a linear process. It’s important for entrepreneurs to be flexible, adaptable, and patient. Especially when it comes to growing their businesses.
Don’t beat yourself up when you have a “winter” or things plateau.
It’s during winter that we learn.
In summer, business owners make mistakes. The fact things are going well starts to paper over the cracks.
It’s those cracks that cause winter.
In winter, we rip the paper off the wall to look for cracks.
Then you fix the issues that caused winter.
And before you know it, the issues you fixed cause another summer.
Focus on improving your business. And learn from your mistakes. That way you can adapt to changes in the market.
7 BS Facts about growing a business everyone thinks are true
Conclusion
There are a lot of myths about business growth.
And some of the biggest one’s have been covered above.
But if you can find the truth and use the learnings, something special tends to happen.
You’ll grow.
Not only that.
You’ll make a very healthy profit.
Just like Chris did when he grew 728% in 3 months.
Before setting up his second business.
Which also exploded to life.
And I’m confident you can see the same results.
All you have to do is take the learnings and then act on them.
What do you think? Have you witnessed any of the BS facts mentioned above?
What do you make of them?
