The difference between a dwindling venture and a successful business is in these 7 pillars. When you use these pillars as the foundation for your business, you will experience incredible opportunities, exponential growth, and most importantly… wealth.
1. Client acquisition
“She who controls the client, controls the business.” - Wealth Can’t Wait
It’s not just about being a talented expert in your field, you need the know-how to acquire the right clients. And the business of getting and keeping the right clients is different from providing an excellent product or service. You could have the best coffee in town, but that doesn’t mean people are automatically walking through the door.
Acquire a clientele and you’re already ahead of the game.
2. Look for Barriers of Entry
“If you want a real advantage and a great business, you have to seek out a significant barrier to entry.” - Wealth Can’t Wait
You might make small pocket change opening up a lemonade stand — anyone can do that — but you’re not going to build wealth from it. A barrier of entry is what keeps outsiders from easily gaining access. A certain level of expertise, training, government red tape, high-up front investments are some examples of barriers.
If there are no barriers of entry, you’re competing against a larger group of people to stand out.
“If you operate so that you can manage your downside, the upside will take care of itself.”
Magnify your effectiveness and power through leverage, and initiating strategies for each will create more avenues for success. There are three types of leverage:
1. Systems: Define your standards for your inventory, services, and processes.
2. People: Hire the right group of talented people and give them wings to soar - your company will run itself.
3. Financial: Manage your money so you can handle an industry downturn.
“When you find a possible source of valuable information, such as a speaker or someone who has knowledge specific to your industry, ask for their help. Make an effort to build a relationship with them. It will reap great rewards.” - Wealth Can’t Wait
Learn from the best. Find people who are in the same field as you that are more successful than you and see what they do that has led them to a higher level — because the textbook answer to a challenge isn’t always the best answer.
Find out from people who have already overcome challenges, who have found ways to think outside of the box and learn from their mistakes and successes.
5. Invest in Your Area of Core Competence
“Don’t chase too many rabbits. Use focus and simplicity to gain success.”
Think big, but think smart. Instead of thinking quality over quantity - think giving quality provides quantity. Just because you might be bored with something, doesn’t mean your expertise and quality is lacking. Don’t waste time trying to expand your services or product when you’re core competence sells much better on its own.
6. The 80/20 Rule
“80% of our results come from 20% of our efforts.” - Wealth Can’t Wait
This rule has application in all forms of life, but to put it simply: Prioritize your top 20% clients and invest in exponential growth from that database. Your bottom 20% database probably causes more trouble than they’re worth. On the other hand, you can also look at is as 20% of your clients or employees are causing 80% of your problems.
7. Invest in Coaches, Mentors and Masterminds
“Simply hiring someone to hold you accountable will change your results dramatically.” - Wealth Can’t Wait
Education and life experience can teach you many things, but coaches, mentors and masterminds can broaden your intelligence and take you to even greater heights.
It’s easy to let go of responsibilities when you have nobody else to answer to. A coach will hold you accountable and expect results — and you’ll be more likely to produce results.