How to Add $10M to Your Business

By far the most common mistake CEOs and business owners make is relying on “one thing” to keep their business afloat.

You never want to rely on one of anything.

Not:?

?One product…

?One customer…?

?One super-star employee…?

?One sales funnel…?

?One source of leads…?

?One appointment…?

?One action…?

?Or, one source of revenue.

Relying on one of anything is a devastating blow to your company’s growth and dramatically limits your top line. If you put all your eggs in one basket, product, or customer and that one thing goes, you’re left with nothing but a gaping hole in your revenue generation. That’s why the primary difference between businesses that generate and scale or stagnate and fail is how many flows and strategies they use to add revenue.

If you have too few flows and strategies, you won’t be able to sell products and services in quantities great enough at prices high enough to provide a cash flow significant enough to continue to grow your business.

That’s why I want to share 10 strategies to add $10 million in revenue that I’ve used across 15+ businesses I’ve built. Combined, these companies will produce $500 million this year in revenue. Each company has grown its topline every year like clockwork thanks to these ten strategies. Even better, I continue to start and partner on new companies because I have confidence that if I simply use these 10 strategies the company will grow.

Here are 10 strategies to add $10 million to your business’ topline:

1) Make Sales & Marketing Senior to Everything Else?

In business, money follows attention. In other words, you will either be known or you will be gone. I’ve been saying it for longer than I can remember but people are still asking me why I’m constantly promoting my business and my brand. Haters are criticizing me for bombing social media every single day (and I love them for it). Many “professional marketers” used me as THE example of how NOT to do social media… Until in the course of a few short years, my brand exploded onto the global stage, I became Forbes #1 marketing influencer, garnered over 10 million followers, and I started raking in the cash… then some of my critics woke up and became fans or even partners.

The reason I promote, promote and then promote some more is that in business “if people don’t know you they can’t flow you”. You may have the best product in the industry, but if nobody knows about it then it may as well not exist. You may have the best service, but if people are unaware they simply won’t care. In other words, “best known always beats best”.?

And that’s not just a catchy saying, the marketplace proves it over and over again. Coca-Cola doesn’t make the best beverages in the world, in fact, most people agree Coca-Cola products are bad for your health. But that doesn’t change the fact that they’re most recognized brand in the world — so they completely dominate their industry and rank in the top 10 most valuable brands on the planet.

McDonald’s doesn’t make the best burgers, but they’re the #1 most valuable restaurant in the world. Likewise, Starbucks doesn’t brew the best cup of coffee, but year after year it completes with McDonald’s for the #1 restaurant worldwide.

None of those brands create the “best” product in their industry, all of the customers could find something “better.” But no one in their industry is as well known, and that’s where the real wealth is...

This is why sales and marketing must be senior to everything else in a business.?

Marketing is all about getting attention. And sales is about turning that attention into revenue.

2) Focus on Your Product Instead of Price

If marketing gets attention and if sales turns that attention into revenue for your business… then, if your business isn’t generating enough revenue, the customer has objections to your product.

Notice that I said the customer has an objection to your product... not your price.

That’s why the next strategy to add $10 million in revenue to your business is focusing on your product. 90% of making a sale is getting the product right NOT getting the price right!?

This requires you to know what it is that the buyer truly values from a point of passion (love) and logic (solving a problem).

People buy because they:

1) Love the product

2) Need the product to solve a problem

3) Have confidence that this product will meet their needs

4) Trust the representative—an established seller and buyer relationship.

Do not allow anyone on your team to convince you that your price is the reason you are not selling.

Anyone can sell cheaply, but only a TRUE Master knows how to build value in their product and company! One of the simplest ways you can do this is ensure you have a wide variety of offers at dramatically different price points. If you have one product at $97, one at $497, and another at $1297, you’ll be able to dimensionalize the value of each offer in your prospect’s mind. When a customer is exposed to your products, each offer will be able to compare the product you’re suggesting to the offer above and below it, which increases the perceived value of all of your products.

It’s much easier for a customer to buy when they have a higher certainty of value.

3) Create Operation Systems

Most business owners believe that their employees understand their vision and targets for the business as well as what actions to take to reach them. In reality, most employees don’t understand what the business owner wants to accomplish or how.

That’s because most business owners don’t put operations systems in place to help the business generate more revenue predictably.?

In my businesses, nothing is left to chance or assumption. There are standard operating procedures and systems for every important action. Employees know what to do, and if something is unclear, they know who to go to clarify. Every action is measured against the target and actions are corrected if we’re off the mark.

You have to develop and implement systems that let you create, sell and deliver your products repeatedly.

Removing uncertainty and friction from your organization lets you reach out to more people… close more deals… and create more products and services.

Operations helps you work smarter, not harder. Without them, your business won’t be consistent enough to add millions to its topline.

4) Leverage Finance to Get Other People to Add Revenue

Most business owners think they have a finance strategy in their business because they have a bookkeeper or an accountant or maybe even a full-time CFO.

In reality, a finance strategy that helps to add $10 million to your business’s topline is more than just accounting or collecting the money.?

It’s learning how to structure compensation and deals to attract, retain and align great people in your organization so they're incentivized to grow your topline for you.

5) Attract Great People to Work for You

A common complaint most business owners have is: “I can’t find good people.” In reality, they’re not attracting good people to their company.?

Before you talk to anyone, make a comprehensive list of all the job requirements you need. Include points related to how impactful the position is to your company, how the position can grow with your company, and what they can expect moving forward (and be honest about the position and its challenges.)

Make a compelling offer that overpays (yes, overpay) them for their work. In all my company’s I overpay people. And, I expect a lot from them, too. Because we have the right operations… the right products… the right finances that incentivize employees to work hard… I’m happy to attract the best by paying well. And my employees are fully aligned with our company’s mission.

Those are the first five strategies I’ve used to add $10 million to over a dozen businesses and counting. Now, I know I promised you 10 strategies, and you’ll get them all, but very shortly I’ll be flying out to the Bahamas for the 10X Couple’s Retreat. So I’ll have to split this email into two parts.?

For the next five strategies, you’ll need to wait till next week’s issue of 10X OWNER. We’ll cover leadership, culture, partnerships and more.?

And listen, if you’d like to get even more in-depth advice on taking your business to the next level, you must reserve your spot at the 10X Your Business Interactive on October 21 and 22.

At this 2-day virtual event you’ll dive deep into marketing, sales, scaling to help you crack the code to quota-busting revenue generation.?

Right now you can get your ticket for 50% off.

Claim your virtual seat right now.

Be great,

Grant Cardone