For the last two months I’ve been banging my head against the wall..
We’ve set some pretty ambitious goals..we are going to 3X our business over the next year.
The #1 question we’ve been grappling with is “How will we triple the business”?
I’ve looked at new marketing channels – facebook funnels, live webinars, local workshops and many more..
There’s nothing wrong with them..they all could work and have great potential.
But they also carry a great deal of risk..
Most importantly, the risk of wasting your time, money and energy.
You see, when you try something new it is very likely to fail.
You might be thinking “Well if this new channel works it could be amazing.” That’s true. It’s called the “shiny object syndrome” and I’m guilty of it too.
I get excited about the potential and downplay the risk. But the reality is that experiments into uncharted territory are more likely to be a waste of time and money.
You might be asking yourself these same questions..
How can I grow my business?
What new thing can I do to double my revenue or clients?
And you might also be guilty of the “shiny object syndrome”..
In that case, there is a VERY simple solution:
Ask yourself “What has been working well for me or my business?”
It’s natural to get bored with and underestimate what’s already working for us..
The fact is that it makes so much sense to focus and double down on what’s working instead of the new shiny object.
This could be your current main bread winner, a recent new project that has started taking off, or a part of your business that is doing really well..
Once you identify it, ask yourself “Is this source maxed out?” is there additional potential to be unlocked here?
What are the things that annoy you about that revenue stream?
Now think..is there a way to eliminate those annoyances?
Let me give you an example..
In my case there’s a platform that has been working very well for me in getting new business, and is responsible for many of our best clients.
The downside is that sending out proposals and prospecting on the platform is a huge time suck. I simply hate it.
To get a significant amount of clients there, I have to spend 30 hours a week sending proposals and communicating with prospects, and another 10 hours a week meeting with warm leads.
After a week like that I end up out of focus, and out of breath for my other responsibilities.
So I asked myself, “how can I eliminate this pain?”
The answer? Systemize and Delegate.
I’d like to think that it is my superior knowledge and experience that has me spending 30 hours a week prospecting. I think that “Only I can do it”.
But that’s just not true. When I look at the jobs I choose to send proposals to, there is a pattern.
When I look at the proposals that work, they too have a pattern.
I can be sad that I’m not so special after all.. (sorry mom).
But instead, I’m very happy.
If I’m not special, it means someone else can do it.. (I hate it, remember?)
What if I document everything that I do and exactly how I do it?
What if I hire someone to do it and they end up doing just as well as me, or even 80% as well? (In fact, I think a great person focusing on this would be able to do it much better than me).
This would free up 30 hours a week for me. 30 friggin’ hours I could use to meet and help warm and motivated potential clients instead..
The math is simple: If the system gets me spending 30 hours a week with warm leads instead of 10, revenue will grow by 3X.
This opportunity was just sitting in plain sight, right under my nose, waiting for me to finally notice it..
So my challenge for you this week is to think about your business..what might be hiding under your nose:
1. What is the #1 thing that is working well for you?
2. Is there room for growth with this source?
3. If so, what’s holding you back from growing the source? Time? Employees? Focus?
4. What solution can you create to solve the thing that is holding you back?
Then find a way to do it.