How To Create a Business Growth Strategy

How To Create a Business Growth Strategy


– No! The beginning of the
video should be what we do when the video’s not on. (upbeat music) How to execute
your business growth. Look, here’s the deal if you’re
frustrated with where you’re at in your business or every day
you wake up and you’re like how do I grow my business, you know? Or maybe you’re frustrated with
the people and just in general like at the end of the
day I know that businesses hit a wall at five years. Maybe you’re in business 10
years and really it’s about not growing ’cause every time
I get the call people are like, “I’m losing
passion for my business.” Would you be losing passion in
your business if you’re making a ton of money, right? And I don’t think is about money
but I also want to make sure that we address the right
problem because if it’s the fact that you’re not growing the
business than that’s what we need to talk about. Don’t say you’re losing passion
with the customer or the market or why you started the
business ’cause those things are typically not true. You know, what I know is that
when somebody’s connected with their vision, the business grows. When they are hiring incredible
people that also share in that mission that are really
intelligent and capable, the business grows. When they have a plan of
attack, the business grows. Not having those things that’s
when you run into challenges and you know I definitely understood
this challenge because to me when I started
my company Spheric, I literally just like
kinda showed up every day. I was working a
hundred hours a week, I didn’t really understand
how to run a business. I hated going to meetings. You know what I’ve learned since
then is that meetings are the only tool that
you have as a leader. As a manager,
as the entrepreneur, the only thing that you can use
to help guide and improve and really kind of show
people the way is meetings. Now nobody wants to spend 30,
40% of their time in meetings so what I want to walk you guys
through is a way of thinking about overcoming that. Because my business
Spheric shifted dramatically when I understood. I was sitting down
with my advisor Stu, really mentor, advisor. I mean I hired him.
I put down 150 grand I said, “Dude, I need you to come in to
look at this business to let me “know where am I missing things
that are just obvious to you,” ’cause this guy was retired. Had run Executive Vice President
of the one of the largest telecommunication
companies in our country. So having that
kind of expertise, look at the business and give
me guidance was invaluable. The first thing he
shared with me and he says, “Look, the cool part is
Dan you have a vision, okay?” So, number one is
you need a vision. He was happy
that I had a vision. Here was my challenge. I never shared it with anybody. Mean what’s the point of having
a mission for your business if you never take the time to
communicate it with anybody? And I like, “But what I should
be sharing this every day?” He’s like, “Look, there’s
different ways you can do that.” You can kind of have everybody,
you can have meetings and recite it in the meeting. You can talk to somebody and
say hey the work you’re doing ties back to this which connects
with our mission or when somebody comes to you with a
decision to make and you can just kind of remind them, well
here’s our mission as a company which decision do you think
would most align with that? So he really taught me not
only to have a vision but how to connect that within my team. So that is, if you want to
grow your business that is a prerequisite has
to be there get on it. Number two is you need to have a
three-year plan and some people are like, “Well, I want a 10-year
plan.” Look the vision is the 10-year plan. It’s what’s possible. If I wanted to grow 10X
over the next five years, 10 years, 25 years
whatever it is, that’s the vision. What you need that’s more
granular is a three-year plan but here’s the deal I use
one piece of paper to draw my three-year plan. I literally start
this upcoming year, three years later, split it up
into three years and then what I do is I do per quarter and
I just kinda start mapping high level strategies and say what
would need to be true for those numbers to make sense. How many people would I need
on my team to make sure that I could actually
execute this strategy? What kind of budget would I need
to make sure that come together? Because that’s gonna affect
the different things that I put together on the plan
and what order I do them in. So you need a three-year plan. The third thing that
you need is a one-year plan. Now here’s what’s
different with the one-year. Picture this, you have a grid,
you have four quarters on your one year plan, Q1, Q2, Q3, Q4
and look I’m the first one to say and admit
I hate corporate jargon. I hate that… I even
hate the word quarter. If there was like look there’s
three parts of your year or four parts of your year I’ll use that
but for you not to have a grid that outlines alright, we’ve got
the first part of the year which is three months, okay? Call Q1, call it
whatever you want, what are the
activities, the projects, the strategies that we’re
gonna execute in each month? So it’s kind of saying well if
the three-year is just you know three years at
a higher fidelity, when you come down to the one
year it needs to be broken off per month and I like to
plan in 90 day, three months. Call it whatever 12 week windows
because I feel like that’s as far as the ability to
actually make really good, accurate decisions in
your business is gonna happen. So are the first three. Now, this is when it
starts to get granular. Number four is you need
quarterly review meetings. Okay? Once a quarter, again
I hate the word quarter, but what do you want to say?
Once every three months? Once a quarter you want to sit
down with your team and you want to do two things first part of
those meetings and I usually say a minimum of a day most
often two days depending on the size your business. You want to spend the first part
of the meeting reviewing the previous quarter. The previous three month window
and saying what did we plan and what do we get done? How good were we at
executing our assessments? That is the first part
because you want that data, you want that information to
inform planning the next part. Okay, so then in the second part
of the day if you do the first part of the morning and then in
the afternoon what you want to do is start to say okay, we
know these things to be true. How we plan the next
quarter to hit our goals? So you have the one-year plan, you’ve got the next
quarter in front of you. You start
planning the strategies. Look, it should not
take any more time than that. But most companies don’t give
themselves the opportunity to sit down and review it. Right, they just keep going and
going and they get struggling and then they’re
frustrated and they’re like why can’t I get
any progress made. It’s like well
you haven’t planned. You haven’t given yourself the
gift of stopping and pausing. Really not only just
looking at what you’ve done but appreciating and rewarding
yourself in building that confidence of achievement
because I know you’re not going every day to work and not making
progress but I also know that you’re not taking the time to
stop and reflect and that to me is what those
quarterly meetings. So we have three that are
quarterly and then the last one for the year for me it’s
a yearly planning meeting. So you have three
quarterlies, you know, the end of Q1, Q2 and Q3 and at
the end of the year you do the same framework,
the same strategy but you plan the whole year. What did we do for the year,
what did we do for next year and that at a high
level is super important. So that’s number four. Five is weekly team meetings. Now, I’m deliberately saying
team meetings because the other day I was working with a private
client and I said, look you know they’re having some
struggles in the business. I said invite me
to your team meeting. I just want to get on there. I’m not going to say anything,
I just want to listen to the conversation, the
communication how people report. You can learn so much about a
business by just listening to how they communicate. And at the end of the meeting,
I called the CEO back after and I said, “You do realize that
meeting was a client review “meeting. It wasn’t
actually a team meeting.” And they were like,
“What do you mean?” And I was like, “Well, you
talked about all the projects “that you guys were working on. “All the clients and how they’re
doing and how you’re gonna get “wins for them but you
didn’t talk about the business. “About the marketing,
the sales, the operations, “legal anything
about improving the way the “business does what it does.” And they’re like, “Oh.” I mean little distinction, just
a small little tweak to realize that they didn’t even
have the weekly team meeting. So I gave them the format and
the agenda and the following week they had a
weekly team meeting. The team was like blown away. It was almost like
a light bulb went off. Of course we would talk about
sales and make sure that in our planning we have
those projects built in. Right, of course,
you’d want to get updates on how the financials doing. How is the hiring and the
recruiting process going so that we can keep up to demand. That to me is a nonnegotiable
every week as the leader you need to be
creating these meetings. And then finally number
six you need a daily stand up. You need one moment in your day
where the team comes together. You can do it on the phone, I’ve
used uber conference or other conference technologies. You can do it on video chat
using GoToMeeting or Skype or Zoom or whatever technology
platform you want or that’s why I call it a stand up, in person
nobody sits down and it’s a really simple format. What are the top three
initiatives that you did yesterday, what are your top
three objectives for today and are you stuck and
it’s a reporting meeting. Nobody’s collaborating
nobody’s discussing anything. They do it, It should take six
minutes and at the end of it as the CEO and
manager you circle back with anybody that’s stuck. That is the high level
framework for running and executing a growing business. One, you need to make
sure you have a vision. Where’re we going,
what’s the journey, what’s the destination? Number two, you
need a three-year plan. You need to at least
say here’s we’re at, here’s we’re going and here’s a
high level things that we need to be true for
that outcome to occur. Third, you need a
one-year strategy plan that’s like a grid. Right, where you do it on a
monthly basis and split up in the four chunks
call them quarter, call them whatever you want but
that’s how it comes together. Then you need to make sure that
you’re doing quarterly reviews on your team and
yourself’s ability to execute. Even if you’re two
people in your company, you should do this. And then you need your weekly
team meetings looking at the different departments in
your business and how you’re improving those and hen
finally a daily stand up. Some people call them huddles,
call ’em what you want, it doesn’t matter. You just need to connect because
the team that connects more often grows faster. It’s just of the way it works. There’s more opportunity to not
let somebody go off on a tangent or work on
something that’s not valuable. You need companies and teammates
communicating frequently. That is the strategy for you. I’d invite you to
leave a comment below. I want to hear
from you what strategy are you gonna implement? Are you gonna
start with the planning? You gonna start with
the quarterly reviews? What thing resonated with you? Leave a comment
below and as per usual, I want to challenge you
to live a bigger life and grow your freaking business. I’ll see you next Monday. If you liked this video be
sure to subscribe to my channel. I’d also invite you to join
my newsletter where I send out exclusive invites to private
events and other free training videos and if you’re ready to go
I got to playlist queued up and I’ll see you next week.

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About the Author: Oren Garnes

10 Comments

  1. Frustrated with lack of strategic clarity? Here are the top 6 elements I’ve used to grow each one of my businesses with the least amount of time or paperwork. Easy, and gets results.

  2. Dan thanks for the advice. In corp world sometimes I felt there are just too many meetings and if a right balance is not followed it could be a hindrance to productivity.

    I would appreciate your thoughts on whether in-person group stand is better or a group check-in using a tool/app.

  3. Dan, I really like this video and the passion you bring. What types of clients do you work with? Maybe we should connect

  4. Hi Dan, thx for the great wrap up. Especially "The teams that´s connects more often, grows more." sticks to me. So I start with the daily hudle. 🙂

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