Any founder can build a $10M+ business in 3 years.
Failure to get there is either due to 1) a lack of ambition (he/she doesn’t care about building a $10M business, which is OK) or 2) focusing on the wrong things.
The biggest difference between founders who build $10M+ businesses and those who don’t is relentless prioritization.
Most founders are just going through the motions, not actually trying to grow their businesses
A lot of people work hard.
Construction workers work hard. Accountants work hard. Retail managers work hard.
8+ hours a day. 5+ days a week.
So why do some people become far wealthier than others?
It’s not luck for 99% of them.
It’s because they get 100% clear on what they want, and then they align their daily actions with that goal.
Most founders struggling to grow their businesses have some vague idea of what they want, and then focus on whatever fire they need to put out that day or whatever grabs their attention in the moment.
That would be like wanting to drive from point A to point B and spending all your time cleaning dust off your dashboard rather than making sure you’re on the right road!
First ask, “What do I really want?”
You can’t ask this question enough.
Your desires change. Your circumstances change. You learn as you get older.
Good.
What do you really want?
If you want to build a $10 million, $20 million, or whatever size business, great.
What does that mean, and by when do you want it?
A $10M business could mean $10M in revenue, $10M in profit, or $10M in valuation. Your desire is yours. Just get clear on what you mean so you know what you’re after and can design a plan to get there.
Second, evaluate whether or not what you’re doing now will get you there
If you find yourself in a sinking ship, either start plugging holes or get a new boat.
Most founders keep blindly rowing, hoping something magically changes.
Will your products, sales channels, marketing efforts, and people get you where you want to go?
Be honest with yourself. If a critical, smart advisor were to look at your business and your situation, would that person agree that, yes, your current efforts are likely to get you to your goal?
Third, change your approach now
Change something. Now.
Get a new product. Learn a new marketing channel. Hire someone. Remove something.
Ask for help from someone who has done what you want to do.
Don’t hope; make something happen.
Constantly prioritize
Every day. Every morning. Every week. Every year.
Prioritize.
Ask, “What do I want, and what do I need to get there?”
To make sure you’re including your whole life, not just business or wealth accumulation, use the wheel of life.
If you’re 60 pounds overweight, does it really matter if you make an extra $1M? I don’t think so.
If your marriage is crumbling, prioritize your relationship, not more money.
This tool gives you a quick, high-level view of whether you’re focusing on the right area of your life. Once you’re sure you are, you run through the process we just discussed to prioritize your actions and get what you really want out of that area of your life.
We all get a bit lost along the way. That’s OK.
Lift your head up, remember where you want to go, and adjust your approach.
On your side,
Matt
P.S. Quick note: As we’re expecting a baby girl in the next few weeks, I’m changing this newsletter to a once-per-week format. Every Tuesday, I’ll share the best strategy or insight I have to help you grow a wildly successful, fulfilling business.