By Joshua Lee
Though your first thought about growing your company 10 times its original size may be, that's impossible in my industry, I assure you it's not. I've grown several companies 10X and know the steps it takes. So suspend your disbelief. Below, I share the three most common, glaring gaps in your approach to growth that may at first seem like uncrossable chasms, and the three bridges you can build to cross them.
1. The 10X Law
10X growth is actually easier than 3X growth because it requires leveraging strategic partnerships rather than simply trying to grow on your own. There are exceptions of course, such as venture-backed companies throwing tens or hundreds of millions into an advertising campaign that "10X'd" their growth without a partnership. And you may know a viral campaign that was also an exception to this rule. But do you want to bet on exceptions?
Attracting the right strategic partners (some may even be competitors) requires telling your brand's story. More importantly, it requires telling your own story and building the recognized industry authority of you and your leadership team. People love doing business with recognized experts, so it’s worth the investment.
For strategic partners, start with your suppliers, vendors and even competitors. Amazon and Zappos were ferocious competitors, but it was worth $1.2 billion to Amazon to acquire Zappos’ people and company culture thanks to Amazon’s new decentralized distribution objective.
2. The Rule of External Culture
Too many founders and executives neglect or forget to build their personal industry authority. There are tons of "me too" companies; how does a customer choose?
What your company stands for and its’ company culture are factors in attracting customers. Your competitors may be neglecting to tell their personal stories. But what your company stands for and its company culture are factors in attracting customers. Often it’s the personality of the founders or executives that pushes a customer over the edge to buy from you.
The risk is that you might turn some people off. However, it's better to say no to some people than to have them be problem clients. Let them be one of your competitors' headaches. Accentuating who you are and how you advocate for your clients will attract the right clients to you.
It's easy to get mired in day-to-day "fire extinguishing" mode and not work on your personal brand. But building personal authority and humanizing your company is a huge ROI driver. So don’t neglect it — leave neglect to your competitors.
3. The Most Effective Internal Authority
Your first contact with prospects lays the foundation for the entire business relationship, so emphasize your front line.
As my partner Clint Evans says, "Forced compliance is temporary compliance. Voluntary compliance lasts." You may have the internal authority to bark orders drill sergeant style, but you'll get much better buy-in and resolute dedication with a collaborative culture.
With my front-line office and administrative staff I even offer profit sharing, as I’ve found it's very motivating for people when they get to take ownership of a project. I also strive to be as open and accessible as possible; every member of my team has my personal cell phone number. I emphasize this as part of my company's culture the moment I hire them. Once you get over 200 employees, share this open door communication with your co-founders or two or three top executives.
I also recognize standout administrative staff members with a big news release -- with the employee’s consent -- to help them build their own personal authority and see its effect on morale. For my salespeople, I first look at their mindset. If they ask me about a higher commission instead of a higher salary I know they'll represent me well. The best salespeople are motivated by money, so I pay double or more the industry standard commission to attract and keep them. One sales superstar blows the numbers out of the water, which proves to the entire team that a higher standard is possible. Don't skimp on paying salespeople because they’re usually the front line of your company with the public.
You can also gamify to motivate commissioned salespeople. Our sales leaderboard is open; we recognize our top salespeople in front of their peers. Your salespeople will almost walk over broken glass for you if you recognize and compensate them well for their achievements. This strategy will go much further for you than money alone. Offer prizes, such as all-expenses-paid trips to industry conferences.
Final Thoughts
10X growth starts as a mindset, then requires strategic alliances. Don't forget to consider previously unheard-of partnerships, such as with a rival company. When you start to think about this question and let your subconscious mind work on it, you might be surprised by the wealth and usefulness of ideas you come up with.
Josh Lee, co-founder of Stand Out Authority, mentors entrepreneurs on this 10X growth strategy and Stand Out Authority implements a big piece of the strategy for clients.
