As our team prepares for our upcoming Pinnacle Conference, I look forward to sharing with our audience how entrepreneurs can create a business model that enables growth. In my experience, a number of business owners go into work on a daily basis without considering how what they do that day will impact their organizations one, three, or 10 years in the future.
This can lead business owners to the organizational equivalent of spinning tires: They are expending an exorbitant amount of energy without making any progress, gradually entrenching themselves in a rut.
The Business Builder Model stipulates that there are five components in expanding operations: mindset, target, engage, commit, and expand. In defining your mindset as the entrepreneur, you will be able to advance your company and help it achieve its full potential. There are five questions that you must ask as you work to implement your stated mindset:
- What is your business model?
- What new products and services you will introduce?
- How will you identify and implement your systems and processes?
- What will you do to guarantee quality and continuous improvement?
- What does service excellence mean to you?
As a business builder, to move on to the next stage, target, you are working to build your brand and create a marketing strategy. To do so, you will have to establish your ideal client profile, what the right value proposition is, and what the right price is (the fair exchange of value for you and for your client).
As you move on to engaging prospects, you will have to design and spark a conversation that grabs potential clients’ interest and establishes a meaningful dialogue. This is the Client Attraction Conversation. In securing the progress you have made and using that as a foundation for future success, you must commit to your business relationships, building client capital and proving your value to clients. Transitioning into the expansion phase requires developing a client experience that demonstrates your added value and excellent service, as this will help you strengthen your relationship equity.
Have you created a strategy for how you will exponentially grow your business? Have you thought past the client acquisition step to consider tactics for retaining those clients, building client capital, and capitalizing on the initial success to lay out a sustainable growth model?