Step 5 – Scale
This is when we think about growing the top-line.
We put the foundations in place, then we grow the bottom line and now we look at growing the top line.
Only now do we look at;
- Increasing sales
- Maximising revenue
- Increasing prices
- Increasing our market share
Because we have the foundations in place and we have a solid business model that we can scale effectively, efficiently and get the best possible results. We do this so we can serve the most people and make the most money and be financially healthy doing it.
Step 6 – Spawn
Once we scaled the business the only thing left to do is to spawn innovations, to spawn new ideas, to think about how we can pivot?
How can we expand and grow into other markets?
How can we create offers out of our core products to better serve our industry?
How can we create something that nobody else is offering?
You might be competing in an industry where lots of people offer the same sort of product as service as you – but how can you build an offer out of that?
Ask yourself this amazing question;
What problems does my product or service create when I provide it, when I supply it or when I deliver it?
Let me give you an example, when a car dealership sells you a car, they create problems for you in your life. You now need insurance, you’ve got to fill up with fuel, you might need a maintenance plan because you’re going to get through tires and you’re gonna have repairs and all this kind of stuff.
By selling you a car they’ve created loads of other problems in your life.
Ask yourselves (only when you get to this stage);
What problems have we created by solving the problem that this person or this company originally had?
Then seek to build an offer, build a package, to create, innovate a new product or service that goes on to solve those problems as well. And supply it as a one time capsule.
This is what will make you an industry leader.
Then you can go on to answer questions like these;
What other industries can my product or service be adapted to serve?
How can I expand, pivot or maybe even go into completely new industries, completely new markets with a completely new innovation?
Always working on research and development, always expanding, always innovating, always thinking about not only how can you do what you’re currently doing better, but how can you do things that are going to add to what you’re doing?
Add more value, solve more problems and get even better results.