Lessons To Grow Your Company to $75,000/hr

Profit Powerhouse

Author

Millionaire Syrup
May 06, 2024

Lessons To Grow Your Company to $75,000/hr

Profit Powerhouse

Most Things Don’t Matter

Most things don't have a significant impact on your success. It's all about focusing on the few key areas that can bring you outsized returns. By ruthlessly eliminating distractions and resisting the temptation to chase after every new trend, you can concentrate your efforts on what truly matters. This way, even if you make mistakes in other areas, you can still succeed because you're prioritizing the big things that can give you 10x or 50x results.

Workshops, seminars, and Facebook ads can make you feel like you should be doing all these new things. But the reality is, there are very few things that can truly make a significant difference in your success. By focusing on those few things, you can afford to make mistakes and still come out on top.

Size Matters More Than Shape

It's not about having 100% ownership of a small business, but rather having a significant slice of a bigger pie. Just like owning 1% of Facebook can make you wealthier than owning 100% of a small business.

To achieve this, it's important to involve others in your vision and compensate them for their contributions. By getting people tied to the success of your company and sharing the achievements through profit-sharing plans and bonus pools, you can achieve outsized returns. This means recognizing that it takes more people to build big things.

Big Things Take Time
Instead of only thinking about the distant future, consider what you can do this month to move closer to your goal. Andrew Chung's journey with Panda Express is a perfect example. It took him 45 years to build his empire, and the majority of the growth happened in the last five years. He opened 600 new locations just this year. He emphasized two key themes: first, your customers must absolutely love your product, and second, big things take time.

Branding Power

Imagine a plain white t-shirt versus one with a Nike logo. The one with the logo can be priced 10 times higher, and if you slap a Gucci logo on it, you can charge 100 times more. Branding Power gives you the ability to set higher prices, which directly translates to bigger profits for your business.

Having strong branding also gives you a competitive advantage. It protects you from market fluctuations and disruptions in the supply chain. While others who rely on commodities may struggle during tough times, your brand will help you weather the storm and stay in business for the long haul. Remember, simplicity is key too. The most successful companies have simple business models because scaling up can naturally bring complexity.

Company Size Risks

Sometimes, founders feel the pressure to go big or go home. They might think that taking on more will lead to greater success. However, it's important to assess the situation objectively. Consider factors like the current size and stability of the business, the market conditions, and the resources available.

While there are success stories of companies that grew rapidly, there are also stories of businesses that overextended themselves and suffered as a result. It's crucial to strike a balance between ambition and practicality. Taking unnecessary risks can put the business at risk, while staying too cautious might limit growth opportunities. Slow and steady growth can be just as rewarding and sustainable as rapid expansion.

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