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Mindset Of 8-Figure Growth
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Published on Dec 21, 2015
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1.
Mindset Of 8-Figure Growth
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psd
2.
Reduce Risks
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epSos.de
3.
Experience & Best Practices
Owners rely on their
Photo by
Khánh Hmoong
4.
Reality - 21st Century presents unknown risks requiring new changes
Photo by
Ahmed Rabea
5.
Infrastructure, financial & succession pressures can pull owners back
Photo by
DaveOnFlickr
6.
New Mindsets
To adopt and practice that lead to profitable growth
Photo by
Li-So
7.
8-Figure Mindset
Acknowledges perils of remaining a stagnant firm
Photo by
holdit.
8.
8-Figure Mindset
Acknowledges advantages of creating & sustaining profitable growth
Photo by
Howdy, I'm H. Michael Karshis
9.
Business Failure
7-Figure Firms are susceptible to
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andres.thor
10.
Opportunity for Success
While 8-Figure Firms enjoy greater
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StockMonkeys.com
11.
Roadmap To Success
Embracing and Conveying 8-Figure Mindset
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mChuca
12.
Your Turn: When facing change, what do business owners monitor?
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Sudhamshu
13.
Business Owners Monitor
Cash Flow
Capacity utilization
Lines of credit
Competitors
Headcount
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wwarby
14.
Business Owners Monitor
Backlog
Iso9000, Six Sigma
National Economy
Peer Success
Taxes
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wwarby
15.
Your Turn: When an owner sees changes in monitors what do they do?
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Sudhamshu
16.
BO Response To Change
Status Quo
Past predicts future
Focuses on relationships instead of customer outcomes
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medically_irrelevant
17.
BO Response To Change
Price cutting
Faster delivery
Repeats past actions only faster and more often
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medically_irrelevant
18.
Typical 20th Century Response To Change
Father taught me the business
We've tried that before
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Stuck in Customs
19.
Typical 20th Century Response To Change
My company is different
Customers bought this way in the past and will continue to do so
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Stuck in Customs
20.
Typical 20th Century Response To Change
My customers are loyal
More capacity means more business
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Stuck in Customs
21.
Your Turn: What changes have you seen in society in past 5-10 years?
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Sudhamshu
22.
Your Turn: What changes have you seen in your business in past 5-10 years?
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Sudhamshu
23.
Most BO's reactions to change
Post-recession jitters
Less strategic thinking
Wait & See attitude
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malik ml williams
24.
Most BO's reactions to change
Reluctance to rock the boat
Control information
Lifestyle becomes priority
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malik ml williams
25.
Most BO's reactions to change
Paranoia
Invest in legacy systems
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malik ml williams
26.
Most BO's reactions to change
Paranoia
Invest in legacy systems
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malik ml williams
27.
Your Turn: How would you define 21st Century Business Success?
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Sudhamshu
28.
21st Century Business Success
Not dependent on legacy
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chichacha
29.
21st Century Business Success
Not dependent on legacy
Creates attraction rather than best sales organization
Photo by
chichacha
30.
21st Century Business Success
A learning organization
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chichacha
31.
21st Century Business Success
A learning organization
A BO that uses strategic thinking
Photo by
chichacha
32.
21st Century Business Success
A BO with discretionary time
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chichacha
33.
21st Century Business Success
A BO with discretionary time
A company that creates successful business outcomes for customers
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chichacha
34.
8-Figure Mindset
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Great Beyond
35.
Mindset: A habitual or characteristic mental attitude that determines how one will interpret & respond to situations
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Great Beyond
36.
8-Figure: $10,000,000 or more
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Great Beyond
37.
What is an
8-Figure Firm?
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MTSOfan
38.
$10mm Firms Better
Corporate valuations and multiples are more transparent
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Steve Rhodes
39.
$10mm Firms Better
BO quality of life increases
Can build the social entrepreneurial legacy
Photo by
Steve Rhodes
40.
$10mm Firms Better
Experience fewer dips and slips because in multiple markets, multiple products, multiple channels
Photo by
Steve Rhodes
41.
$10mm Firms Better
Satisfy investors and private equity owners easier
Photo by
Steve Rhodes
42.
$10mm Firms Better
Satisfy investors and private equity owners easier
Spend time on strategic thinking and teach team strategy techniques
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Steve Rhodes
43.
$10mm Firms Better
BO can sell firm on their terms when they want
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Steve Rhodes
44.
Do Differently
What do BOs of 8-Figure Firms
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stevendepolo
45.
8-Figure BOs
Recognize & act upon strategy instead of operations effectivness
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stevendepolo
46.
8-Figure BOs
Stop investing in legacy assets or real estate to create a positive ROI for the core business
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stevendepolo
47.
8-Figure BOs
Let customers tell them where and how they will buy from them
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stevendepolo
48.
8-Figure BOs
Function in transparent, open environment without secrecy
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stevendepolo
49.
8-Figure BOs
Accomodate young people so the business can survive
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stevendepolo
50.
8-Figure BOs
See technology as a tool that is more than creating data for finance & accounting
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stevendepolo
51.
8-Figure BOs
Long-term business relationships no longer only path to success
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stevendepolo
52.
8-Figure BOs
Know customers still rely on them for expertise even though they are moving fast
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stevendepolo
53.
Your Turn: What do successful 8-Figure BO do differently than 7-Figure BO?
Photo by
Sudhamshu
54.
Successful 8-Figure BOs
Adopt Life-Long Learning
Hire those that have adaptable skills over technical skills
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alles-schlumpf
55.
Successful 8-Figure BOs
Assume a 24 month shelf life on anything new
See technology as a value add to their customers
Photo by
alles-schlumpf
56.
Successful 8-Figure BOs
Focus on creating customer outcomes more than relationships
Measure profitable growth not in terms of revenue but in terms of net income
Photo by
alles-schlumpf
57.
Successful 8-Figure BOs
Investing in their infrastructure only if it increases gross margins
Articulated a transition, exit, succession strategy
Photo by
alles-schlumpf
58.
Your Turn: What can you learn from the successful 8-Figure BO mindset?
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Sudhamshu
59.
Your Turn: What 8-Figure BO mindset areas do you need to improve?
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Sudhamshu
Jeff Hurt
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