Mindset Of 8-Figure Growth

Published on Dec 21, 2015

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PRESENTATION OUTLINE

Mindset Of 8-Figure Growth

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Reduce Risks

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Experience & Best Practices

Owners rely on their
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Reality - 21st Century presents unknown risks requiring new changes

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Infrastructure, financial & succession pressures can pull owners back

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New Mindsets

To adopt and practice that lead to profitable growth
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8-Figure Mindset

Acknowledges perils of remaining a stagnant firm
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8-Figure Mindset

Acknowledges advantages of creating & sustaining profitable growth

Business Failure

7-Figure Firms are susceptible to 
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Opportunity for Success

While 8-Figure Firms enjoy greater

Roadmap To Success

Embracing and Conveying 8-Figure Mindset
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Your Turn: When facing change, what do business owners monitor?

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Business Owners Monitor

  • Cash Flow
  • Capacity utilization
  • Lines of credit
  • Competitors
  • Headcount
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Business Owners Monitor

  • Backlog
  • Iso9000, Six Sigma
  • National Economy
  • Peer Success
  • Taxes
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Your Turn: When an owner sees changes in monitors what do they do?

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BO Response To Change

  • Status Quo
  • Past predicts future
  • Focuses on relationships instead of customer outcomes

BO Response To Change

  • Price cutting
  • Faster delivery
  • Repeats past actions only faster and more often

Typical 20th Century Response To Change

  • Father taught me the business
  • We've tried that before

Typical 20th Century Response To Change

  • My company is different
  • Customers bought this way in the past and will continue to do so

Typical 20th Century Response To Change

  • My customers are loyal
  • More capacity means more business

Your Turn: What changes have you seen in society in past 5-10 years?

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Your Turn: What changes have you seen in your business in past 5-10 years?

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Most BO's reactions to change

  • Post-recession jitters
  • Less strategic thinking
  • Wait & See attitude

Most BO's reactions to change

  • Reluctance to rock the boat
  • Control information
  • Lifestyle becomes priority

Most BO's reactions to change

  • Paranoia
  • Invest in legacy systems

Most BO's reactions to change

  • Paranoia
  • Invest in legacy systems

Your Turn: How would you define 21st Century Business Success?

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21st Century Business Success

  • Not dependent on legacy
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21st Century Business Success

  • Not dependent on legacy
  • Creates attraction rather than best sales organization
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21st Century Business Success

  • A learning organization
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21st Century Business Success

  • A learning organization
  • A BO that uses strategic thinking
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21st Century Business Success

  • A BO with discretionary time
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21st Century Business Success

  • A BO with discretionary time
  • A company that creates successful business outcomes for customers
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8-Figure Mindset

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Mindset: A habitual or characteristic mental attitude that determines how one will interpret & respond to situations

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8-Figure: $10,000,000 or more

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What is an
8-Figure Firm?

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$10mm Firms Better

  • Corporate valuations and multiples are more transparent
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$10mm Firms Better

  • BO quality of life increases
  • Can build the social entrepreneurial legacy
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$10mm Firms Better

  • Experience fewer dips and slips because in multiple markets, multiple products, multiple channels
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$10mm Firms Better

  • Satisfy investors and private equity owners easier
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$10mm Firms Better

  • Satisfy investors and private equity owners easier
  • Spend time on strategic thinking and teach team strategy techniques
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$10mm Firms Better

  • BO can sell firm on their terms when they want
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Do Differently

What do BOs of 8-Figure Firms
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8-Figure BOs

  • Recognize & act upon strategy instead of operations effectivness
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8-Figure BOs

  • Stop investing in legacy assets or real estate to create a positive ROI for the core business
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8-Figure BOs

  • Let customers tell them where and how they will buy from them
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8-Figure BOs

  • Function in transparent, open environment without secrecy
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8-Figure BOs

  • Accomodate young people so the business can survive
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8-Figure BOs

  • See technology as a tool that is more than creating data for finance & accounting
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8-Figure BOs

  • Long-term business relationships no longer only path to success
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8-Figure BOs

  • Know customers still rely on them for expertise even though they are moving fast
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Your Turn: What do successful 8-Figure BO do differently than 7-Figure BO?

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Successful 8-Figure BOs

  • Adopt Life-Long Learning
  • Hire those that have adaptable skills over technical skills

Successful 8-Figure BOs

  • Assume a 24 month shelf life on anything new
  • See technology as a value add to their customers

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

Successful 8-Figure BOs

  • Investing in their infrastructure only if it increases gross margins
  • Articulated a transition, exit, succession strategy

Your Turn: What can you learn from the successful 8-Figure BO mindset?

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Your Turn: What 8-Figure BO mindset areas do you need to improve?

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Jeff Hurt

Haiku Deck Pro User