As you grow, you accomplish many different financial milestones as you start to develop and grow your business, providing you with insights as you gain more information to improve different aspects of your company.
In essence, a business’s entire growth and development process can be divided into several stages. Let us discuss this in greater detail, highlighting each phase and exploring it more deeply.
The First Stage – Making Yourself Rich
The very first step for company growth starts with you, which means that for your company to develop and for your employees to be rich, you need to work to make yourself rich first, and the best way to do that is to determine the optimal selling system for your company.
Before you start developing an optimal selling system, the first step is to pinpoint a specific product that you know works and has constantly produced a profit for you.
The Optimal Selling System
Once you have decided on the optimal product for your organization, you can create the selling system divided into two sections.
The first section consists of creating a scalable method of generating leads that can be repeated constantly. The second part of competing for the selling system is the need for a method to convert the generated leads into potential sales and clients that invest in the product.
One important thing to note is that both systems that go into creating an optimal system must be able to scale in the case of expansion and must be repeatable to be able to keep on generating leads.
Second Stage – Making Your Clients Rich
Once you have decided on your optimal selling system and can rake in enough profits to make yourself rich, the next step of the process is to make the customers rich.
This involves working on a product so that it scales properly and does not break, benefitting the clients so that they can sell it onwards for further profits, leading to increased revenue for them because of the product you are selling.
A misconception that many people have is that they consider breaking the product during the initial stages as a bad thing. However, that is not the case because breaking the product will allow you to look at where it is lacking and make improvements accordingly.
Third Stage – Making Your Team Rich
After creating a system that works and a product that can scale for the betterment of the clients, the next milestone you need to hit in terms of growth is making your team rich, which is considered the most essential financially demanding phase.
Once you create a system and product that works, you take on a managing role, overseeing every aspect of your system and ensuring not to deviate from it. You have created a money-making product and a financially stable one, and this stage requires you to make this the sole focal point while you pour capital into your team to make them rich and groom a manager for your company.
Fourth Stage – Teaching Your Team
This stage involves teaching your core team to take on a managerial role independently, passing on the torch and teaching them how to lead a team.
Fifth Stage – Reinvent Yourself
During this stage, rather than focusing on other aspects of the company, now comes the time to bring that focus back on yourself. Even though you might end up with an optimal selling system for a product generating heaps of profit, there will come a time when it will stop generating capital.
This is when you need to reinvent your selling system, restarting the entire process by branching into a different product with your team.