Maximize What You’re Already Doing. You have what I call “critical mass and velocity.” You have all these activities going on.
You have sales people. You have ads running. You have people calling. You have word of mouth, phone calls, customer service. You have all these contact and impact points.
And you must, first of all, maximize what you’re currently doing before you can go out and rebuild your organization. And you can’t maximize what you’re currently doing if you don’t break it down to its core processes. Because only when you do that can you measure, can you quantify, can you improve.
So you have to figure out what you’re doing right now, and break it down to its core driver. And that means, if you’re doing selling, you have to realize how well you’re doing at opening new accounts. How well are you doing at targeting the media? How well are you doing during the average hour?
How well are you doing in different kinds of categories? How well are you doing at different product sales? How well are you doing at different geographies? Because until you know how you’re doing you can’t maximize your performance.
You can’t maximize the performance of the methodologies behind all of those categories you’re going to now measure and monitor, until you first examine and evaluate all the higher performing options and opportunities out there. And you can’t do that unless you decide you’re going to travel outside of your industry.
You have to carefully evaluate and borrow the success processes, thinking and approaches from all kinds of industries other than yours.
Because if all you do is try to monitor and emulate what people in your industry are doing, you’re going to be limited to incremental and linear growth.
Marketing and innovation are the two greatest levels you have. You have to be resigned and committed to engineering breakthroughs. Innovation is not necessarily high tech, although it can be. Innovation is bringing greater advantage to the client that the client perceives and values. It can be the simplest, most mundane, most non-technical value added imaginable.
I spend a lot of time studying the most successful performing companies in their category. What I’ve learned in analyzing them is that they tend to be the companies that engineer and introduce the most consistent, quality breakthroughs. And they do it on a continuous basis in the areas of strategy, marketing, innovation and management. So you have to be committed to engineering breakthroughs.
Every business has hidden assets, overlooked opportunities, underperforming activities, undervalued relationships, untapped resources and intellectual capital. And until you commit, to monitor, to examine, to mine those on a continuous basis, you’ll never maximize your performance income or profit.
It is very important psychologically to produce short-term wins. It’s important to get them to validate that the course you’re on is correct. They don’t have to be big victories, although they tend to create, in combination, extraordinarily substantial results when the exponential impact applies.
But you have to be committed that every month you want a windfall.
It could be a market windfall, a strategy windfall or a sales windfall. But you have to be committed to that as an objective and a goal that you must fulfill every month.
ENGINEERING SUCCESSES INTO EVERY ACTION YOU TAKE OR DECISION YOU MAKE
Most people are reactive, and not pragmatic. They’re not logical. They’re not strategic. They’re reactively tactical, and it’s the worst thing in the world. You have to learn to take a deep breath and reflect, and be much more systematic and much more global in the way you look at all the integration of what’s going on in your world.
MULTIPLE PROFIT SOURCES
You must build your business on a foundation of Multiple Profit Sources instead of depending on one single revenue source. Why grow incrementally or linear if you can grow geometrically and exponentially with the same time, effort and capital.
Let geometry work for you. Geometry is not 2 + 2. It’s 2 x 2 x 2. It’s basically bringing three different factors, or more, together. You have to bring continuous processes to work for youa foundation of multiple profit sources.