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Are you tired of striving for consistent growth, trying to figure out a hundred different ways to grow your business by 10 or 20 percent year after year? Well, here’s a radical idea: What if I told you that achieving 10x growth might be easier and more straightforward than you think?
In a world with so many avenues for business growth, I recently stumbled upon a refreshing and truly profound concept in Dan Sullivan and Benjamin Hardy’s latest book, 10x Is Easier Than 2x. I’ll admit the title had me skeptical at first, but knowing that it was devised by Sullivan, considered by many to be the top entrepreneurial coach of all time, and Hardy, an acclaimed organizational psychologist and leadership expert, I figure I’d give it a chance.
And I’m glad I did. I quickly learned a simple mindset shift that every entrepreneur should consider–one which has the potential to revolutionize the way you approach the trajectory of your business.
The Infinite Dilemma of 2x Growth
As an entrepreneur and efficiency consultant, I understand how difficult it is to grow a business, let alone 10x. On a personal level, I’d be happy to double my business–and that sure as hell sounds easier than growing it 10x.
But the problem with setting a goal of 2x growth or even incremental growth of 10 to 20 percent is that you’re often met with an overwhelming array of possibilities. It’s like trying to choose from an infinite buffet of tactics and strategies. As a result, your focus becomes scattered and your efforts diluted.
Now, imagine asking yourself, “How can I grow my business by 10x?” Suddenly, the noise clears and the answers become more apparent. You see, significant growth rarely comes from small changes or doing more of the same things incrementally. Instead, it stems from laser-focusing on one or a few game-changing strategies.
In his book, Hardy references the work of Alan Barnard, a leading expert on decision-making, who calls this phenomenon 10x clarity. By setting an audacious goal, you challenge your assumptions and open your mind to new, innovative ideas. With the noise filtered out, you identify the critical few actions that can lead to exponential growth.
When you shift your thinking to 10x instead of 2x, Hardy and Sullivan say it becomes “absurdly and even comically obvious which strategies, relationships, or behaviors won’t work.” And they’re so obviously right. I’ve thought of hundreds of different ways to grow my business, but if I were to consider only those with the potential for 10x, the list gets smaller. A lot smaller.
Pushing the Limits
So, how do you achieve the seemingly impossible? It starts by stretching your goals beyond what you think is feasible. As we’ve seen, aiming for 10 percent or even 2x growth leaves room for endless possibilities, but 10x growth forces you to think differently.
Operating outside the bounds of past norms and assumptions is what allows true breakthroughs to happen. By daring to test the limits, you become receptive to groundbreaking approaches that were previously overlooked.
What you’ll find is that, really, there are only a few ways to grow any business by 10x. They’re typically big game-changing moves that will require significant time and effort from your team. It’s going to be scary–but when you consider the potential upside, it’s often worth the risk.
Unlocking Your 10x Potential
Ready to unlock your business’s 10x potential? Here are a few steps to get you started:
· Identify the one big thing: Analyze your business thoroughly and identify one or a few game-changing strategies that could lead to exponential growth. You may want to brainstorm this with your team.
· Create your roadmap: Figure out what would need to happen to make those strategies work, and map out the projects required to achieve them. This becomes your roadmap for the next few quarters or years.
· Set impossible goals: Implement a goal-setting framework like OKRs to clarify exactly what you want to achieve. Embrace the audacity of setting seemingly impossible goals. Push beyond the boundaries of what you think your business can achieve.
· Weed out distractions: Say no to anything that doesn’t align with your 10x vision. Keep the lights on, of course, but push low-priority projects to the side and commit fully to your one big thing.
· Embrace the journey: Remember that achieving 10x growth is a journey, not an overnight miracle. Commit to sustained effort and focus on the long-term results.
See? I was a skeptic too, but when you break it down like this, 10x starts to seem a lot more reasonable than it sounds.
You can’t expect a miracle overnight, but the premise is simple: Aiming for 10x growth is the best way to simplify and clarify your business strategy. By challenging your assumptions and setting audacious goals, you’ll uncover the hidden potential that will drive your business to unparalleled heights.
And one more important reminder
Always stay connected with your customers. Regardless of how you think you product should perform, look, smell or whatever it’s the customer’s opinion that counts. We’re here to help you with product launches, market studies, moving product off your customer’s shelves or whatever. Give us a call, we’d love to stand in the shadows an watch you grow.
BY NICK SONNENBERG AND CARL PHILLIPS