When multimillionaire and best-selling author, Grant Cardone, led his first seminar centered around business growth, he likely had no idea the influence his term “10X” would have on businesses worldwide. Today this term is popularly known in reference to a ten-fold growth in business profits. When it comes to B2B companies today, a 10X increase in profits is an ideal that many entrepreneurs wish to reach, but many fall short of. So just how does one achieve 10X earnings for their B2B business? The first step is to draft a winning business plan. Throughout the following paragraphs, we'll be taking a look at some strategies B2B companies can use to create a 10X business plan that is sure to turn any small B2B company into a profit-generating machine.
Develop and Cultivate a 10X Mentality
Developing a 10X mentality is the first step toward building a solid business plan that is capable of delivering ten times the profits a small business or startup is currently experiencing takes a bit of finesse, and a mindset centered around success. To develop a plan for increasing profits ten-fold, one must develop and cultivate a mentality that can accommodate such a reality. Everything done on behalf of a company should be done with the intention of accommodating for expansion and growth up to tenfold within the next year. Business owners must realize that to achieve such growth, they must plan to expand their teams in such a manner, as well as any additional roles that may seem daunting in light of any new growth or expansion.
Help Someone or Fulfill an Unmet Need
The most successful B2B businesses arise out of the ability to meet an unmet need in the business world or merely a service that helps other companies succeed, such as CRM Software focus on your niche or vertical of expertise, and think of any unmet needs that exist within this industry or niche. If there are common themes that are present in many opinions and employees within a specific industry or niche, this may be your unmet need. Other successful services or businesses that exist in the B2B space surround the ability to help others. Such services entail anything that entrepreneurs or employees within a certain field can use to help make their daily on-the-job tasks flow smoother, or easier. If you're able to develop a useful tool or solution in the B2B space, it is only a matter of time before it catches on, and can generate 20X profits with the right planning.
Plan Your Business and Team Around Big Growth and Expansion
To support profits up to ten-fold, you must have a 10X team to support your growth. This means that investing in a competent, reliable team that has the potential to bring your company to new heights is critical. Innovative individuals who will work to enrich your company, and market your services through positive word-of-mouth is a high starting point. It is also imperative to hire staff who are passionate about your company goals, vision, and culture. When your employees can see your vision and feel passion for what your company is doing, it is an easy way to begin spreading the word about your product or services effectively. Research shows that the majority of marketing businesses rely on is consumed by 80% word-of-mouth recommendations and 20% marketing. The influences we receive from our peers are powerful, so if a company can develop a substantial following that will spread, this is a crucial component in developing a 10X business plan with a steady growth and expansion strategy woven within.
Know the Value You're Providing
When a company can quantify, and place value on the product or service provided, and stand behind this, the value will, in turn, be relayed to the target B2B audience. Since much of this population focuses on numbers, ROI, revenues, sales, etc. these components will be key to attracting 10X profits. The value should be determined at the beginning of the first initial business plan. Once value can be determined, it will be easier to place a value on estimated profits and revenue goals for the years to come. If a company can prove that the value they are providing far surpasses the costs to B2B consumers, chances for an increase in growth and profits will be high so long as the service or product is helping someone or fulfilling an unmet need.
Focus on Your Capabilities and Results
When companies have a detailed, and realistic grasp of their current capabilities and results, it makes the act of planning for the future and creating a 10X business plan more of a success. In focusing on your skills as a company, entrepreneurs can expect to maximize on such strengths and adjust their functions, teams, and strategies in such a way that allows for an increase in capabilities to facilitate growth, without compromising on the current success rates or results.
Define Clear Goals
The clearer a company's goals are laid out in the business plan, the more set up it will be when it comes time to measure, evaluate, and track results over time. As goals are reached, and a company grows, these may change and evolve to support further growth. This is a healthy direction for companies as they plan to expand and grow, so long as the goals remain defined and are realistic.
Map Your Strategy for Success
Once a company has the mentality set for growth and expansion, a mission based on fulfilling an unmet need or helping someone, with a plan that accommodates for growth and development, while knowing the value it is providing and is focused on its capabilities and results with defined goals, it's time to develop a strategy as to exactly how profits will go from the current state to ten times what they are today. This strategy should be designed in such a way as to maximize the strengths of a company while leaving the possibility open for further growth in the future. Expansion and team development are essential for 10X growth, and if companies want to indeed achieve such goals, it all starts with a winning business plan.
Rohit Prasanna brings in about 15 years of digital marketing experience and has been an advisor to software start-ups in the mobile and SaaS areas. Before getting into startups, Rohit worked in various marketing, and product management roles at Unisys, Dell, and IBM. Specialties: Digital marketing, building and growing companies, marketing, business development, M&A.