About the Episode
Rick Jordan offers 3 proven strategies that will help you grow and maximize your business. These 3 solid strategies will help your business operate successfully, attract investors, secure funds, and draw in talent.
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Welcome back to ALL IN.
I’m your host, Rick Jordan. Today you get me and all me.
We’re going to talk about How to Grow your Business and how there are only three ways to really grow your business.
Before we dive into that, I’m going to ask you to do one thing. Share this out with at least three people, because that’s the only way that we can grow and can help more people, just like this is helping you today.
We don’t promote much of anything, we don’t take sponsors. The only way we can help more people and impact more people in this world is with your help. I am asking for your help right now to share this with three people.
I’m going to give you the three ways today, the only only only only three ways to scale your business.
You could be at various stages of your entrepreneurial career right now. One may be ‘Hey, I got this idea, how do I start this” and we’ll talk about how that applies to the three ways you might be in the middle of it right now to where you’re growing.
Maybe, you have a little bit of momentum going. And you’re like, ‘oh man, how do I get past this next hump’, I’ve talked about the rule of ones and threes in business and how those are different plateaus and milestones, specifically in revenue, 100,000, 300,000, 1 million, 3 million, 10 million, 30 million, 100 million, so on. Those are the milestones that you reach. What got you to that point, will not get you to that next milestone.
Or the last person that might be listening, maybe you’ve sold your business and at this point, you are gone, you have exited, you have gotten to the point to where you are like, ‘Hey, this is as far as I can take my business right now, I’m out.’
That is a good place to be, because there’s nothing like sitting back in your chair, where you just received a huge payday for what you’ve built over the years
You might be thinking, ‘Man, it was time to get out’, maybe for a number of reasons. Whatever your reason was. Or some of you might be thinking, ‘Man, if only I would have known this, I could have grown it a little bit bigger and gotten even more value for my exit than what I did’. You may be thinking ‘If only I had this knowledge to take just a few more steps.’ We’re going to talk about that today with The Three Ways to Scale your Business.
The first one and this applies most definitely to startups, but it applies across the board too. Because there’s this thing that we talk about in business called the cost of acquisition, I’m not talking about buying another company. That’s what I’m doing right now, which is one way to fulfill this.
But the first way is: more customers. It’s probably the most obvious way.
We’re gonna go from the most obvious to the least obvious
The first way to scale your business of the only three ways is more customers. And this means getting down to it guys, when I started my managed service provider, my MSP, the only thing that I focused on was gaining more customers, period. That’s it.
I knew that more customers equaled more revenue. It’s quite simple, right?
I needed to acquire more customers. I did a lot of different things to try to do that.
I would go door to door, I would establish relationships. Another way that I would do it, is to simply ask for the referral, we still do this today, you also need to be doing that.
Don’t be ashamed to ask for a referral from your customer base that you have, if you create an awesome experience with your customers, to where they’re just wowed by you, you should be able to ask for a referral.
In ReachOut, we like to say that ‘We create holy sh*t moments.” We love our customers. And this has actually happened out of an experience with a customer. Where we just wowed them so much that they just came back in a meeting and said, ‘Holy Sh*t.’
As soon as they see the results and the outcome of our interactions. This is why we exist right here, at this moment. When you create those moments, that’s the time to be asking for more referrals.
Then, right then and there, ask, “Hey, wasn’t this an awesome day today? Wasn’t this an awesome experience?” Say whatever way comes naturally to you and your own voice. Then ask “Hey, you know, what? Do you know somebody else that I can help?”
Very similar to the beginning of the show, when I asked you to share this out with three people.
Why do you think I asked for your help?
Because I want to impact more people.
That’s the reality, you want to increase your revenue. And I have to believe that most who are listening, that’s you, you are listening.
You want to be able to serve People and help people too, because the more people that you’re able to serve, the more money that comes.
The canvas outside my office says ‘Serve First.’
That’s all that it says.
Because the money will follow.
The first way to scale your business, out of the only three ways, is more customers.
You could walk door to door, handout flyers, whatever it is that you’re going to do.
We’ll get into social media ads, because that applies a little later.
But, that acquisition cost when you’re starting out, especially if you’re starting where I did — with no capital and no investors. I literally had no dollars, nothing when I started.
The biggest way is to land your first customer, because that customer can provide more referrals to you.
Then when you move up in your revenue amount, when you can actually afford to put dollars towards social media marketing, or direct response marketing, then you can start to spend money on that.
After I got to a certain point. As soon as I was generating income for myself, a regular paycheck of around 60k a year. I know that was cheap. That was stupid cheap. Stupid low, not making much money. But making $60,000 a year, annually for my business, when I first started 11 years ago. It was at that point when I began saying to myself “Now I want to put some money into marketing, because I’m going to reinvest some of this, rather than taking more out”.
Therefore, I reinvested more into my business, in order to do the first way of scaling your business, which is more customers and customer acquisition.
The second way, out of the only three ways to scale your business in order to grow your business, is to spend more and to get your customers to spend more.
That might be offering something brand new.
I have done this time and time and time again in my field, because cybersecurity, believe it or not, was not that big of a deal a decade ago.
I would find different ways to offer new services, in order to bring new value, I would add new and exciting services.
The only way to justify a higher price, is to add more value.
Then, I would go to my existing customer base that I already had and say, “Hey, we’re offering this new service, do you feel this would be of value to you?”
Most of the time, they would say ‘yes’, because I already had that trusted relationship. I already created those holy sh*t moments for them.
My existing customers would pretty much say ‘yes’ to anything that I would say and they would never hold back. If I had an awesome new idea that would bring legitimate value, they would spend more in order to obtain that value.
Now you’ve just increased your revenue, and you’re scaling your business without having to market outside and gain more customers.
Number one, I have literally doubled my revenue in one single year. Just by offering new services that they actually needed.
You just provided something that they need, therefore there is value to them because of what you are doing for them. Then they spend more.
This could be established with upsells. If you are in a business where you have packaging and pricing and you have different tiers, you can upsell and bump them up.
In my business, I fully believe in just one plan. That’s it, because it’s just how it is.
I know the right way to get the job done. And I’m not going to offer them some crappy lower plan that doesn’t give the value that I know they’re going to need.
They’re going to be knocking on my door, hating my guts when something goes wrong because I sold them my bottom tier plan. I don’t do that.
It’s like Apple Products, if you want a Macbook, then you want a Macbook, right?
If you want an iPhone , then you want an iPhone.
There might be different levels of iPhone depending on what camera you want and everything. But basically, most of the iPhones do the same freaking thing, right?
They’re only appealing to people that want to pay different prices. But Apple is still, for the most part delivering the same experience on all of their iPhones. It just looks a little different from iPhone to iPhone.
Apple has ways to get you to spend more money.
For example, Airpods. You know all these ciliary services, these accessories, what can you add that you’re not doing right now for your customer base and it might even be something that’s outside the box, something that’s outside of your space.
I did this before I was a cybersecurity company.
I’m not an insurance carrier and I’m not an internet service provider. But what did I do?
I started selling insurance and internet services to our clients through brokers, which we got a commission for. Our customers were spending that money anyway. All I did was take that revenue away from one company, to another company that will pay me for selling that service. It was the simplest thing in the world.
There are things that you can do that are outside of the box and outside of your exact niche, competency and skill sets.
The second way to Grow Your Business is having your customers spend more.
This is rapid fire today, are you ready for number three?
The last one, number three, is to get your customers to buy more often.
For example, in my business, we have customer engagement rhythms. This means that there are set meetings: monthly, weekly, and semi monthly, for different purposes. This is how we have and maintain touch points with our client base.
These touch points are really just identifying pain points. In order to create sales opportunities to add more value and to make more revenue. This is how we scale our business.
The third way is to get your customers to buy more often. So what kind of rhythms can you put into place, in your business, to have these touch points?
It could be a drip email sequence. It could be something else that you learned, where your don’t have just one single transaction, then you don’t talk to him for a year.
This is one of the ways to get your customers to buy more often.
You could be a CBD company and have 50 different CBD offerings. But your customer only buys two products. You could send them an email, ask them to buy more often, or let them know you are running a sale
The customer engagement rhythms that my team has with our existing customer base in order to present those opportunities on a regular predictable basis where the math always happens. And they always say “yes”, because they’re just waiting for more value.
This is so important to grasp. Your customers are always looking to be provided more value even when they don’t tell you.
So when you present it in front of them, that puts you in such an amazing light and they feel cared for. They feel like you have their best interests in mind.
You are bringing them something else to buy. They want to buy what they need.
When you first sign them on – this is important for sales – You want to sell a customer what they want. And then you ease them into buying more over time, including what they actually need.
It’s a much more difficult conversation of ethical persuasion in sales, to try to sell them what you know, that they need, when they don’t know that they need it.
Your customers do know, most of the time, what they want. And that’s the bridge, the meeting point. Then over time, for your customer to continue buying and getting them to buy more often, is to continuously present them with more opportunities, more frequent opportunities to buy more. That’s it.
There’s no more ways people.
There’s only three ways to scale your business. Only three ways to grow your business
One: More customers.
Two: Get them to spend more when they do buy.
Three: Get them to buy more often.
Have an amazing freaking day.