Business Growth – What Business Are You Really In?
When you map out a plan for achieving 10x growth, it’s not enough to just make a few tweaks to your system and call it a day. Any business growth program for entrepreneurs should begin, well, at the beginning with one fundamental question: What business are you really in?
The strategic planning behind Drew Canole’s juicing system
Drew Canole a very successful and well known leader in the Nutrition and Wellbeing space, is known for helping people to lose weight and to improve their health through juicing. When you look at him, you see a good-looking guy who is vastly successful. But ask yourself – is Drew Canole really in the business of juicing vegetables?
Not at all.
Look at his mission statement. In it, Drew says that he is in the “improve the world” business. Now we understand Drew’s business better. The juicing is just one little piece of his overall campaign to improve the world. And with this larger mission in mind, Drew can now create a whole bunch of tools that add tremendous value to his audience and that all relate to his larger goal.
But if he were limit himself to being just in the “juicing” business, Drew would hit the natural ceiling in his industry (after all, there are so many different ways to combine fruits and vegetables, right?).
Scaling up a business card company
Here’s another example: a friend of mine has a very mundane kind of company: he designs and prints business cards. Now, is my friend really in the “business card” industry? Not at all. He’s in the “self-image” industry. The cards that he designs and prints improve the self-image of his customers. And my friend’s knowledge that he is in the “self-image” business opens doors to offer other products that can also help his clients to improve their self-image.
The first part of a strategic plan template
Any growth strategy that you pursue for your business should help you to get clear on what sort of product you are really marketing. Look beyond the basketball shoes that Nike sells and see the culture and exclusivity that those shoes represent.
Look beyond the Lexus sedan (the one with the Toyota engine) and see the status that car represents.
If you want to achieve 10x growth, find out what business you are really in and then make sure that everything you do is in harmony with it.