Success is a universal desire, yet everyone has their own ideas of what success means. Simply owning a business could have been your ultimate end goal so, if you’re content wherever your business is on the totem pole there’s no reason to read further. However, for those of you who have further business aspirations and want to see their small operation morph into a top contender of your field, this is the article for you.
Yes, It’s Possible
Not all corporations start out large; many originated from humble beginnings that had to climb and persevere to the status they are now. A wonderful example of this is the story of Sam Walton. Back in 1950, Sam opened his first retail store in Bentonville, Arkansas. Using the technique of scoping out competitor prices and marking his down slightly from theirs, his shops grew immensely in popularity. This eventually enabled him to gain enough capital to open a second shop in Roger, Arkansas. You recognize these retail operations today as Walmart. Walmart is currently in all 50 states, 14 foreign countries and has an annual gross profit of over $120 billion. It employs more people worldwide than the population of Houston Texas. Ninety percent of all Americans live within 15 miles of one. You might not be the next Walmart, but on the other hand you might be.
The Key Master
The phrase “confidence is key” is to keep in mind during an expansion. However, after you get through a few doors, there will be more than just your confidence needed to unlock the next door and move forward. You’ll attempt to open a door and fail and you’ll either need to find a new key or give up on that door completely.
Some doors are reinforced, so kicking them down isn’t always a viable option, and if it is an option, it’s possible to damage the success or opportunity on the other side. You can always try to pick the lock, cheat the system, but that’s not the honest way to go about it and you risk breaking the lock entirely rendering the door into a wall. So, this begs the question, what keys do you need and where do find them?
You can ask a friend if they have a key or refer you to someone who might; alternatively, you can hire someone to create a key for you, or you can do the grueling work of crafting the key from scratch. At the end of the day, it all comes down to utilizing your available resources intelligently to move yourself forward. Don’t fear asking and don’t fear working; sometimes those are your only or best options.
Success & Failure (accept both into your life with open arms)
If you can’t accept failure, success is never going to accept you. Nothing truly spectacular that has longevity started at the pristine level it’s at now. It takes countless hours, days, weeks, months, years of trial and error. Finding out what works and what falls flat is all part of the process of prospering. People who know how to handle losing are always better winner.
Love a Critic (distinguishing between helpful & harmful critiques)
When you accept the fact you’re not always right, you’ll have the adequate mindset to grow. Knowledge is power, but delusion of intelligence is a weakness. When someone gives you criticism try your best not to get upset. Hear the person out and then think on it. Don’t dismiss nor accept immediately, just consider. Once you evaluate for a decent amount of time then you should decide if what they said held any significant weight. But, remember, your best critiques come from someone who has already achieved the level you are aspiring to. Listen to criticism but filter it accordingly.
Jack of All Trades Don’t Get Paid like Experts Do
“I fear not the man who has practiced 10,000 kicks once, but I fear the man who has practiced one kick 10,000 times.”- Bruce Lee
If you offer 20 different services (although variety is great) you’ll only be a novice at all of them. If you knock it down to just a few, your skills will be more specialized in those fields. Scrap what you’re just okay at and get tunnel vison for the things you’re best at. That’s how experts are made- organize your focus and execute accordingly.
Define Your Demographic
Chuck E Cheese vs Dominos. Knowing which demographic gives you an incredible competitive advantage, even if your product isn’t the most superior in the same market. For example, it’s safe to say in terms of quality, Domino’s pizza is better than Chuck E Cheese (CEC). But does this get in the way of CEC being unsuccessful? Not by a long shot. This is thanks to market segmentation; they know their demographic (children between the ages of 3-8) and market to that age group aggressively. That’s the key to their success and longevity.
1+1=2 (small companies that combine make bigger companies- Simple Math)
When all else fails, it’s wise to consider a merger. Finding a company with identical services and goals to compliment yours could be a huge step in elevating your business venture to a whole new level. The challenge is finding that ideal company to merge with. Like the research you’ve done to evaluate your market, it is vitally important to do the same level of research in determining the best company to merge with. After all, you don’t want all of your blood, sweat and tears to go to waste with one bad business decision. Take your time…ponder and make sure a merger makes sense for your business expansion efforts.
If you are planning an expansion for your business and would like to partner with a company that can assist in developing the right marketing strategy and tools to achieve your goals, consider partnering with the team of XLDesign4U.