Disruptors Caffeine Cast: How Fast Should You Really Grow [Business, mindset, entrepreneur, disruptors]
“I believe you can grow too fast, if you’re just obsessed about growth, things will break”
Growing your business empire is a goal for most entrepreneurs, but how do you do this successfully? In this episode of the Disruptive Entrepreneur, Rob discusses Growth. He discloses his top tips on how to grow your company's success as well as discussing common shortfalls of how attempting growth can fail. Listen today to find out more about how to grow your company.
KEY TAKEAWAYS
- REDUCE YOUR RISKS- Collaborate.
Reduce your risks in the testing phase or growing your company. Progressive is looking to expand globally. Test by using a partner, they will have their own contacts, their own resources. That way, I don’t create overheads, I don’t create fixed costs and I don’t really have much risks.
I am a big believer in collaborations, I know a hugely successful events company, and I always wondered how they consistently filled out huge events. I then found out they have a central company in America, and then what they do they find the big promoters in the countries and they partner with that promoter. They have one hub and they have global partnerships, that dramatically reduce your risks.
If you’re in property, just see every new purchase, builder or mortgage as a test. Then, when you find a good one, do everything you can to keep them and that partnership.
- PUSHING GROWTH- Capacity
How far do you push growth? I think this depends on your personality, your available resources, experience, your systems, your capacity your capital resources, human resources, etc.
There is no hard and fast rule. You want to build a good sense of self-awareness. What is your capacity for what you can take on? There is a really fine line between being on fire and being overwhelmed.
Growth forces you to improve your systems, improve your mindset. Sometimes, being pushed too much is fine, but I think you have to test the capacity of what breaks.
What is your previous experience? For example, if you have never bought a buy to let before, how do you know how many you can handle?
I have business mentors that have a mindset ‘don’t hire anybody until something breaks’ I would have other people that would argue ‘hire in first, so things don’t break’.
A common entrepreneurial trait is to never say no. This is both a blessing and a curse. Remember, when you get to maximum capacity, you need to learn when to say no.
- WHAT IS YOUR END GOAL?
What do you want from this business? Some people want a lifestyle business, they want a passive, recurring income. They want to work from their laptops for a few hours a week. If this is your goal, you must learn to say no. You have to slow growth down.
If you want to be an active entrepreneur, you may have just a year to replace your income. You have the time and desire to hustle hard you can then take on a lot more.
It is the continual building of self-awareness to know what your limits are.
- CONTACTS
You have to build your contacts. If you have three really good brokers, you can probably buy a few deals simultaneously, if you have never used one before, then you have to go through the pain of finding one. If you have refurb teams, that you can entrust to run multiple contacts simultaneously then you can handle the capacity to do multiple refurbs at one. If you’ve not got this, then you would be unable to do this.
Growing your contacts will grow your business.
- CAPITAL
The available capital that you have to spend on growing your business will reflect the growth. If you have more than enough capital, you can scale a bit quicker. If you do not have this, then the growth phase will take longer.
BEST MOMENTS
“Some people often say that in order for businesses to be successful they have to be ever-growing, I'm not sure I agree with that”
“I believe you can grow to fast” “if you’re just obsessed about growth, things will break”
“Growth forces you to improve your systems, improve your capacity, your mindset.”
“find and hire smart people to give them a little bit too much to do and then get out of their way and let them do it”
[Business, mindset, entrepreneur, disruptors]
VALUABLE RESOURCES
ABOUT THE HOST
Rob Moore is an author of 9 business books, 5 UK bestsellers, holds 3 world records for public speaking, entrepreneur, property investor, and property educator. Author of the global bestseller “Life Leverage” Host of UK’s No.1 business podcast “Disruptors”
“If you don't risk anything, you risk everything”
CONTACT METHOD
Rob’s official website: https://robmoore.com/
Facebook: https://www.facebook.com/robmooreprogressive/?ref=br_rs
LinkedIn: https://uk.linkedin.com/in/robmoore1979