Are you a business owner looking to grow your business exponentially? Are you hungry for growth in every facet of your life? No matter what stage you’re at in your business, growth is not only possible but attainable. In this article, CEO and Founder of 4 Level Coach, Randy Stanbury answers these questions and more. Randy’s expertise and systematic approach to business growth, provides great insights to entrepreneurs and especially owners of contracting businesses looking to grow. In this article, Randy shares how Brian Young of Home Painters Toronto grew his business from losing profit margins and cold calling leads to exponential growth. You’ll discover what it takes to optimize personal and professional growth from Randy and Brian’s decades of combined experience!
What is one common characteristic of any entrepreneur? What is the characteristic that every person could benefit from having? The answer is having a mindset of GROWTH. A growth mindset means believing your most basic abilities can be developed through dedication and hard work. Whether your business is making millions in profit, or you are trying to learn how to optimize each and every contract to build more substantial revenue, a growth mindset will take you to the next level in your personal and professional life.
The First and Last PUNCH IN THE FACE You’ll Ever Need
Brian Young is the owner of Home Painters Toronto, a business that has made leaps and bounds over the decades. Brian started as a student painter to pay his way through school. When he graduated he took his talent for painting and turned it into a solid business built from cold calling lead generation.
Brain found success as a cold calling home painter, and for the better part of a decade, he refined this craft. Then, the rise of internet marketing and the decline of cold call lead generation left Brain and his business in a desperate need for change. Brian, like many beginning business owners, was great at what he did. However, the market was changing and Brian had to change what he was doing if he wanted not only to grow but to literally stay in business.
Brian was still using his old methods when one day, a potential customer became furious that he was cold calling during dinner. That customer gave Brian the wake-up call he needed to make a fundamental shift. No, it wasn’t the loss of his business, although that was a result, it was a virtual punch in the face!
This interaction helped Brian understand what so many business owners need to know early, GROWTH IS A NECESSITY. You see, the market place was changing and Brian’s old tactics were becoming dated. He needed to seek growth personally. He needed to become better in every meaning of the word if he wanted to keep up with his competition in the information age.
“Mindset of Growth = A Business of Growth”
The only constant in life is change. The market place will change, your competition will change, what you need to do in order to stay competitive will be to change. Most entrepreneurs are hungry to reach the next level, they either make a habit of pushing beyond comfort, or should be seeking that challenge constantly. Having a mindset of growth is fundamentally important. Remember, it starts with you! You are an entrepreneur, so you need to grow regularly in order to grow your business. Personal growth, becoming a better leader, a better entrepreneur, a better person overall will lead to the growth of your business and then business growth will result in higher revenue and getting your business to the next level.
Here are a few ways to seek growth:
- Seek a coach, whether it is a business or personal coach.
- Stay hungry, always seeking the next challenge, or strive to reach the next level
- Flight comfortability, success is a journey, not a destination.
The simple way to make this point clear is to know, “what you were doing yesterday, is not going to work today and whatever you’re doing today, is not going to work tomorrow.” If you can learn to challenge your beliefs about what you’re doing and why you are doing it, growth will undoubtedly happen for you and your business. And sure, these concepts are simple, but they certainly aren’t easy. It is a constant state of challenging yourself and seeking the growth necessary to get to your next level.
Delegation, a Muscle Worth Working For a Business Owner
As the business grows, delegation will be crucial. It’s the difference between having a job in your business versus having a business. As the business grows, your operations will increase. Undoubtedly, the only way to keep your head above water and continue the process of growth is to become comfortable with the process of delegation. For most entrepreneurs, this can be difficult, but it is absolutely necessary. One of the primary skills Randy teaches his clients is how to remove themselves from their day to day operations and allow the business to continue to grow without needing to put out every fire or handle every dealing.
In this growing business, it is important to remember to look at the metrics. When your business is smaller, maybe you can get away with having everything in your head. But, if you are keeping in the spirit of growth and planning for exponential business growth, (not to mention delegating out your operations), make sure you are looking at the metrics and systems of your business to ensure the growth and efficacy of your day to day operations. The goal for growth is scalability, and being able to step away from the day to day so your business can make money without you physically having to be an integral piece of those operations. That is the difference between having a business and having a job.
The True Investment For an Entrepreneur, Spending Money to Make Money
We’ve covered a lot about personal growth — how to help your business grow in operation — but what about how to grow clientele and a solid customer base? A lot of beginning entrepreneurs make all the common mistake of viewing the spending of money to make money as a cost. Instead, you should view this as an investment. Ask yourself, where are you investing? How are you investing in people? How are you investing in your marketing? If you make the mistake of viewing spending money to make money as a cost and only a cost, then eventually you will never see the value in the investment.
Take Brian, for example, there was a time when he only had a $500 dollar marketing budget. This consisted of lawn signs and business cards. Brian knew he needed to make a shift. He needed to invest in his marketing. Remember the punch in the face? Well, it got Brian thinking about a lot and an opportunity to invest $1100 dollars in a marketing campaign came around.
Now, he wouldn’t normally go for something like this, but he bit the bullet. Then, not even three months later, Brian hit a $50,000 week, something that would normally take him months to achieve. That was when he realized, though the $1100 was a cost at the time, the return on investment was exponential. That is truly a growth mindset. Now, Brian has an entire digital marketing team, because he sees the value in spending money to make money.
What does this mean for you? If you view spending money as a pure cost, you need to GROW your mindset. When you spend money on the right strategies, it is undoubtedly an investment that can have huge returns. Now, that doesn’t just mean throwing money at every opportunity that comes your way, it means making the most of the right opportunities. This in and of itself is a skill. Learning how to make the choice is not always easy, however, with the right amount of guidance it is something anyone can become great at. That’s something 4 Level Coach would be happy to help you with too. Remember, your mindset needs to be one of growth, that will allow you to properly grow your business, so you can grow your revenue.
Want even more great guidance on how to obtain the growth mindset necessary to exponentially grow your business and revenue margins? Then head over to https://4levelcoach.com/randy-stanbury/podcast/ and listen to the entire podcast where Randy and Brian share even more tips and tactics than those summarized in this article — and detail how a growth mindset will benefit contractors and any entrepreneur.