Why Your Business Is Not Doing 8-Figures (yet!)

Is your company struggling to hit the eight-figure mark? You may only need to change one thing in your business to get you there. 

In this episode, Chris explains the number one reason businesses stagnate at six or seven figures.

You’ll hear how he helped one company get over that roadblock with a plan sketched on a napkin, and how even the biggest companies in the world use this tool consistently.

Don’t put a nail in the coffin of your growth. Tune in and find out what you can start doing today to get over your income plateau.

If you don’t believe that surveying your customers and testing and tweaking your existing products is important… you’re losing ground on your competition.

In this Episode:

• How Chris helped a company go from six to eight figures with a plan sketched on a napkin
• The number one reason companies fail to grow to eight figures
• The best place to start if you don’t have systems inside your company
• How a company with over 200 brands makes sure that their customers are happy
• Are you losing ground on your competition?

Find out exactly what aspect of your company is the current weak link that, if fixed, will help you scale faster and more successfully.

Go to BuiltToGrowReview.com and see insights on how to fix everything that might be out of whack and holding your back — for free.

Enjoy the show? Check out the most popular episodes of Built to Grow!

• Acquisitions Made Easy
• 8 Mistakes I Made Scaling My First Business
• How to Develop a Strong Business Culture

Transcript:

If your company has been in the six or seven-figure range for more than three years, it might not be your fault. There’s one reason beyond every other that holds companies back from hitting the eight-figure mark, and I can sum it up in about less than a minute.

There’s a company in my advisory program, it’s doing about $30 million a year in sales now. But when they got in, they were far less than that. I think they were doing something like the high six figures when I first met them and I remember our conversation when I very first met them. I had just gotten off stage at a workshop and one of the owners had come over to me and wanted to talk about getting into the advisory program, but at the time they just didn’t qualify.

For those of you who don’t know how my program works, I work one on one with a small handful of companies to help them grow and we have a stellar track record. But I won’t work with a company if I think that the cost to work with me is going to burden them. At the time this company just wasn’t making enough profit to afford to get in. But we did have dinner that night. We went over one thing and it was one of the main reasons most companies was struggling to break the eight-figure mark.

Why Companies Struggle to Hit the Eight-Figure Mark

That dinner changed his path and probably his life. And less than a year later he qualified. He got into Club 28, which is the name of my advisory program. One of the main reasons why companies fail to grow from six or seven figures to eight figures is because they don’t have systems in place to handle all the most important aspects of their growth.

In my companies, we have over a hundred systems that my team uses to keep us moving forward smoothly and predictably. We have people who take ownership of those systems, so they’re always being updated. When we find a better way to help customers or to reach more people with our message, they update them. For example, serving our customers as an example. This is just one area that we have systems for. But it’s a really good place to start here because most companies literally skip this step.

But it’s the one area that that particular company used to go from six figures to eight figures. Now, don’t get me wrong, they were already great. I mean super at a lot of things like probably you are also. Every company has its core competencies that they’re great at. But they weren’t surveying their customers about their products.

Sketching A Simple Plan

So I literally sketched out this very simple plan for them. It was on a napkin, sketched it all out, and this guy took it and he actually implemented it. You’d be surprised how many people see a good thing and they don’t take action on it. They don’t implement it and then they miss out on all the growth. Or they think, this is too simple to work for me.

Not long ago, I was invited to the corporate offices of Nestle in Vevey, Switzerland. And I sat around the boardroom table with their VPs. I spent the greater part of that day talking about how they take every one of their products through a focus group every six years to determine if that product is going to remain on the shelves or if it needs to be improved. Or if it needs to be taken out of their product line entirely.

The amount of resources that they were telling me that they put into that is astronomical. Yet they work on this every day. It’s important to them. They survey their customers, they run focus groups. Because they’re not scared to invest that time. That company, which was started by a man whose goal was just to make baby food to help nourish malnourished babies, now has over 200 brands 29 of which are generally more than a billion dollars a year.

Why Companies Fail to Scale and Break the Eight-Figure Mark

So if you don’t believe that surveying your customers and testing and tweaking your existing products is important, I respectfully say maybe you’re losing ground on your competition. Definitely, you’re putting a nail in the coffin of being able to go from six or seven figures to eight figures and beyond. Now that’s one of the biggest reasons that companies fail to scale or hit plateaus in their scale.

But there’s a lot more. If you go to Build to Grow Review and you take the free Build to Grow Review, you’re going to get deep insights into exactly what parts of your business need to be fixed and also you’ll find out how to fix them. Again, it’s free and it’s a powerful tool that high-growth entrepreneurs just like you use every six months or so to keep an eye on their business so that they know what needs to be fixed before it starts to slow their growth. It’s BuilttoGrowReview.com.