The Hard To Learn Business Skill That Pays Off Forever
Every business grows in chunks.
Unfortunately, most companies GROW – then they experience a CORRECTION, then they grow again, and correct again.
It’s literally a rollercoaster of growth spurts.
That causes PLATEAUS… and also a loss of motivation in your team.
So, if you’ve ever hit a plateau in your growth then this could be a game changer for you because today I’m going to reveal the best business skill I’ve found in order to experience steady predictable growth year over year in every industry I’m involved in.
Where Most Companies Go Wrong
It’s true that most companies fail to grow because… although they might be great at driving in revenue – they suck at creating simple systems that can SUPPORT THEIR GROWTH along the way.
In our venture capital firm – I spend the majority of my time reviewing a company’s PEOPLE and the SYSTEMS before EVER deciding if they’re worth investing time in.
Because if a company has a track record of ups and downs in their revenue – I know they have an unhealthy set of SYSTEMS. So that’s the first thing we would need to fix and a lacking skill on their current team.
But when a “HEALTHY COMPANY” hits an obstacle, here’s what they do…
…they get their team together (all hands on deck, all minds on board) and create a solution.
Then they take that solution, and they test it.
If that solution fixes the problem, they create a system around it so everyone knows EXACTLY how to solve the problem if it happens again. And it WILL happen again.
And finally, they put a simple process in place that says, “If this happens, then we implement System #23”.
Learning The Business Skill The Hard Way
Let me tell you a story about how NOT KNOWING THIS almost crippled us at one point…
Years ago – we introduced a new product that was $18K.
We used a 3 stage launch that was 3 weeks long.
Before starting the launch, I spoke to our merchant company. I detailed everything we were going to do, and signed all the paperwork that they wanted signed.
The first phase was for a product that was $697 and we sold 1,000 sets. The second phase was for a $1,997 offer and we sold we sold a hundred seats into that program. Then the final phase was $18,000 and we had 28 spots.
But as soon as we went live with the $18k program – within an hour we had sold 21 of those packages. Right after the 21st person bought – our merchant company blocked the account, and we had people calling our office begging to get those last few spots, but telling us our online system wouldn’t accept their payment…
So, my team called our rep who transferred us to the fraud dept. That department said that even though my company had been with them for over a decade, even though we had processed millions of dollars through them, even though we had one of the best ratings of all the companies they work with… they were putting a pause on our account. These were bigger transactions than they were used to from us.
Even though we spoke to them in advance – and told them everything.
They told us the only OPTION we had was to refund everyone and then fill out an application to get approved to accept larger individual transactions. Then after we’re approved, resell everyone using our new merchant account.
The Best Business Skill
I explained that we actually had a second option. Which was to take our business to another merchant who we could rely on. So I got my whole team together (all hands on deck, all minds on board) and within a day we had a new merchant set up. We called all our 18K customers, explained the issue and got them taken care of.
Then, we created a system around that and handed it off to someone on our team who took ownership of it . That way, if this every happened again – we’d be able to handle it faster and with less internal stress.
Now fast forward a year… I was in a Dubai getting ready to speak to a room of executives. That morning before I went to speak, I had a quick team meeting and my assistant told me that the night before, we had an issue with our merchant.
Implement Your Skill
The issue wasn’t on our end, but rather the processor had a technical issue that prevented all their customers (including my companies) from accepting credit cards.
Now, I have to admit, I got concerned…
My team was super kind and they listened to me rant… and tell them everything I needed them to do to fix the problem. Then Emily (my assistant) smiled and nicely told me to relax.
“We were alerted to the problem within a few minutes of it happening. Charles pulled the system that we built before, and called the guy who’s in charge of handling our merchant accounts. Within a few minutes everything was fixed.” She told me.
So there was no problem…
Because we found a solution, we tested it, we created a system, and then we installed a process that said – IF this happens THEN immediately run this system.
And then we gave ownership of that process to someone I trust – and they followed it perfectly.
Learn Lessons Fast
You need to learn lessons fast in business. Then systematize those lessons – so you’re not doomed to repeat them over and over again.
So, ask yourself… “What’s one area of your business that if you had a proven system in place for – your life would be easier and your company would scale faster?”
Write your answer in the comments on this video so I can see. OR share one area of your business that you already have a great system running.
What you’re going to find is that just the act of thinking about and writing down the area’s that you know should be systematized better – will help you get more clear on how to hit much bigger targets this quarter. Thus sharpening your new business skill.
So go ahead, list one area that you know should have a better system in place. OR one area that you already have a simple yet powerful system in place. Then LIKE and SHARE the video here so you’re FIRST to get access to more great topics like this.
MEET CHRIS GUERRIERO
Chris is an entrepreneur, investor, bestselling author, and advisor to a handful of high growth companies.
He has built four 8-figure companies, developed winning leadership teams in six industries, and designed business systems that predictably grow multi-million dollar brands.
He’s been featured in financial periodicals such as: Success, Inc, Bloomberg TV, and in Entrepreneur as a top entrepreneurs of the time.
In addition to his own companies, Chris is also an advisor, investor and equity holder in companies across a variety of industries, including health, medical, digital advertising, legal and real estate.