By far the most common mistake CEOs and business owners in the UK make is relying on a single factor to keep their business afloat.
You should never place all your reliance on one thing. Not:
❌ One product… ❌ One customer… ❌ One superstar employee… ❌ One sales funnel… ❌ One source of leads… ❌ One appointment… ❌ One action… ❌ Or, one source of revenue.
Relying solely on “that one thing” can deal a devastating blow to your company’s growth and significantly limit your top line. Simply put, if you place all your eggs in one basket — be it a product, customer, or anything else — and that one thing falters, you’re left with nothing but a significant gap in your revenue generation. This is why the primary distinction between businesses that flourish and scale, as opposed to those that stagnate and fail, lies in the number of channels and strategies they employ to augment their revenue.
If your business has too few channels and strategies, you won’t be able to sell products and services in sufficient quantities or at prices high enough to generate a substantial cash flow needed for sustainable growth.
Therefore, I would like to share some strategies for adding £10 million to your business’s top line. These strategies have been successfully employed across 15+ businesses I’ve established, and together, these companies are projected to generate £500 million in revenue this year. Each of these businesses has consistently grown their top line every year, thanks to the implementation of these ten strategies. Furthermore, I continue to initiate and collaborate on new companies because I am confident that by employing these ten strategies, the business will experience growth.
Here are ten strategies to boost your business’s top line by £10 million:
- Prioritize Sales and Marketing Above All Else
In the business world, money follows attention. In other words, you either become known or you fade into obscurity. I have been reiterating this for as long as I can remember, yet people still ask me why I am consistently promoting my business and brand. Some critics have accused me of bombarding social media daily (and I appreciate their input). Many so-called “professional marketers” used to use me as a prime example of what not to do on social media… Until, within a few short years, my brand catapulted onto the global stage, I became Forbes’ top marketing influencer, amassed over 10 million followers, and began reaping significant profits. Then, some of my critics woke up and became fans or even partners.
The reason I promote, promote, and promote some more is simple: in business, “if people don’t know you, they can’t do business with you.” You may have the best product in the industry, but if nobody knows about it, it might as well not exist. You may offer the best service, but if people are unaware, they simply won’t care. In other words, “being the best-known always trumps being the best.”
And this isn’t just a catchy phrase; the marketplace consistently validates it. Coca-Cola doesn’t produce the best beverages in the world; in fact, most people agree that Coca-Cola products are unhealthy. Yet, they are possibly one of the most recognized brands globally. The result? They dominate their industry and rank among the top 10 most valuable brands globally. No other beverage company even comes close.
McDonald’s doesn’t make the best burgers, but it’s the most valuable restaurant chain globally. Similarly, Starbucks doesn’t brew the best cup of coffee, but year after year, it competes with McDonald’s for the top restaurant spot worldwide.
None of these brands necessarily create the “best” product in their respective industries. Customers could potentially find something “better” elsewhere. However, none of their competitors have achieved the same level of recognition, and that’s where the real wealth lies, because money follows attention.
This is why sales and marketing must take precedence over everything else in a business.
Marketing is all about garnering attention, while sales revolves around converting that attention into revenue.
- Concentrate on Your Product Rather Than Price
If marketing garners attention, and sales converts that attention into revenue for your business, then if your business isn’t generating sufficient revenue, it’s likely due to objections customers have regarding your product.
It’s crucial to note that these objections typically pertain to the product itself, not its price.
Hence, the next strategy for boosting your business’s revenue by £10 million is to focus on your product. Ninety percent of making a sale involves delivering the right product, not necessarily setting the right price!
To do this, you must understand what the buyer genuinely values from both a passion (desire) and logic (problem-solving) standpoint.
People make purchases because they:
- Love the product.
- Need the product to solve a problem.
- Have confidence that this product will meet their needs.
- Trust the seller – an established seller-buyer relationship.
Do not allow anyone on your team to convince you that your pricing is the primary obstacle to sales.
Anyone can sell products cheaply, but only a true master knows how to build value in their product and company. Allow me to share a master’s tip: one of the simplest ways to increase the perceived value of your products is to offer a wide range of products at significantly different price points. If you have one product priced at £97, another at £497, and another at £1297, you’ll be able to illustrate the value of each offering in your prospect’s mind. When customers encounter your products, they’ll naturally compare each product to those priced higher and lower. By presenting higher-value products, customers will subconsciously see the sense in all the products beneath them. It’s much more believable that a £497 product is as valuable as you claim when you can deliver a £1,200 or even a £12,000 product.
The greater certainty you create regarding your product’s value, the more sales you’ll generate. Perfecting your offerings is just one facet of your business cycle; you still need to address the other five to maximize revenue. To generate as much revenue as possible, you must 10X your entire business cycle.
- Establish Operational Systems
Many business owners assume that their employees instinctively comprehend their vision, business goals, and the necessary actions to achieve them. However, in reality, most employees do not fully grasp what the business owner aims to accomplish or how to do so.
This is because most business owners neglect to implement operational systems that help predictably generate additional revenue for the business.
In my businesses, nothing is left to chance or assumption. We have standard operating procedures and systems for every essential action. Employees know what’s expected of them, and if anything is unclear, they know who to consult for clarification. Every action is measured against targets, and adjustments are made if we deviate from the mark.
You must develop and implement systems that allow you to create, sell, and deliver your products consistently.
By eliminating uncertainty and friction within your organization, you can reach a larger audience, close more deals, and offer more products and services.
Operations enable you to work smarter, not harder. Without them, your business won’t maintain the consistency required to add millions to its top line.
- Utilize Finance to Engage Others in Revenue Generation
Many business owners mistakenly believe they have a comprehensive financial strategy in place just because they have a bookkeeper, accountant, or perhaps even a full-time CFO.
In reality, a financial strategy that can contribute £10 million to your business’s top line encompasses more than mere accounting or revenue collection.
It entails understanding how to structure compensation and deals to attract, retain, and align exceptional individuals within your organization so that they are incentivized to boost your top line. In my own business, this involves commissions, performance bonuses, and residual income from deals they close.
For most individuals, financial incentives are strong motivators. Discover how you can 10X your business by aligning your company’s financial objectives with your employees’ financial goals and working collaboratively to fulfill everyone’s aspirations.
- Attract Exceptional Talent to Your Organization
A common lament among many business owners is, “I can’t find top-notch talent.” In reality, they may not be attracting exceptional individuals to their company.
Before engaging with potential candidates, create a comprehensive list of all the job requirements you require. Include aspects related to the position’s impact on your company, its growth potential within your organization, and what candidates can expect in terms of future prospects (be transparent about the role and its challenges).
Craft a compelling offer that overcompensates (yes, overcompensates) them for their work. In all my companies, I offer above-market compensation. In return, I expect a high level of commitment and performance from them. Because we have the right operational processes, the right products, and financial incentives that motivate employees to work diligently, I am content to attract the best talent by offering competitive compensation. Consequently, my employees are fully aligned with our company’s mission.
These are the initial five strategies I have employed to add £10 million to over a dozen businesses and counting. I know I promised to share ten strategies, and you will receive the remaining five shortly. I will soon be departing for the Bahamas for the 10X Couple’s Retreat, so I must conclude for now. I will provide the remaining strategies in the next edition of 10X OWNER, which will be delivered to your inbox next week. Don’t miss out; we will delve into leadership, culture, partnerships, and more.
Grant Cardone