The world is in an exiting time where the ability to 10X your company is at anyone’s reach. I have been speaking lately with numerous entrepreneurs who have 10X’d their companies then sold them (sometimes they have sold multiple companies).
I was very interested in the 10X or die mentality and wanted to share some of the key takeaways from these conversations. In the tech game, this has come to be a common terminology. The concept is that either you out-innovate and grow quickly or get squashed when someone else does. This originally tech based mentality is spilling out into a variety of sectors and is something you should consider as you scale whether you are in tech or not.
Your goal may also be to continue to operate the scaled Company. Regardless of your intentions, the path is often the same.
Step 1: Envision
Start with the Future. Envision what your 10’d company looks like and how it will operate. This allows you to determine the scalability of your company. Envision who your customers are and how you will provide value to them.
Step 2: Identify Processes
Analyze the present. Look at your current operations and identify processes that will help you get from current operations to scalability. Empower staff and create processes that help them excel and duplicate. Be systematic.
Step 3: Implement, Review, Refine, Scale
Implement your processes. Continue to look for ways to improve and refine. When you run into an issue, deal with it and then brainstorm how to prevent it from occurring in the future. Learn from every mistake. Encourage your team to think outside the box and offer suggestions for improvement. Once you hit your flow, 10X is in your reach.
Sounds easy doesn’t it? It isn’t. Each entrepreneur I spoke with thought at one point or another they would fail. They picked themselves up and pushed through the obstacles. You can too.
Virtual Heights Accounting is a CPA firm that operates in the virtual world. We provide virtual accounting, Virtual CFO and Virtual Controller services for your growing Company. Let us scale and refine your processes through automation. Contact us at www.vhaccounting.ca/contactus or follow our blog on your chosen social media source.