Author: Michael Clarke, Life Change Mentor and Author of the Success Books, Founder of Men in Business
That’s not possible you may be thinking?
Or maybe you’re thinking that you don’t want to grow your business that big? Well let me tell you that it is possible and it is just a matter of self-belief and confidence in yourself.
I’m Michael Clarke and was part of successfully growing a business in the events and construction industry to $12 million revenue in 3 years from start-up. There was no short cuts or special tricks to this abundance of growth in a short time, however what we did have was the self-belief and confidence in our abilities.
The business started with 3 of us working out of a small office and doing everything such as sales, marketing, procedures, design, picking, packing, you name it we were doing it.
Alright that’s enough of the finer details for now and let’s get straight into how we did it.
Without the partnerships we developed this growth would have never occurred. We did partnerships with manufacturing companies to provide us products on consignment in exchange for a larger product sale price. We built amazing partnerships and rapport with our clients via offering them ideas and solutions for their projects.We cared about our suppliers and clients, which is one thing you must do to assure you have great success in business. We cared that much that one of our labour suppliers came to me in a panic saying he had no money in the bank and he was going to have to close his business and could I help. I looked at his books and we made the decision to purchased 80% of his company and assist him get out of trouble. That business alone did $5 million.
All our partners had previous business experience and had experienced hardship in business which took us a long way in making this business venture a success. You will always have ups and downs in business and it is just a matter of how you deal with the downs that determines if you will achieve success.
3. Sold products from paper:
We would design and create products on paper which we would then sell the concept and idea to clients before manufacturing the product. This is such an efficient way to generate cash flow and grow your business without taking money out of your pocket.
We were constantly looking for new products to add to our range of products which would benefit our clients. Clients loved this as they felt we could come up with a solution or fix anything for them. Had we not diversified our product range in the first 12 months, we may not have survived. Always look for new product ranges that can be of value to your client and of value to you financially.
18 months into the business we got introduced to a business owner who we believed wanted to buy our products but after spending the time to get to know this businessman it turned out that he was going bankrupt and so we seized the opportunity to purchase all his equipment at a discounted rate and with that came a whole new market for us. Here is the great part though, we didn’t spend $1 out of our own pocket as we set up the deal so that we would pay for the majority of the equipment at the time payments came in for the contracts and the remainder we got the clients to pay early on their contracts. All these contracts we had been able to win from purchasing the equipment. It is amazing what thinking outside the box and asking can do. Trust me it wasn’t all easy though as I remember meeting with a CEO from a government organisation and telling me that they could not pay me early and on top of that a competitor had beaten our price by $50,000 (Not much on a $1 million contract). I politely advised him that we wouldn’t be doing the contract then and went to walk out, only to be asked to come back in and discuss further. The end result was that I got the contract at the price that I wanted and in return I had to give him a $50k bank guarantee as security. Always back yourself and never sell out to anyone no matter who they are.
I left focus to last as this is the main reason for such success. We worked tirelessly day in day out and just focused on our business and how we could improve our business. Trust me we had competitors everywhere trying to bring us down, because hey the new kids on the block can’t take their work away from them. You must always stay focused on your business and assuring you are always 2 steps ahead of everyone else in regards to innovation.
You can achieve such success and growth in your business if you choose. All you need is the right mindset, a plan, be able to think outside the box and personally have business knowledge or seek a mentor that has the business knowledge required.
Thoughts or Questions? Write them in a comment bellow.