This One Exercise Has Helped Me Build 2 Multimillion-Dollar Companies in Less Than 24 months What got you to where you are today will not get you where you want to be.
By Scott Oldford Edited by Dan Bova
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A few years ago, I found myself nearly $1 million in debt. Today, I have two multimillion-dollar companies to my name. I've come a long way, but as I look back I realize I didn't do anything special.
What I did, you can too.
Related: 7 Mental Shifts That Allowed Me to Become a Millionaire at 22
This is a business growth model that can suit any industry, any location and any person. Best of all, you don't need to be a genius to pull it off (I'm certainly not). But, more on this business growth model in a second, because first you need to embrace a very important fact: What got you to where you are today will not get you where you want to be.
Who you were is not who you are today. You're always evolving, which is why this single exercise is the most important one I've ever done (and why I insist all my clients do it before they work with me).
It may take you a few days to do this, but if you complete this exercise honesty, it will change your entire view on your business.
The six pillars to business success
Start by taking a little time away from your business -- take a walk, get a coffee, do something you enjoy that has nothing to do with work.
The point of this exercise is to stop you from being the optimistic entrepreneur that you are. You need to turn on the fact-finding, pessimistic hater in your head that you normally ignore, and open your eyes to the real facts of your business.
Related: I Started Saying 'No' to These 6 Things. My Life and My Business Got a Lot Better.
So, get a pen and notebook and let's begin.
1. Mindset
The mindset of a millionaire is very different from the majority of society, but you don't need a million dollars to have a million-dollar mindset. It comes down to understanding a few key elements.
For starters, you need to appreciate, leverage and protect:
- Your money
- Your time
- Your energy
People with a successful mindset do not say yes too often. They leverage and protect these three aspects at all times. So right now, make a note in your notebook of all the things that currently drains your money, your time and your energy. Once you have your list, move on to ...
2. Delivery and customers
There are two types of products in this world: vitamins and painkillers. If you didn't already guess, you need to create products and services that are painkillers, not vitamins.
The problem is, most entrepreneurs are so optimistic that they convince themselves into believing their vitamin is a painkiller. In the long-term, this will kill your ability to grow and scale.
So right now, ask yourself: If you had to pitch your product in 90 seconds to your perfect customer, how excited would they be? Be honest with yourself, make a note in your notebook and then move on to ...
Related: 9 Steps to Increase the Value of Your Business
3. Marketing
Most entrepreneurs are on a six-figure hamster wheel because they don't have an automated way to generate leads. But, bringing new leads into your business (on autopilot) is the lifeblood of success, so if your business growth model isn't built around this, you're in trouble.
If your future success is dependent on how hard you hustle, you will never escape this six-figure hamster wheel. So, right now you have to be honest with yourself and ask: Could you leave your business over the next month and still (at a bare minimum) cover your expenses? Again, be honest, make a note and then move on to ...
4. Sales
Something that holds a lot of entrepreneurs back is the fact they do not charge their true worth. You tell people you're worth the investment, but do you believe it?
If you don't, you're not alone. Many entrepreneurs feel like this, and it's usually because of:
- Impostor syndrome (you doubt whether you're good enough)
- Fear of scarcity (you fear there isn't enough, and that you need this sale, customer, deal, etc.)
But, let's put it another way. Imagine you're on a sales call but have already hit your monthly targets. In this situation, would you be nervous to tell this client your rate? If they started to drive down the price, would you waste your time? Probably not, because you now feel validated, confident and are in an abundance mindset. This is the mindset you need, so right now ask yourself: Am I afraid to quote my full price? Am I charging too little? Am I afraid that if I don't make this sale that no others will come?
Related: 25 Common Characteristics of Successful Entrepreneurs
Be honest, make a note in your notebook and move on to ...
5. Operations and team
You cannot build a seven-figure business without a team, and you cannot build a successful team without processes. Until you embrace this, you will never escape the six-figure hamster wheel.
I find most entrepreneurs fall into one of two buckets:
- They excel at operations and team management, but struggle with marketing and sales.
- They are great at marketing and sales, but not with operations and team management.
I'm the latter. I love sales and marketing, but hate all the tasks that come with managing a team. Whichever bucket you fit into, it doesn't matter. If you want a business growth model that works, you need to build a team (complete with processes that allow this team to thrive).
So, right now I will ask you a question a mentor of mine asked me: Based on your goals in life, are you going to achieve them without a team (or without your current one)? Answer this honestly, make a note in your notebook and finally move on to ...
Related: How to Become a Millionaire by Age 30
6. Finance
One of the biggest differences between seven-figure entrepreneurs and everyone else is that everyone else is emotionally attached to their financial decisions.
This is the usual process most people take:
- There's a new product / service / whatever you would like to buy.
- You check your bank account.
- You check the next 30 days of cash.
- You ask yourself: Does it feel good?
If it does, you say, "Yes, I'll spend." If it doesn't, you say "No, I'll delay."
Either way, you're emotionally spending your business's money. You can't do this. You have to run your business on actual data. You need to make the right decisions that allows your business to grow. It's simple, yet something most people struggle with.
So finally, answer these two questions:
- Do you know how much money you will make 90 days from now?
- Do you know how much money you actually made last month?
Be honest, make a note and then re-read all your answers from this simple exercise. If you're anything like me, you'll unearth some hard truths. Good -- you need this.
If you want to live rich, you need to create a new business growth model because the one that got you here won't get you to where you're going. This single exercise has helped me build two multimillion-dollar businesses over the last two years.
I am not special. You can do the same.
Related Video: If You Want to Become a Millionaire, Start With a Simple Financial Goal You Can Achieve This Year
