How to Build a Million-Dollar Business (FAST)

Summary

Strategy-wise, building a million-dollar business is easy - it can be done in a myriad of sectors, selling all types of products at different price points. The critical difference between those that pull it off and those that don't is found in how they execute that strategy a.k.a. how they make it happen. In this video, I share a framework that is collectively responsible for millions of $$$/€€€ across our clients and portfolio companies.

Transcript

Are you sick and tired at the lack of growth if this is you let me tell you this video is going to change your life because i'm going to share a very simple framework that in business is collectively responsible for generating millions of dollars in our portfolio companies and the clients that we help but in my personal growth it's also allowed myself and our clients to really reach new heights consistently so this stuff works and let me tell you if you apply it there's just no way you do not see the growth you seek let's get to it i am the ceo founders of master which is a high performance training company we help entrepreneurs and business leaders and scale their businesses by teaching them eight core high performance skills that allow them to operate at peak potential when managing their businesses now before we dive deep into the video remember to like and subscribe so you never miss any of the juicy videos that we publish every week to help you scale yourself and scale your business so today i want to talk about making things happen about performance and execution because it doesn't really matter how brilliant your ideas are if you are unable to consistently execute on them and success in business boils down to execution it's not about having a videographer chasing your tail around infinite events and flooding of content to social networks it's not about fundraising and getting hundreds of millions of dollars if you do not know what to do with your business and more importantly you do not do it consistently you will not achieve the success you envision it is as simple as that so the following framework it's all about making things happen it's all about elevating your performance and working very hard only on the things that deserve it it's about only doing the things that need to be done and the framework that we use is called the full kip framework pokemp stands for path objectives care results initiatives and projects and if you're familiar with project management is that modification of the prototypical okr framework and also has elements of agile so this is a new iteration of some of the best practices with the project management world that i developed five to six years ago and i've been using ever since step number one path is about finding the appropriate bottleneck see all systems will grow until the level of till bottleneck so if you want to grow yourself or grow your business you need to understand exactly what's the bottleneck that's preventing you from growing if your business is stagnant you need to understand if you have a product problem a marketing problem a sales problem an operation problem and really deep deep until you get to the root cause see most people are always treating symptoms and not the root cause of the problem and if you want to survive in business i mean you need to find the root cause of your problem so the first thing you need to know is understand what is the critical path that you should follow in order to growth because that's what's going to illuminate the current bottleneck that is holding you down oftentimes it's a marketing problem you don't have enough leads that you can convert into clients sometimes it's a sales problem you have enough leads but you are not able to transform them into clients because your sales skills are just not good enough but oftentimes it's a personal performance problem you have enough leads you have enough sales skill but you just cannot sum the courage to do it or you have a faulty belief system you believe that just just not worth it and you have a nagging self-doubt that prevents you from really getting those clients whatever it is you have a bottleneck currently in your performance and your business performance so find it because without knowing exactly what we should be working on it is very hard to drive progress the second step is create an objective that will solve that problem in a definite way it's all about fixing the problems and fixing them forever or for as long as we can because if we want to graduate into a whole new level we need to make sure that the limits of the system do not collapse in other words that would not solve something that after a couple of weeks then we just need to redo it again right so let's say that in the previous example your problem really has to do with a lack of sales skills for instance well you have a personal development problem because you do not have skills to the level that you should have if you aim to convert as many leads into clients as possible so what you would be working on on the personal front is how can i become very good at sales in the next three months but if you your business has a marketing problem because you have the marketing skills but you just haven't found a channel that is actually profitable well then you need to learn how to market in whatever channel you choose as you see each skill and each system that you build in order to grow yourself within your business and grow your business is is the stack one on top of the other so everything needs to be working concurrently that's step number two what is the objective what is the thing that is sold will make everything else easier in the previous example was learning sales if leads are coming in but clients are not showing up it's because your sales are not where they should be so in this case we'll be become a master salesman in three months and how do i know that i'm a master salesman because that's when we get into it step number three we have key results that actually illuminate this objective if i say i want to become a master salesman but i do not define what a salesman is and what does master salesmanship mean then i'm in the dock i need to be precise i need to give data to that objective and in my case will be close 60 of all co calls on call traffic for instance people that do not know who i am but they have the the suspect that i have the solution to the problems i should be able to close 60 that's a very precise metric that i can use to gorge whether i'm good or not good at sales then step number four is initiatives and step number five is project and here we differentiate very clearly between those initiatives that happen recurrently so things that i need to be working with frequency things that are never ending and then projects which are one-off efforts then once they get completed i don't need to work on them anymore so an example of a good initiative will be review all sales goals and get professional feedback on my performance in a sales school for example that is an initiative because i say that i need to do that weekly that's a recurrent that's a frequency that i need to honor if i want to fulfill that initiative and that is going to inevitably make me better but what is an example of a project well a project will be let's say that i i want to get more training on sales well buying or purchasing a course or a mentorship and actually doing it going through the sales program in order to hone my skills would be an example of a project once i have gone through the program i would have finished that project i don't need to come back to it again if i don't want to right so initiatives are recurring in nature watching my sales call and getting feedback every week and projects are one-off engagement i go through the program just once in order to learn and this is how you map out your progress both on the personal and the professional fronts first what is the path what is the critical path that you need to follow because once you know it you understand the bottleneck that is holding you down then two what is the objective that if solved if attained will solve the problems will fix the bottlenecks and will help you play at a higher level then what are the key results what are the key results that actually define that that objective has been conquered remember the example remember that i had a sales bottleneck in this example so i decided to create a sales objective with clearly defined key results which is having we said 60 on cold traffic that's a very specific key result and then for the initiatives and for the projects i decided to get professional help to review my calls every single week and also purchase a course or mentorship and go through it at least once that's how you turn problems into opportunities that's how you solve the bottlenecks within the system of you and the system of your business to graduate to a new playing field this is extremely powerful and it couldn't be simpler it's only five things what's the path what's the objective what are key results what are the initiatives and what is the projects if you do this across all facets of your life let me tell you you are going to experience massive progress that's what we teach that's what we help people fantastic people do and they have had results in the million so don't sit on this advice think about what you just watched and start operating your life from that perspective that all problems can become opportunities if we create the necessary execution frameworks that allow us to do so please let me know in the comments if this was useful if there's any doubt about how you apply the pokey model and of course i'm always an email away in case you want to know more about what we do and who we help and what are the results that we are able to guarantee see the next video