10X Busines Growth Tips – Do These Takeaways Hold Up?

Matt reviews many videos on the internet that give advice on growing your business. As an expert in growing his business 10X multiple times, we think he has a good handle on the topic. In today’s reaction video, Matt reviews this company’s takeaways from growing their business 10X. Will any of these takeaways help you grow your business? Watch to find out.

There are tons of people out on social media giving business advice. Some of it is good advice, but most of it isn’t good. In this series watch CapForge’s owner react to different advice videos. He’s an expert in all things business and has 20+ years of experience under his belt. Some of the things he reacts to might even surprise you!

Video Transcript: 

Business Advice Video:

Here are three lessons that I learned growing our business to $3.4 billion in five years. Lesson number one, singularity of focus. Number two, cadence of accountability. If you know that every Tuesday, every Thursday, every Saturday, you’re going to actually talk about some certain numbers, certain metrics, certain KPI that are going to get me there, that cadence keeps me in line to getting there. And the third is just so you don’t hack it, good process drives good results. But when you have good process that drives good results, it actually is a lot more sustainable. 

Matt’s Review:

I would agree with all of those. Definitely focus is critical. For the first 12 years of me owning a business, I owned a few different businesses. I had several different things going. I was always kind of looking at what the next opportunity was that was interesting, and I was hopping around. And although I did all right, none of those things turned out to be nearly as successful or profitable or grow the way I always was hoping that I could. Once I said, OK, I’m going to do one thing and one thing only. I’m going to focus only on this one business. I’m not going to get distracted by other opportunities. I’m not going to try and run three or four things at once. That is the point where I was able to then grow the business to where we now have just under 100 employees and high seven figures in sales. That only happened because I focused on one thing and one thing only. So I 100% agree with that advice. Cadence of accountability, but even more importantly, having metrics in the first place, things that you measure regularly and track and work on growing. Things like sales and profitability, and maybe some of the metrics that are important to your business, whether it’s payroll as a percent of income, cost of goods sold as a percent of income, whatever those things are. Having things that you regularly measure and check and hold yourself accountable to working on improving, that will happen. If you’re ‘seat of my pants, I’m not a numbers person, I just go by feel’, you’re gonna feel a lot less results than if you can measure and track and grow based on real data that you regularly are looking at. The third thing, processes. Absolutely, you have to be able to be doing the same thing over and over, and then continuously looking at and improving those processes. If every time you do something, it’s a fresh start, it’s a new day, you don’t have a process, you don’t have a procedure, you’re not consistent in how you’re doing it. You have five different people doing the same thing, but each one does it their own way differently. You’re gonna never get consistent results, you’re not gonna be able to troubleshoot, you’re not going to be able to improve your process over time. So, you definitely have to have processes and procedures in place, do things consistently, and then consistently work on improving each of those things that you do over time. That is how you continue to get better and can scale reliably rather than getting lucky once in a while and the rest of the time wondering what it was that happened those times you got lucky and not being able to replicate it.