As most of my readers will know, I invest heavily in my education every year.
This year $5,500 of my annual learning budget was put towards hanging out in a small mastermind, with some of the worlds best marketers for a couple days.
There were many brilliant ideas shared (too many to list here), and today I want to cover one distinction that could revolutionise your business.
The distinction between incremental activities and breakthrough activities.
By “activities” I mean tactics and strategies, but usually the latter.
What I realised in the mastermind was that many business owners want “breakthroughs” in business and yet focus on “incremental” improvements.
Imagine incremental improvements are like walking up the stairs carrying your business, it’s slow but you are making progress. Every now and then you stop for a breather before moving up a bit.
Picture, a breakthrough would be if a door magically appeared when you were climbing the stairs. A door to an elevator. An elevator, which could very quickly take you up to the next level.
Or up 5 levels…
I’m always on the lookout for elevators to share with you and while this concept may seem basic, once you really grasp it will make a noticeable difference in your business.
To help you define the incrementals and breakthroughs in your business, here are a few examples.
1) Doing everything yourself and then improving your efficiency is an incremental.
Working longer hours, so you can get more done, is an incremental.
Working faster, so you can get more done, is an incremental.
Think about it, if you are good with any of the above you might gain 10-20% extra, but that is your limit and it’s not fun.
If you get a new (or your first) staff member this is a breakthrough, because your potential is 100% extra.
2) Having one product offer and improving on it, to be better than the competition, is an incremental (unless your product sucked before).
Discounting your product in the hope you can sell more than your competition, is a deduction (and stupid).
Adding a new product that complements the first product, which you can cross-sell, is a breakthrough.
Adding a subscription-based product to your one-time purchase product is a breakthrough.
3) Reinvesting all your profits back into the business is good, though it is still an incremental.
Raising capital to acquire a strategic business to add to the one you have, is a breakthrough.
4) Working on creating better systems for staff efficiency, is an incremental.
Automating systems so you don’t need staff, is a breakthrough.
5) Having one source of website traffic (E.G Google ads) and getting more of it is an incremental (and very dangerous).
Adding another traffic source to your website is somewhere in between, though closer to a breakthrough.
6) Trying to get people to buy your stuff that meet at a networking event, is an incremental.
Getting the people you meet at a networking event to introduce you to other people that will buy your stuff, is a breakthrough.
7) Fishing in the same pond as all your competitors for more clients, is an incremental.
Going up stream to where your prospects hang out before they get to you (or the same pond), is a breakthrough.
8) Spending time and money to learn how to do something (or do it better), is an incremental.
Hiring someone that can do it instantly and or take you from A to B, is a breakthrough.
Hopefully by now you get the picture and will start to look at your business differently to find the breakthroughs, because it takes as much time and effort to think of, and implement incrementals as it does breakthroughs.
If you have found this 1 tip useful then you might be interested in the Mastermind I have starting soon. I’ll be sharing the very best strategies and techniques for business growth plus keeping you accountable to ensure your success.
Go to http://webresultslab.com/master-mind-invite/ and fill in the application form.