Pick up any books these days, read any blogs or talk to anyone who is successful and ask them what the keys to success are and they will give you the same old boring methodology that is not only predictable, but fatigued in my opinion.
They will tell you that hard work, relationships, timing and loving what you do is all part of being successful. Many who received this information are left with a short-term burst of inspiration until they try to determine what to do next or come to the realization that they had heard that one before. I think part of my success in being one the top speaker and wealth coaches in the world is that I not only do the things I teach through my ownership many companies, but I also continually and actively invest in real estate and businesses.
When Michael Eisner, former CEO Disney spoke at Mega Partnering VI, I asked him the simple question of how he managed to take Disney from $1.8 Billion to $60 Billion; he answered with one simple word… DISRUPTION.
Here are my 4 disruptive principles to success in an ever-changing market place:
- Speed of Implementation: From the moment you come up with an idea in your business to the moment you implement it, will determine how successful you will become. The faster you implement your ideas, the more successful you will become. I have a 24 hour rule which is that when I come up with an idea I will text, call and/or email my staff immediately and begin a blue print to move the idea forward. It drives my staff crazy, but at the end of the month, I look at our financials and the success of my companies and know that it is directly related to how quickly those many ideas were implemented.
- No excuses: Over the past few months, while I have spoken around the world, I have ingrained my staff with this notion: “The more excuses you have, the less successful you will become”. Most companies and entrepreneurs I have helped have created a culture of why they can’t do things rather than determine what they need to do to move forward. A very simple business principle is the more problems you solve and the more creative your solutions are, the more profitable your company will become. In my office, I have a saying that no one should come to me with a problem unless they have first come up with a proposed solution. Otherwise, the CEO, managers or owners of the company are pretty much doing the work for them.
- Trust but verify: This is a problem that is plaguing and taking down more companies. The owner or manager assigns something to someone and it doesn’t get done and he or she assumes it gets done only to find out later it was not. This not only causes a bottleneck, but also may cost a company a client and/or in some cases its reputation. This problem can also have the impact of a company regressing, rather than progressing; this due to the facts that owners and managers feel it’s easier if I they perform tasks themselves rather than assigning them. Rather than focusing on the transformational part of the business (the part that brings in revenue), they begin focusing on the transactional (menial 15 dollar hour tasks). However you cut it, it costs the company in both the short and long term.
- Think Growth EVERYBODY: In my companies I do not look at how much employees cost me, I look how much they make me. Here is the number I use to add up the number of staff you have and add $500,000 per staff regardless if they are the VP or their secretary and then look at your revenue and do they both match up. For example if you have 10 employees and your revenues are 3 million then you are about 2 million short. Everyone in your company from the janitor to the CEO has to think about growth. How can we make the company money and how can we increase the bottom line. The only way in today’s economy to grow your company is to think vertical and horizontal integration rather than purely focusing on the continuous acquiring of new clients… think growth with your existing clients. It cost 7 times more to get a new client than it is to focus on a new one. When everyone thinks growth it’s always healthy to the bottom line and it holds everyone accountable.
IF you don’t disrupt the market, you are eventually being surpassed by someone who will. Apple disrupted Microsoft to become one of the world’s top companies. Apple would make a larger screen on their iPhone, now Samsung is disrupting them. Netflix disrupted Blockbuster. Amazon disrupted tradition bookstores and now Big Box retailers. Bottom line is that if you are doing the same thing over and over and expecting the same results you are in for a rude awakening. Remember how you change is how you succeed. Look at Madonna and how she has re-invented herself 9 times over her career and at the young age of 50 was the top performing concert last summer. Bottom business as usual is dead. You either going to disrupt the market or it’s going to disrupt you.JT Foxx is a serial entrepreneur, real estate investor and one the top speakers and wealth and business coaches in the world. He is also a radio personality for the past 7 years in 3 countries and is originally from Canada. He started 8 years ago with 974 dollars to his name and a very old Ford Ranger Pick up truck. His area of expertise is marketing, branding, sales, and strategic thinking and investing. He is also the founder of the world-renowned event Mega Partnering. www.JTFoxx.com