How’s that business coming along?

Do you have a well-oiled machine?

Or are you just trying to get enough clients to make it through to the end of the month?

What do you need to truly find happiness, success, and fulfillment in your business?

We all know by now David is a true visionary.

He takes BIG ideas, breaks them down into manageable parts, and carefully constructs them back into winning businesses!

In order to do that, he follows some pretty simple, yet highly effective strategies on how to create and grow businesses.

All you entrepreneurs and business owners, this one’s for you!

The Revenue Model

How will you bring in the bucks? Are your sales going to be one-offs, or are you going to have clients return for more of your product and service? Is there a way you can provide more value more often?

It’s much easier to sell to those you’ve already sold to, but only if they truly need more from you. Find ways to increase volume of diversify your range of products to entice repeat customers.

Look at what Adobe did with their Creative Suite. Instead of selling one piece of software once, spending years reworking that software into a new version and selling it again, Adobe now has a monthly subscription pricing model. This ensures they’ll always have new revenue coming in and actually makes them more money in the long run than selling big software bundles!

Sharing the load intelligently and responsibly  

How you manage your team and the tasks they perform (and get paid for) is also something to pay attention to. David prefers paying people by the tasks they complete or on commission rather than an hourly wage or salary.

Why?

One word: Incentive

When people are paid hourly, they’re incentivized to make more money by taking longer amounts of time to complete projects. If you can, shoot for tasks that can be assigned a dollar amount. That way, people will know exactly what needs to be done and what they’ll get for completing work. Don’t worry, you can always adjust what tasks are worth if you see one takes more or less work than anticipated.

The People

A pretty obvious one here, but you’ve really got to focus on your people. Make them happy and they’ll produce better work for you. Treat them like your servants and you’ll constantly be searching for new people and replacing those who are worn out.

Sir Richard Branson, founder of the Virgin Group, which controls such companies as Virgin Airlines and more (over 400!) said it best when it comes to managing and developing your team: “Train people well enough so they can leave, treat them well enough so they don’t want to.”

The Overall Vision (The Why of your Company)

This is at the center of your being as a company! If you don’t have an overall destination, how are you going to know how to get there???

Make your vision BIG, serve an important role in your community and the world, and give your team a beacon to look to when things get tough.

Business is a crazy world, but knowing why you exist, who you serve, and how you do it is a sure-fire way to survive it!

Paying it Forward

This is just a tried a true tradition of the Universe! If your company is dedicated to serving some sort of higher purpose by giving to others, you can’t lose!

Try finding a nonprofit you can donate funds or time to, you won’t be disappointed. ;)

There you have it, 5 ways to build your business strategy for success! Take them and make them yours and build something truly special.

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