BBE Weekly: Real Goals, Real Growth: Mastering the Path from 100K to Millions
In the world of entrepreneurship, the allure of exponential growth can often be blinding. While goals and targets serve as strong motivators, they should not overshadow the realistic path that leads to sustainable success.
Join Adam Stott in another episode of BBE Weekly, where he shares the latest strategies and updates from his business ventures. Adam explores actionable business growth strategies, focusing on realistic goal-setting for entrepreneurs and so much more.
Show Highlights:
- Incremental growth is key: Set realistic, achievable goals to ensure sustainable business progress.
- Understanding different skill sets are required for scaling from different revenue levels.
- Proof of concept is crucial after the initial sales milestone; it paves the way for team building and infrastructure development.
- Avoid being misled by social media; success often involves unseen hard work and perseverance.
- The journey from vendor to enterprise involves strategic relinquishment of control and leveraging team strengths.
Links Mentioned:
Get your Business Growth Secrets SUCCESS PLANNER for FREE and profit like a pro: https://adamstottplanner.com/free-book47315172
Adam’s website: https://adamstott.com/?el=Pod
Watch the Episode on Adam’s YouTube Channel: https://www.youtube.com/adamstottcoach?el=Pod
Connect with Adam on Instagram: https://www.instagram.com/adamstottcoach/?el=Pod
Join Adam’s network on LinkedIn: https://www.linkedin.com/in/adam-stott-coach/?el=Pod
Coaches, consultants, and business owners – lower your marketing costs, increase ticket prices, and get more high-ticket clients: https://3daybrandbuilderworkshop.com/start-here?el=Pod
Transcript:
Please note this is a verbatim transcription from the original audio and therefore may include some minor grammatical errors.
Adam Stott:
[00:00:00] Adam Stott: Hey everybody. Welcome back to business growth secrets. This is a another episode of BBE weekly, where I tell you what we’re doing, what’s going on within the business, but also I give you. little business growth secrets that are up to date in the moment that are coming across my desk and things that are just coming up and I’ve got a topic we’ve got a lot going on.
[00:00:28] So first I’m going to summarize the kind of stuff that I’ve had going on over the last week, which is a lot. Last week we had our gold circle event. We had Sarah Willingham, who is one of my coaches and mentors came in from dragon’s den. She was incredible working with our gold circle members. They absolutely loved them.
[00:00:45] We have what’s called an NPS score, which is a net promoter score. to see how, you know, the guests rated and she rated 100%. They absolutely loved her. She’s an incredible, incredible person, incredible business mentor. And she did some awesome stuff. We also had another great guest at our Gold Circle, Graham, one of my PR guys.
[00:01:08] He came and talked about the PR he’s done for me, which was awesome. This week, in the last week as well, and I’ve recorded 34, 30 minute long videos. So I’ve had a very busy week for our Gold Circle program. I’ve just refreshed and re updated it and, you know, kept it on the cutting edge. So that’s the kind of stuff that I’ve been, been focused on, as well as planning a huge 1000 person event that we’ve got coming up.
[00:01:35] I’m planning my Adam’s house event, which we’ve got this week. So I’m taking, you know, 15 high level entrepreneurs to an event with me, a retreat in Wales this week. Where we are going to coach them, train them, get deep on their businesses and really show them how they can scale and across the course of that week, we’ll be coaching them on the brand, we’ll be showing them how to brand themselves in a powerful way, we’ll be showing them how to build their top of funnel, how to generate more inquiry flow, more leads, we’ve shown them how to sell their products and services better, and how to build a powerful hub for them.
[00:02:09] Of operations that allows them to grow. So that was a mouthful spit all out. That’s what I’ve been doing the last week, as well as managing the team, managing Christmas, you know, Christmas party, big events, all this kind of stuff. So it’s actually been really, really busy, but ironically, I feel pretty chilled, which is is, is quite good.
[00:02:29] So, feel really relaxed and really chilled. One of the things I’ve been doing a lot more, which is really, really helped me is, is training a lot. You know, going weight training having a steam room and a sauna and relaxing and just giving yourself those little moments to chill out can make a powerful, powerful difference on the way you tackle challenges.
[00:02:53] So it’s something that I would recommend. To everyone, but as I was out at the gym, I actually had a conversation with someone and what I wanted today to be about was about this conversation. I was talking to a business owner, a great business owner. That’s a great business startup. Somebody wants to start a business.
[00:03:11] Very intelligent, you know, full of drive wants to do well. And they were having a conversation with me and they were talking about their small business and you know, what they’ve done in sales and how many sales they’ve done for their business and what they’ve been operating. And they talked about the fact that they’d done 10, 000 in their small business in sales in a month.
[00:03:34] And I said, well, that’s awesome. You know, congrats. Well done. And, and what I wanted to talk about was exactly how this conversation went down because this person’s talking about doing 10, 000 a month for the first time, you know, a friend of mine celebrating that and He then started talking about how in January he wants to get to a hundred thousand pounds a month.
[00:03:55] And I was saying, well, well, well, well, well, you’ve just hit your 10 K you want to do a hundred thousand in January. That’s 10 times more than what you’re doing already. Where is your capacity right now? I started breaking down the capacity of this business and it is just not possible. At this stage, by the way, I’m the most positive person you’ll meet.
[00:04:22] I want people to win. You know, I want this, this person I was talking to to win more than anyone. But I also feel that there has to be an element of realism in our targets. And I think this is important because this person is being influenced by Instagram. And what they see other people doing and and I would say when you look at Instagram and you’re looking at other people and what they’re doing You’re never seeing the whole picture.
[00:04:47] You’re never seeing the true story You’re only seeing what people want you to see and unfortunately, there’s a lot of crazy people out there, right? So, you know if you just buy into what everybody says and it always looks easier than it is And i’ll tell you straight The hardest thing to do in business is to go and do your first 100, 000 in sales.
[00:05:07] That’s the hardest thing to do. And when you’ve done that, you have something that nobody else has that hasn’t done that, and that is proof of concept. What that means is you’ve created something, you’ve took something to market, people have said yes to it, They’re bought into your products, your services that you’ve created, they’ve paid you money.
[00:05:25] So you’ve created a value exchange. What this gives you is this gives you proof of concept. It means what you’re planning to do works. Now we build a team around that. We build a hub around that. We build an infrastructure around that. And gradually we increase that business on a daily, weekly, monthly, daily.
[00:05:47] Yearly basis and is it possible for a hundred thousand pound business to do two hundred thousand pound in the year? Yes, that’s possible. Is it likely? Yes, actually is likely because when you know the systems you can do that But is it possible for a hundred thousand pound business to go from? 100, 000 pounds to a million pound a month just like that very very difficult Because it’s a different skill set.
[00:06:12] So there’s a skill set to get you to 100 grand. There’s another skill set that takes you from 100 to 1 million. And there’s another skill set that takes you from 1 million to 10 million. There’s another skill set that takes you from 10 million to 1 million. To 40 million, which is as high as I’ve been, right?
[00:06:31] So, you know, we’ll have to ask somebody that’s done more than 40 million a year to get you to finish this conversation, right? If you want to keep going up, maybe we’ll get Elon Musk on, right? So, when you look at these different skill sets and element, what gets you to your first hundred grand in business?
[00:06:47] Hustle? grind, marketing, sales, and product delivery. It’s basically market your product or service, sell your product or service, deliver your product service, grind, grind, grind, and do it again. Until you have created enough money coming into the business that allows you to start to buy your time back, which is where we go from being the a hundred K business, the million pound business, because it is all about.
[00:07:13] relinquishing your grip on the reins of the business and spending money on other people and buying their time in exchange for yours to allow you to become free. And that’s what takes you from your hundred to two million pounds. So anyhow, let’s flip back to the conversation that was having with, with this chap.
[00:07:30] So we’ve got a guy done his first 10 grand month now wants to do a hundred grand. I said, look, the thing is, will you get as an ambitious guy, where she is to a hundred grand. A month. Yes, you know, this person will probably do that when they do it in January. No, they definitely won’t because they’re being unrealistic.
[00:07:51] Now what happens, and I’ve seen this happen a lot of people, they set such big goals. They are only willing to start if they think they can leap all the way and rocket ship all the way to the top. They don’t want to get started at the bottom. They just want to get started at the top. And it just does not work that way.
[00:08:10] So what I suggested to this person is your best month you ever had is 10, 000. They’re saying January, if we can do 15, would that be progress? I said, yeah. Okay. So when you’ve done 15 in January, if we did 18 in February, would that be progress? Yeah. So we did 18 in February and we did 20 in March. Would that be progress?
[00:08:27] Yeah. And I just kept going through this process with incremental gains, little small incremental gains in order to build you towards where you want to be, because it’s, it’s compounding and everything compounds together. And eventually you end up in a very different place to what you started. So when setting your goals for 2025, don’t be disillusioned.
[00:08:52] Don’t lie to yourself, keep them. Nice and steady. Have something that’s just far enough away that it stretches you, but not so far away that it demotivates you even trying. And there’s a nice little tip for you today on goal setting. I think if you’re a small business owner out there, whether you haven’t even done your first sale, instead of saying, I want to do 10, I see people come to, to the events.
[00:09:16] Obviously we run business growth secrets, a brilliant three day training where we train business owners. And I’m sure many of you listening have been, you know, it’s like we see people come in, they haven’t done their first sale. So what do you want to do? They’re like, well, I want to sell a thousand units in January.
[00:09:32] Haven’t sold one yet? Well, our target should be sell one. And then when we sell one, our target should be sell two. And when we sell two, our target should be sell five, and then it should be ten and fifteen. And you build up like that. You know, it’s just the adage of, you know, the journey of a thousand steps starts with the first step.
[00:09:51] And you’ve got to take that first step. So there’s some good, simple, powerful planning tips for you there. You know, and I know there are people, and each to their own, and you like who you like. But you know, Grant Cardone talks about 10Xing. And, and I think that principle can be applied. To some individuals, you know, some individuals will love to 10 X.
[00:10:17] Yeah. It’s like, and they get all motivated by, Hey, this, this 10 X. But if you understand Grant Cardone’s 10 X principle, it’s this 10 X our business, because if all we do is three X, then that’s awesome. But the problem is, is that mindset actually Allows people to just throw caution to the wind too much and and really attack their business so fast They often leaves inexperienced business owners in dire trouble So if you are inexperienced then you go step by step, you know If you’re listening and you’re a 10 million pound business right now Well, why shouldn’t you aim for a hundred million?
[00:11:00] You already know what you’re doing You’ve already got a team and you should be aiming to 10x, right? But if you are a startup business, then that isn’t the, the, the right planning attitude, because you know what? You’re just going to get deflated when you realize you can’t sell those thousand units and anything you do, you don’t celebrate.
[00:11:20] So now let’s say that you are, I’m going to do a thousand units and then you go and sell 10. Now you feel shit about yourself. Like, Oh, Oh, like, Oh. You know, I did rubbish. Well, no, you didn’t. You created something, you went out, you sold it, you got started. Which is more than most the world’s done. So don’t get negged out on yourself because you actually made some progress.
[00:11:38] Whereas if you was managing your mindset in the right way, you’d actually realize that you’re moving forward. And I think that that’s the message I want to get across today. Hopefully you can see the value in that. And if you have, you know, you’ve enjoyed this episode, you know, drop me a DM on Instagram.
[00:11:54] Tell me how that has helped you. It’s just at Adams. coach. That’s helped you to see things differently. Would love to hear it. Drop me a DM and share this with someone that needs to hear it. Because I’m sure there’s a lot of people out there, you know, That are wild dreamers, but maybe not creating what they want to create.
[00:12:11] And they need to hear this message. Sometimes it’s better coming from someone else than it’s coming from you. I hope you enjoyed that episode today, and I look forward to catching up with you very soon.