12/18/2021 Tip: Reverse Engineering Success

Today’s Quote

“Great things are accomplished by talented people who believe they will accomplish them.”
~ Warren G. Bennis

 

Today’s Tip

Yesterday I asked you to write down your long-term vision. Today I’ll show you how to achieve your vision by reverse engineering it. 

You can do this by completing the following exercises:

1: Identify your key end-game metrics

Answer the following questions:

  • By what date would you like your vision to be achieved?
  • What will your company’s annual revenues be at this date?
  • How many customers will you have at this date?
  • How many employees will you have at this date?
  • On this date, what will your day-to-day responsibilities be?
  • On this date, what will be your top-selling products and/or services?

2: Reverse Engineer Success within the Key Functional Areas

Answer the following questions as if today was the future date in which you achieved your long-term vision and you were looking backwards.

Marketing:

  • What marketing channels allowed you to attract/gain the most customers?
  • What have you done to fully satisfy your customers?
  • What business partnerships (if any) have you forged that have resulted in significant numbers of new clients?

R&D

  • What have you done to develop your top-selling products and/or services?

Human Resources:

  • Who are your key managers that motivate and manage your other employees? When did you find these key managers? Where did you find them? How did you develop them?
  • When did you start ramping up your hiring process?

Operations:

  • What systems have you built to ensure your business runs smoothly and without your required day-to-day involvement?

Finance:

  • Who funded you along the way? How did you meet these funding sources?

3: Create Your Action Plans

Create action plans from your answers above.

For example, if you answered “direct mail” as your top marketing channel, document your direct mail strategy. For example, document who you will mail to, what your message will be, what your direct mail timeline will be, etc.

Follow the above steps to build a great company.

 

Today’s Resource

How to Build a $10 Million+ Company in 2022

What’s the difference between successful multi-millionaire entrepreneurs and the typical small business owner just struggling to get by?

Well, there are a LOT of differences, actually…

But I’ve summarized the main differences on this page:

How to Build a $10 Million+ Company in 2022 <—- 

The really interesting part is that you don’t have to work yourself to death to grow a wildly successful, eight-figure business…

In fact, when you follow this formula, you can make much more by working less…

How to Build a $10 Million+ Company in 2022 <—- 

 

Trivia

Today’s Question: One of the leading online stores is eBay, selling almost everything from pencils to computers. Who started eBay in 1995?

Previous Question: It is known as the largest bank in Germany with two twin towers rising up to 155 meters in height. What is this bank’s name and what are the special names given to these two towers?

Previous Answer:  Deutsche Bank. The twin towers are nicknamed debit and credit.

The towers were built from 1979 to 1984 originally to house a hotel for the Hyatt Hotel Group. The complex consists of three parts: a four-story base building and the two towers. The buildings are reinforced concrete structures with reflective glass facades. 

The buildings have become a popular backdrop in print media and television as a symbol for the German economy because of the role that Deutsche Bank plays as one of the most important global banking and financial services companies.

 

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