Though your first thought about growing your company 10 times its original size may be, that’s impossible in my industry, I assure you it’s not. I’ve grown several companies 10X and know the steps it takes. So suspend your disbelief. Below, I share the three most common, glaring gaps in your approach to growth that may at first seem like uncrossable chasms, and the three bridges you can build to cross them.
1. The 10X Law
10X growth is actually easier than 3X growth because it requires leveraging strategic partnerships rather than simply trying to grow on your own. There are exceptions of course, such as venture-backed companies throwing tens or hundreds of millions into an advertising campaign that “10X’d” their growth without a partnership. And you may know a viral campaign that was also an exception to this rule. But do you want to bet on exceptions?
Attracting the right strategic partners (some may even be competitors) requires telling your brand’s story. More importantly, it requires telling your own story and building the recognized industry authority of you and your leadership team. People love doing business with recognized experts, so it’s worth the investment.
For strategic partners, start with your suppliers, vendors and even competitors. Amazon and Zappos were ferocious competitors, but it was worth $1.2 billion to Amazon to acquire Zappos’ people and company culture thanks to Amazon’s new decentralized distribution objective.