Episode 278： How To Grow Your Business Exponentially
Episode Stats
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Summary
Why is your business not growing at a faster rate than the competition? Why is it so hard to grow your business? Why does it have to be so slow to grow? In this episode, Patrick talks about the 4 speeds in business and how you can increase the speed of your business.
Transcript
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30 seconds, one time for the underdog, ignition sequence start, let me see you put em up, reach
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the sky, turn the stars up above, cause it's one time for the underdog, one time for the
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I'm Patrick Bede, your host of Valuetainment, and today I'm going to talk to you about what
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you can do to grow your business exponentially.
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That one question that entrepreneurs have in the back of their minds when you're by
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yourself, and you ask that one question, why is so-and-so growing at a faster pace than
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Just so you know, that's a question every business always asks.
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Because you speak to a lot of people, and people say, you know, the key to success with this
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company is you have to figure out a way to go faster.
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And so, we take notes, and we say, I've got to go faster.
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So, everything we're doing faster, and we notice it's still not exploding.
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Well, today's message hopefully will help out a little bit, because I'm going to clarify
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You may be constantly going back to your business and only increasing the speed of the one thing
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So, today we're going to talk about the four speeds, and one of the things I want to challenge
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you to do is I want you to, as I'm going through it, make notes of each speed.
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You're going to watch this video two or three times.
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It's not a one-time type of video you watch one time.
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And you're going to want to share this with your team, because the moment you can figure
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out how to grow much faster, you'll be more competitive, more profitable.
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It'll keep you more energetic, and you will be more sane than maybe driving yourself insane,
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because if there's one thing all entrepreneurs we all have in common, we definitely know
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Functioning speed is what allows for your business to function every single month, every
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So, functioning speed is the supporting cast you provide for your clients, for your
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Everything is about a consistent functioning speed, and if there is any speed that has to
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be the most predictable, consistent, is the functioning speed.
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Let me give you an example of what functioning speed is.
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Some businesses' functioning speed is shorter, where they're going like this, because they
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They only have three supporting casts, two supporting casts.
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As you hire more employees, this thing gets bigger and bigger and bigger.
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But, if you all of a sudden say, I'm going to fire people because I don't think I need
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all these people that are working for me right now anyways, then your functioning speed automatically
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Your customer service drops, your relationship drops with your clients, your agents, your associates,
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If you and I, if I'm trying to be a bodybuilder, if I'm trying to get in shape, you ask any personal
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trainer that's an expert personal trainer, works at Equinox, or one of these celebrity
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personal trainers, they will tell you the most important part of your body to work is what?
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Your core, your abs, how strong it is, your lower back.
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It'll allow you to do squats better, it'll allow you to do shoulders better.
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Your functioning speed is the core of your business.
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Okay, just keep that part of mind because we're going to come back to what this affects every
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This is why sometimes you notice a business has grown very fast and it drops, their functioning
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For instance, McDonald's is not known for the most incredible hamburgers.
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McDonald's is not known for the most incredible many things, although their fries is definitely
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They put something in that thing, they want to keep going back to their fries.
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McDonald's, McDonald's, the reason why they've outgrown their competitors is because they've
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done a lot of things right, but if there's one part they paid attention to, is their process
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It takes 189 seconds for a person to go through drive-through to order to getting the product.
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They've dropped by a second and it's a disastrous thing they talk about.
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From 188 to 189, but it takes 189 seconds from the moment you order the food to pick it up.
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So as a customer is thinking, where should I go?
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I've got to get home, pick up my kids from school.
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Ah, I don't want to go to McDonald's, but it's fast.
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The decision wasn't made, I want the best food.
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The decision was made, what's fast, boom, you go to McDonald's because Burger King is
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In real estate, mortgages, process speed would be from the moment I get the file from the
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client that's interested, they've been approved for a loan, then they get approved, we go do
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the underwriting, we go find a home, appraisal, inspection, you know, everything is good,
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signature, check, fund it, keys, boom, that's the process.
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How long does it take from finding the house, getting the loan, to getting the key, that's
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And insurance would be gone, meeting the client, first appointment I gather in for, second
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appointment I present the product, get the paperwork, come back, submit it to the insurance
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company, they scrub it up, goes to the carrier, carrier goes through it, underwriting, what's
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Blood, urine, they do their testing, comes back, underwriting's good, approved, we need this
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signature, that signature, deliver the policy, that's the process, right?
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Now, the third type of speed, what is the third type of speed?
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The third type of speed is a little bit difficult to explain, it's called timing speed.
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Well, remember how I gave you the example of bodybuilding, the most important part of your
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You ever met people that go to the gym, and maybe you've done this before, I did this when
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I was 14 years old, thinking this is going to work, and every day, what is a new person
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that has never lifted weights, what do they do every time they go to the gym?
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They do curls every day, and they do bench press every day, right?
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They're thinking if you do curls every day, your biceps are going to grow, and they wonder
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That's the timing part, where you'll learn your bicep needs 48 hours to rest.
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So it's a better idea for me not to do biceps again three days from now.
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So I don't want to do squats every day, because my legs need to have a chance to grow and recuperate
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In business, it would be, you say I have $10,000 of marketing money.
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How do I stretch this $10,000 of marketing money to create a contest event initiative to
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get excitement to my customers, to get them going?
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For example, Amazon recently did something against Walmart, where they came out with
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this Prime Day that they did, where everything was on sale, and not just regular sale.
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You were buying a 40-inch screen TV for $79 or $99.
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They're losing money on that, but why are they doing that?
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It gets, they have to sit down and say, if we lose this money on this, but it brings the
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traffic to the website, and they buy other things, because generally, the average person
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that buys a product with us, they tend to buy four products at a time, not one product
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We may lose $50 on one product, but we're going to make $90 on two other products.
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You finding out how you take that money to get the highest level of return, injecting enthusiasm,
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a new initiative, a new contest, a new exciting thing that gets your team going.
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That's the timing money, and knowing what season to do it, and what's needed during that time
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when your business is struggling in an area that you want to inject, that specific part,
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And timing speed, nobody can teach you anything.
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Generally, timing speed gets better by making a lot of mistakes.
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So don't expect to be very good at the timing speed.
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That's going to take a long time for you to figure it out, but some figure it out sooner,
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The last one, the last one, which is the reason why Coke is where they are today, right?
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When you look at Coke, where they are today, the reason why these guys are where they are
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today, the reason why a guy like this writes a book called Good to Great on how a regular
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company goes from being simple, small, to all of a sudden, boom, and they have that tipping
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point where a Walmart goes from being small to all of a sudden, they explode, and now they
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Expansion speed is how quickly a real estate broker, I'm Coldwell Banker, how quickly do
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I go from hiring that new real estate agent that's being trained and educated to learn
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the system, to develop a new office of a person running it by themselves, and it's an independent
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For you, it would be how quickly can I move a person out of my office to go out there and
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open up their own agency if you're in the insurance and the financial industry?
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When Coca-Cola had to sit there and think about how can they expand their business even more,
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they said, well, we're selling more Coke than Pepsi to consumers.
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And they bring a new CEO, and the CEO said, out of everything that a human being drinks
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And they have to figure, percentage-wise, they drink this punch percentage of water, this
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much orange juice, this much vitamin water, this much this, this much that.
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They were not going to be where they were going to be if they were not going to have
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If you go to vitamin water, it's not owned by Coca-Cola because they see we have to expand
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Expansion on how you open up new outlets for you is very much closely connected to one
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Because when this drops, this is what happens to your expansion.
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This is why when they say a business owner is not really a business owner because the
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customers own a business, the employees own a business, the reps own a business, the partners
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own the business owner, is because this is what the business owner has to do every day.
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A business owner needs to be running their business every day.
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And this is why so many people you notice in business, they go like this.
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Because they think, oh, this thing's going to take off by itself.
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No, your functioning speed needs every day attention, not one-time attention.
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So if you put, imagine all these effort you put into expanding your business, all these
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hours you're putting into growing your business, and then it drops.
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Then you have to go and pick this thing back up and start all over again to get the speed
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That's why it's important to keep your functioning speed high on a daily basis.
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That's why all these companies that you know about worldwide that are talked about in books
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like this is because their functioning speed never drops.
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My challenge to you, go back and write down your speed and ask yourself, which of these
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things you're going to do one of the things right?
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Everybody is going to do one of the things right.
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A few of you will do two of them right with your speed.
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But you'll notice and say, my area is the processing speed.
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Once you do that and come out with a plan, you will notice.
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And by the way, you got to inspect it on a monthly basis.
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Once you look at that and you come out with a plan, then you'll notice your business.
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You'll have a couple years of 100% if you pay attention to all of those four speeds of
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And by the way, if you haven't already subscribed to Valuetainment on iTunes, please do so.
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And if you have any questions for me that you may have, you can always find me on Snapchat,
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And I actually do respond back when you snap me or send me a message on Instagram.