Recently, I’ve noticed a pattern among business owners—one that’s becoming more difficult to ignore. Regardless of the industry they operate in, their company size, or their goals, they’re on one side of a rapidly growing divide.
Some businesses? They’re thriving, pulling in huge profits and scaling quickly. But the others? They’re barely hanging on. And the middle tier? It’s almost nonexistent. Generally, you’re either rising or sliding.
Now, keep in mind that my client is a relatively small sample size, but I’ve had conversations with other business owners who have confirmed these suspicions, too. We’re seeing the American economy evolve into a winner-takes-all landscape. In most niches, there seems to be only a couple of companies that are dominating up to 95% of the market share.
Where does that leave the rest of the businesses? Fighting for scraps or, worse yet, going out of business—fast.
So, what is it that keeps these top performers well ahead of the rest of the pack?
Over the years, I’ve worked closely with countless successful entrepreneurs, and they all have a few qualities in common. These smart business owners:
- Set SMART profit goals.
- Eliminate excuses. They own their results and don’t give up.
- Focus on constant improvement.
- Commit to a lifetime of learning.
- Hunt down and fix profit-killing mistakes.
- Use the profit formula to engineer success.
- Work on their business each week.
You don’t gain these skills overnight. If you want to become one of the major players in your industry or niche, you’re going to need a plan. Here is the five-step formula I give to every business owner who’s ready to take their business to the next level:
Step 1: Clarify Your Goals and Your Why
You’ve probably heard this a thousand times: Write down your goals. Be specific, bold, and clear. Why are you in business in the first place? What do you want to get out of it?
Your goals need to be big enough to challenge you but within range so that they’re also believable. If not, you won’t follow through—not consistently, especially when it gets tough.
Step 2: Commit to Building a Business That Leads
If you want to rise to the top of your niche, you’ve got to work towards just that. The businesses that dominate their industries didn’t stumble into success. Their owners decided to lead, not follow, and then backed it up with consistent action. Do you want success more than you want comfort or routine?
Step 3: Create Momentum with a Sales and Profit Plan
Next, create a plan for sales and profits. This doesn’t need to be a 100-page business plan. In fact, it shouldn’t be. You need a short, clear roadmap that focuses on generating enough momentum to carry you from your first objective to the next, then the next, and the next.
Where can you increase revenue? Which low-hanging fruit have you ignored? Create a spark—something that gives you traction.
Step 4: Take Consistent, Strategic Action Each Week
Action for the sake of action can hurt you, which is why you need to know what to focus on. This is where understanding the profit formula becomes paramount. Learn what actually drives profit in your business and focus your time and resources on those levers. Set time aside each single week—without exceptions!
Step 5: Make Yourself Accountable to Others
No matter how disciplined you think you are, operating in a vacuum is a recipe for failure. You need accountability.
Find someone, or a group of people, who will hold you to your goals. It could be a coach, a mentor, a spouse, a mastermind group, or even a peer. Their job? To be your sounding board, your motivator, and sometimes your reality check. If possible, have several of these people in your corner.
The bottom line? We’re in an era where “good enough” is actually good enough anymore. If you want to thrive in today’s competitive business landscape, you have to be comfortable making bold decisions, committing to growth, and doing the work required—week in and week out.
The gap between the winners and everyone else is only getting wider. Now’s the time to decide which side of that gap you’re going to be on!