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#556: How To Take Your Small Business To Multi-million Dollar Success with Donald Miller

March 23, 2023

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The 6-step framework that grew Donald Miller’s small business to a 15 million dollar operation

Have you ever thought about growing your business, but then stopped dead in your tracks because you have absolutely no idea where to start?

I get it, sweet friend – the thought of accelerating your business growth sure does sound nice, but it’s hard to take that first step, especially when you don’t have a proven framework to follow. 

But here’s the good news. There are proven frameworks out there that can help you optimize your small business for revenue and profit.

And that’s why I invited Donald Miller to the show. Don is a business educator and author (among many other things) who scaled his four person business to a 15 million dollar operation by following a simple six-step plan. 

Talk about some serious growth! 

He’s going to break down his six-step framework (that anyone can use, no matter where you are in your entrepreneurial journey) — along with the biggest lessons he learned along the way. 

Don is no stranger to the show, and it’s because I have the utmost respect and admiration for him as a person, and a business owner. 

I hope you enjoy this conversation and learn as much as I did!

Here’s a glance at this episode…

  • [06:12] Don is a husband and a dad and helps business owners scale their small businesses. He also teaches what he's done. He's gone from 4 employees to a $15 million operation.
  • [06:54] Don talks about small business challenges. The number one thing he learned from losing all of his money was that he was going to own his finances. He owns every decision that he makes. 
  • [09:17]  A business is a series of systems and processes that can scale. He spent five years discovering the systems and processes that he needed in order for his company to grow.
  • [11:30] Your business is aligned around three economic objectives. Find the three ways that you make money and double those. Your business needs to make money. 
  • [14:45] A product profitability assessment is where you list all the products that you sell in order of profitability. 
  • [15:42] Leadership needs to be aligned around your three economic objectives. Everything else is reverse engineered. Your marketing needs to be clarified. Talk about what you offer in a way that will make people buy your product. 
  • [19:51] Your sales formula should start with the problem, position your product as the solution, give your clients three steps that they can take from their problem to your solution, share the negative stakes and the positive stakes, then ask them to buy the product.
  • [21:16] Look at your products and think about how you can do the same thing but charge 25% more and give 50X more value. Look for a lift. Your wings have to be strong and light. You want high demand and profitable products.
  • [26:22] The sixth part or your fuel tank represents your cash flow. Get clear on your cash flow. 
  • [28:52] Don's new book is for anybody from business owners to solopreneurs. He also has a cash flow system in the book where you use five checking accounts and never run out of money.

Click here to listen!

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