How to Avoid Shrinkage
Who here wants shrinkage — with anything? Let’s face it, bigger is better. Whatever the benefits are to downsizing, it’s a sign that you are on the way out. People who struggle in business have to downsize. People who didn’t prepare for retirement downsize. Becoming smaller is just a sign that you are contracting and no longer expanding. Whatever continues to contract and downsize will cease to exist. There’s no other way to say it, shrinkage is bad sign — in the boardroom or the bedroom.
Here are 3 ways to avoid shrinkage in your life:
1) Have a Domination Mindset: My biggest mistakes haven’t been bad products but a bad mindset. If you don’t go big enough, fast enough, you will likely fail. Stay on the offensive and look to dominate. The idea of constant, unwavering expansion is counter to what you are told to do to succeed and is even unpopular; however, it will separate you from the rest of the pack.
You will shrink if you have the wrong mindset of just looking to compete. Competing is not dominating. I wasted so many years competing with others because I was brought up to believe that competition was a good thing. If you’re tired of not having enough money left over, take the idea of competition and replace it with domination. Have others to compete with you.
If you don’t push yourself, somebody else will push you.
Don’t quit when you start having some success, that will only lead to shrinkage!
2) Don’t Get Picky with Your Customer Base: When business gets tight and you start to feel some need for “tightening the belts”, relinquish any restrictions about your “ideal” or preferred customer. Most of the people with whom I work have a set of mental or written guidelines that determine which customers they desire and which they do not. While you may not even be conscious of these parameters, they can have a negative impact when things tighten.
If you want to avoid shrinkage, don’t be selective with your criteria; you may have to break some of your previous rules for those with whom you choose to do business.
Whether it will be worth it or not is to be determined, but when things tighten, I immediately loosen up any and all earlier restrictions. I need to get in front of more clients, and I know I have to go the extra mile to offset the reduction. You need to adjust for any loss in opportunities and revenue due to the constraints in the marketplace. Start looking for new markets and clients.
Your biggest problem is always obscurity. Go out and make yourself known in a widening sphere.
3) Learn the Art of Follow-up — Follow up is continuous action applied to achieve the desired end result. Follow-up always requires commitment and creativity. The threat of shrinkage will follow you until you have the ability and determination to follow-up deals until they’re secured. Being told not to be pushy or to pester is wrong and instead, you must be as persistent as a child who wants candy or a toy.
Follow-up until somebody dies. Follow-up with customers immediately and combine phone calls, emails, and text messages. You must be persistent. Be so frequent people think you’re a freak. Believe in what you’re offering and offer it over and over. Make it your obligation to make people understand the value in what you have.
Follow-Up is responsible for the majority of the success that I have created in my life.
If you don’t follow up you will not get what you want — it’s that simple.
10XGrowthCon is all about expanding everything in your life. There will be no discussion or thought of shrinking for those who make this commitment.
Grant Cardone is a New York Times bestselling author, the #1 sales trainer in the world, and an internationally renowned speaker on leadership, real estate investing, entrepreneurship, social media, and finance. His 5 privately held companies have annual revenues exceeding $100 million. Forbes named Mr. Cardone #1 of the “25 Marketing Influencers to Watch in 2017”. Grant’s straight-shooting viewpoints on the economy, the middle class, and business have made him a valuable resource for media seeking commentary and insights on real topics that matter. He regularly appears on Fox News, Fox Business, CNBC, and MSNBC, and writes for Forbes, Success Magazine, Business Insider, Entrepreneur.com, and the Huffington Post. He urges his followers and clients to make success their duty, responsibility, and obligation. He currently resides in South Florida with his wife and two daughters.