I consider myself truly fortunate to have been able to attend the Elite Retreat Conference sponsored by Jeremy Schoemaker of Shoemoney.com fame. Of all the lessons learned, perhaps the most important is that of “scalability.” When a business proposition was thrown around, the savvy members in the group would always ask “Is it scalable?”
Questions to ask about your business:
Can revenue grow exponentially without an equal growth in expenses?
Can revenue grow exponentially without an equal growth in human resources?
Can revenue grow exponentially without an equal growth in key personnel? (Do you need multiple super-smarties?)
Look at the parking lot photo below, a few blocks away from our hotel for Elite Retreat. The parking lot owner had a choice. Do nothing to expand and hope to maximize their profit with the space available. Buy more real estate to park more cars. Or buy the vertical rack to allow 3 times as many cars to park. The last choice created an opportunity for 300% more revenue at the lowest cost.
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