What is 10X and how can it save my business?
Grant Cardone came up with the 10X rule. Not me. But it has helped me in my business and can help you in yours. He argues that you should set targets for yourself that are 10X greater than what you believe you can achieve. Also, you should take actions that are 10X greater than what you believe are necessary to achieve your goals. The biggest mistake most people make in life is setting goals that are not high enough.
This is not the same as the saying “shoot for the stars, and at minimum you hit the moon.” The 10X is much different. The 10X rule calls for massive action in order to hit your goals. If applied properly, most people learn that their initial goal was too small in the first place.
Here an example of how it works:
Your goal last year was to sell 60 widgets. That would be 5 widgets each month. In order to sell 5 widgets, you would statistically have to meet with 20 customers per month. This is just an example to wrap your head around the numbers. Let’s imagine that you sold 48 widgets by averaging 4 widgets per month instead of 5.
Let’s see how this example looks when applying the 10X Rule.
Take the goal of 60 widgets and multiply it by 10. This is 600 widgets per year. This is now the goal—600 widgets. Using the statistic that 20 customer meeting per month equals 5 widgets sold per month, apply the 10X method and your goal is to meet with 200 customers per month instead of 20.
How can you get 200 customers in a meeting? This is where it gets tricky. To do that, you have to now break down this part of the goal. If it is true that it takes X meetings to equal Y widgets sold, the question would be how many clients do I need to contact to GUARANTEE that I set X number of meetings. If statistically, 5 calls can get you 1 meeting, and you know you need 200 meetings, now we know we need to make 10,000 calls to ensure that you get 200 meetings that month.
Now the year prior, your goal was 20 meetings/month. You probably did not get 20 meetings/month if you did not apply the breakdown of how to guarantee 20 meetings/month. This is where the 10X rule comes in to play.
If you are wondering how you could now accomplish 200 meetings a month if I you could barely do 20 the year before, the answer is where the real magic of the 10X rule lies. While perhaps the 20 meeting a month goal made you happy, it did not change your life. It did not give you the energy to get out of bed when you wanted to sleep in. It did not make you turn the tv off and get back to work. It did not excite and motivate you to make the tough choices because it was just ok. The 10X goal inspires. It inspires you to get up and achieve 10x the success that you had considered. Emotion creates motion. Get excited and work towards something that will give you the energy to get up and handle business regardless of whether you feel like it or not.
To learn more about 10X, check out Grant Cardone's book The 10X Rule. To learn more about Grant Cardone: https://grantcardone.com/about/
NOTE: The article above is the review of the author, Devin Scott, a Senior Contributor to our Blog and a highly respected member of our Client Services Team. All opinions expressed are his exclusively his. Harvard Business Services, Inc. is not connected in any way with Grant Cardone or the 10X Movement and our reporting should not be considered as an endorsement. We bring these individuals and organizations to our readers attention, after a review process, because they have been very successful for many entrepreneurs.
*Disclaimer*: Harvard Business Services, Inc. is neither a law firm nor an accounting firm and, even in cases where the author is an attorney, or a tax professional, nothing in this article constitutes legal or tax advice. This article provides general commentary on, and analysis of, the subject addressed. We strongly advise that you consult an attorney or tax professional to receive legal or tax guidance tailored to your specific circumstances. Any action taken or not taken based on this article is at your own risk. If an article cites or provides a link to third-party sources or websites, Harvard Business Services, Inc. is not responsible for and makes no representations regarding such source's content or accuracy. Opinions expressed in this article do not necessarily reflect those of Harvard Business Services, Inc.