Expanding New Business With The WAYMORE Formula

Expanding new business can be a challenge, especially during uncertain times or a recessional economy. This is where we need to remind ourselves that we can achieve this, and WAYMORE.

Sometimes, we all go through challenging times. When this happens, we should talk ourselves up. We should always give glory to God, but we are all created in his image. If we are created in God’s image, why do we think we are not capable, not smart enough, or too small to solve our problems? We have the power and ability within us to overcome any challenge. But oftentimes, that power and ability get mixed up with fear. So, are you okay with giving yourself some credit today? We need to make sure we understand that we were made by an omnipresent God and give ourselves some credit for the abilities we were given as a result of that.

Expanding new business with WAYMORE mantra

You can accomplish great things, but it’s impossible to do everything by yourself. The WAYMORE formula can help you scale any new business:

  1. Get clear on your Ws: What? Who? Why? When? Where? If you are not clear on your Ws, you’re not going anywhere. Your answers don’t need to be set in stone, you just need to get started.
  2. Think about your Assets. What assets do you currently have available to you? Do you need to search for more?
  3. You and your team. What are the strengths and weaknesses of each person on your team? What is each person’s passion? What do they hate to do?
  4. Measure. Start by identifying your KPIs. We need to be able to graph important aspects of our business. By looking at the graph, we can determine if we are on the right path.
  5. Focus on your One thing. Most people live in chaos. Chaos leads to confusion, and when you are confused, it’s impossible to be successful. When you are confused, the answer is to grab the one thing you know is true and focus on it. 
  6. Review. We always need to review and assess in order to know what we need to do next.
  7. Educate. How are you going to educate yourself and your team as you move toward your next milestone?

Going back to the four P’s:

Then comes the financial challenge. When you are running a business and have a money problem, go back to the four Ps:

  • Promote: If you promote, you’ll start seeing a profit. 
  • Profit: Once you start making a profit, you know your marketing works.
  • Process: Create a step-by-step process of how you profited so you can replicate it. This is what blueprint does
  • People: You can’t have people before you have the other three intact. If you do it the other way round, chances are you are setting yourself and your people up for failure.

Scaling existing business with the WAYMORE formula

Success rarely lies within your comfort zone. In order for us to become the best version of ourselves, we have to be ready to sit with discomfort. Remember that every adversity eventually comes to an end. There is always a light at the end of the tunnel! And the sooner you get to that light, the better for you.

Assessment leads to elevation. So as you go through the above steps, remember to be honest with yourself. Leadership starts with you. You can’t do anything beyond yourself if you can’t take care of yourself first. The WAYMORE framework will not only help you scale your business but also your life. It will help you unlock the power you have within you to overcome any challenge and move toward your next milestone. You are either going to live your dreams or help accomplish someone else’s dreams. It’s your choice. 

Takeaway: Expanding new business

If you want to accomplish something or invent something that has not been invented yet, you need to expand your being and your mind.

Every person you talk to in your ecosystem is a buyer. So, if you start seeing success, the next thing you need to do is find a way to serve other people and/or audiences. You should be looking at different opportunities because there are so many diamonds around us. That is why instead of competing with people, we should focus on collaborating with them.

GEt BWCDaily - Sign up now

Don’t miss out on motivation, education, inspiration…

Verified by MonsterInsights