When you’re busy building a business, many areas are competing for your attention. However, The Quadrant Method – a business philosophy that entrepreneur and business owner James Sinclair subscribes to – can stop you from feeling overwhelmed.
In this instalment of our video series, Business Class with James Sinclair, James identifies and explains the four stages you should move through in order to build a commercially profitable business.
Four mindsets to achieve your business goals
As James outlines, success relies on a business owner’s ability to adopt four different mindsets, beginning with thinking bigger. “When you understand where you really want to be, you then have to understand how to get there,” says James. “This means having the ability to look into the future.”
In fact, James discusses the importance of identifying and pursuing a long-term ambition in a previous instalment of the Business Class series, which focuses on his 10-year formula for success.
The second mindset to adopt? Thinking like a media and marketing business. This means creating a variety of content that attracts your target audience’s attention and encourages them to become customers.
To realise this part of the quadrant method, James emphasises the need for business owners to create a marketing budget that helps them understand when and where to allocate their advertising spend. That’s in addition to having a plan in place to monitor the effectiveness of their promotional activities.
Finally, turning his attention to the final stage of the quadrant method, James outlines the need to turn “fast pounds” into “slow pounds”. In other words, how to take cash flow, turnover or revenue – essentially, the money that’s coming into the business – and invest it so you can grow the business over time.
That’s because reinvesting your business profits can have a range of benefits, such as increasing production capacity and product range, enabling you to recruit and retain more skilled employees, and presenting the opportunity to expand your business into new markets.
As James acknowledges, by earning business-critical skills as you move through The Quadrant Method, you can become a better entrepreneur.
“Because when you’re knowledgeable, you’re powerful in business.”
Find more of James Sinclair’s Business Class videos here.
