How Do You Grow Your Business From $1M To $10M?
Congratulations. You've gotten your startup to $1M/Year. Now the challenge is getting from to $10M/Year. The bad news is that you're going to change a lot of things to get there.
In this short video, I'lll walk you through five key areas of your company where you'll likely have to change things up. I hope you enjoy it.
Read The Video Transcript Below:
Well, congratulations. You've gotten your company to $1 million a year in my book. That is the mark of a company that is a true company when you get to that million dollar a year mark.
But now you've got to grow from $1 million up. How do you get to $10 million a year? And here's the problem. You can actually in growning your company, you can cause your company to fail. That's not what you want.
So today I'm going to give you a few pointers on what you should do to get your company from $1 million to that $10 million mark. And here we go. The first one is you might need to expand the markets that you're going after.
You may be narrowly focused at the beginning, but maybe you're going to need to go after more and more markets. You may need to go up market. So maybe you're going down market using the classic innovator's dilemma strategy of going after the low hanging fruit then you slowly go up the market. That is a great way to go. So you can build from that.
The second thing you might need is you might need, and I hate to tell you this, you might need a new sales VP or maybe you never had one. This is a good time to hire one right now and you want somebody who's been there and done it before from $1 million a year to a $10 million a year. Who's built teams like the team you're going to need. Has sold products around the price point that you're selling your products and hopefully he has experience selling your type of product. Ask those questions. Ask how that sales VP has done it before and you want specific answers to your questions.
Number three, but don't spend too early on salespeople either. Because you can hire too big of a sales team and again, you run out of money. This is a point where you're going to be spending a lot of money to grow and you need to manage your cash wisely which gets us to the next point.
Manage your cash well. Know what's going on with precision. I used to sign every single check. I went every over every single payment we had with our controller, Tina and I had a routine every week that we went through to do this. I would ask her questions about every single check I had to sign. She would tell me what was going on. I would make a go, no go decision on every single one of these. That worked really well for us.
And finally, give great support to your customers. Make your customers feel loved. It's one thing that you can do that your competitors can't match because you can support your customers in a way that nobody else can.
You can give them tremendous help and tremendous support. Make it personal, make it helpful. Fly in, meet your customers. A CEO going to meet his or her customers is worth his or her weight in gold. It really helps. Customers love meeting with the CEO. This is the time to do it. You have $1 million a year business. Now's the time to leverage it. I hope this helps. I am Brett at www.brettjfox..com have a great, great day.