Congratulations! Reaching a $10 million turnover takes hard work and dedication. You may have only recently reached it, or perhaps you’ve hovered around this turnover for years. Did you know that once you break through the $10 million barrier, your next significant pain point is $30 million?
First of all, do you want to achieve a $30 million turnover? If so, let’s explore how you can do this.
To go from $10 million to $30 million, you need to look at your systems, structure, processes, people and culture. You also need to look at your mindset. These are all things you had to do to go from $1.5 million to $10 million.
However, running a $10 million business is different from operating a $30 million business. Have you ever run a $30 million business? If not, get advice from somebody who has. You need expert guidance on systems and processes. Are they streamlined and documented? Are your key performance indicators the right ones? Remember, what you measure matters.
Here are some other questions to consider:
- Is your culture defined?
- Are your values defined?
- Is everyone aligned with your values and vision?
- Do you conduct staff satisfaction surveys?
- What do they tell you?
- How will you manage these issues?
Other significant issues to consider are new technology, threats, your capital, capability, market position, geography and industry.
Do you have a strategy for each of these? If not, where will you go to for advice?
Great leadership makes all the difference
To break through the $10 million mark, you need the right leadership. Leadership isn’t about qualifications; it’s about getting the proper mentoring and leading your business from good to great.
A great leader ensures the business has the right culture. Do you have a high-performing and engaged culture?
Great leaders also ensure the business has the right strategy. What’s yours? Is everyone on the same page as you? Is your strategy a one-page document? Do you know how to go from where you are now to where you need to be? Do you have the skills to execute your strategy? What’s your competitive advantage? Do you have an excellent executive team? Remember, your job is to do yourself out of a job, which means the right executive team is essential.
I recently worked with an excellent $10 million client. However, the owner realised he wasn’t the right person to take the business to the $30 million mark. So, instead of recruiting a new CEO, he created a Chief Operating Officer position, which he recruited to. That person is now performing brilliantly in this position, and the succession plan, the exit strategy, will be the Chief Operating Officer through to the CEO and then backfilling the Chief Operating Officer. So, the CEO is actively doing themselves out of a job.
Another client we recently worked had an issue not with systems, processes or people, but with their market, which was saturated. So, we helped them look at their market positioning, what they were good at, and where their good revenue was. As a result, they downsized the business, increased their turnover and owned their market.
You can break that barrier
Cracking the $30 million mark is a bit like the four-minute mile. Once upon a time, we didn’t believe someone could run a mile in four minutes or less. But when Roger Bannister first achieved this in 1954, more and more runners cracked four minutes, too.
It’s the same with the $10 million barrier. Others have broken it, and you can, too. It’s about having the right strategy, systems, processes, people and goal, and bringing everyone on board so you can reach that next level.
To start your journey towards reaching $30 million, email me at [email protected].