You’re the owner or leader of a $30 million business. You’re successful. You’ve achieved incredible things, have a loyal team, loyal customers, and you’ve got a great strategy and product.
Yet, you know you could achieve more. You could employ more staff, generate more money and make your business even more valuable.
But how will you do this, and where will you go from $30 million?
The next breaking point is $100 million. The first question you need to ask is, do you want a $100 million business? If so, you’ll need to think differently, because the issues you’ll have at $100 million will be similar to those you have now at $30 million, and you need to know how to deal with them.
Are you the person who can take your business to $100 million?
Ask yourself honestly: are you the right person to take your business from $30 million to $100 million? If not, who is? Surround yourself with the right people; people who have been there, done that. Get expert advice on who can take your business to $100 million.
Once you’ve engaged an advisor, you then need to look at the following aspects:
- What’s your strategy to get to $100 million?
- What are your systems and processes?
- What’s your people and culture?
- What’s your market and competitors?
- What’s your corporate social responsibility?
At this stage, you need to make sure you’ve got the right technologies, market strategy, locations and leaders in the company. For example:
- Will you stay private?
- Do you want to go public?
- Were you IPO?
- How are you doing yourself out of a job?
- Have you got the right governance and advisory boards?
- Do you have efficient systems in place?
- Does your entire team have key performance indicators?
- Are your salaries competitive?
- Do you have the right CEO?
- Will your CEO stay with you for the next three to five years?
- Organisational change takes three to five years, so will your leader remain for that period?
It all boils down to skillset
The right skillset is crucial to breaking the $30 million barrier.
A client we recently worked with had to recruit a different CEO to take the business from $30 million to $100 million. There was nothing wrong with the previous CEO; however, they didn’t have the confidence in themselves to get to the next level. So, the governance board recruited a new CEO. The current CEO stayed on as the Chief Operating Officer and together, they’re taking the business from good to great.
Do you have the right management structure, organisational structure and compliance structure to break $30 million? Do you have the right advisors on all the different aspects of growing your business? Have they been there, done that and are doing it now?
To start your journey towards reaching $100 million, email me at [email protected].