Having worked with countless businesses over the past decade, it is becoming clearer that there are specific pain points that business owners hit and often stay at. They are revenue turnover of $500K, $1.5K, $10M, $30M and $110M. Businesses can get stuck in a routine which becomes repetitive. This routine reminds me of Einstein’s definition of insanity – doing the same thing over and over again and expecting a different outcome.
At the $30M revenue point I am seeing the CEO and Business Owners wanting to get into new markets and new products. However, they are also seeing cracks in their current systems, structure, culture, processes and people at the $30M mark and wonder how they will get to $110M without changing. It is very much “we don’t know what we don’t know”. They have a built a very successful business themselves so want to only take advice from people who are more exceptional at business than they are. They also know that they need to position their business correctly to ensure the right sales multiple and maximise their business’s value. If they are thinking about succession planning, they will find that the potential buyers at this revenue is significantly different to who they thought they were going to succession plan / transition to originally when they first started their business.
The good news is that if you can get through the $30M pain point, the next significant pain point is at $110M.
Einstein was right – don’t do the same thing. Contact us for a free Growth Score Report from the Advisory Board Centre which will help you to identify the next step to take.