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 $500K revenue point I am seeing the Business Owner with their book keeper and one worker busy being busy, selling time, not having good systems, and not having a defined market strategy. I see them as very competent at their trade / profession yet not sure how to get to the next level other than by working harder. Their busyness is also impacting on their health, their sanity, their family and their life. They know that something is going to give, but they don’t know how to take it to the next level. They are also now thinking about who, if anyone, would buy the business as is.
The good news is that if you can get through the $500K pain point, the next significant pain point is at $1.5M.
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.