Business Growth Series: How To Get To A Million

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You have been through the start-up stage and it is now time to bring your company to the next level, including increasing your turnover to a million and more (the first million is the hardest). Here are some tips to consider in the latest in our Business Growth Series: How To Get To A Million:


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Set out a financial strategy (not strategy, FINANCIAL strategy), which should be entirely focussed on cash flow and ensuring you do not get undercapitalised.

1. Focus all your energy on building a solid reputation with your clients.

Don’t focus on the product, focus on the client and sell, sell, sell. Selling is the new fundraising.

2. Create a compelling story.

Make it easy for people to identify and get excited by the excitement of your company.

3. Build an advisory board.

Build the best team possible. It will give you the experience and credibility you need.

Recommended reading: How to Have The Best Board In The World

4. Define, design, refine

Define, design and then refine the systems and processes in your business (build a franchise handbook).

5. Pay attention to culture.

Watch culture (and therefore your hiring policies). You want your culture to support your growth.

6. Look at scalability

Make sure your business and its processes are scalable.

7. Invest in building the relationship with the banks.

Now is the time for the banks to get to know and get familiar with you and your story (see 3)

8. Get professional about your management team

Including yourself. Should you stay?

9. Redefine your business

Redefine your business and align your resources accordingly (be ruthless).

10. Fundraise

Scale and scare up, risk your and other peoples capital. That means fundraising and a much higher risk profile.

11. Go international

Look at exporting and preferably globally.

Recommended reading: Top Tips for How to Go Global

12. Look at the management team

Look again at your management team. Does it have the skills and experience to scale and grow the business to a million? 

Over to you now. Any other tips for growth? Tell us in the comments below. 

 

 

 

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Sunday, 24 March 2019
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