How To Get To A Mln

You have been through the start-up stage and it is now time to bring your company to the next level, including increasing your turn over to a million and more (the first million is the hardest). Here are some tips to consider:

Set out a financial strategy (not strategy, FINANCIAL strategy), which should be entirely focussed on cash flow and ensuring you do not get undercapitalised.
  • 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.
  • Create a compelling story. Make it easy for people to identify and get excited by the excitement of your company.
  • Build an advisory board. Build the best team possible. It will give you the experience and credibility you need.
  • Define, design, refine the systems and processes in your business (build a franchise handbook)
  • Watch culture (and therefore your hiring policies)
  • Make sure your business and it processes are scalable
  • 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)
  • Get professional about your management team (including yourself ? should you stay?)
  • Re-define your business and align your resources accordingly (be ruthless)
  • Scale and scare up, risk your and other peoples capital. That means fundraising and a much higher risk profile.
  • Go international (preferably global)
  • Look at you management team (again)

 

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