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Growing Your Business To A Value You Want And Need For Retirement Has Other Benefits Too:
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Numerous books are written on strategy and execution in business. We all know that it is important to have a plan and many of us do. You consider things like growth, sales and marketing, new products or locations, economic factors, etc. So why do we often struggle to reach our goals? All too often unforeseen events happen that drag us into many different directions and before you know it instead of making decisions on the business you find yourself having the business run you. We have help for you!
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The first million is the hardest - we often joke about this but there happens to be a fairly common barrier in business that seems to hold true across most industries. That being that most business struggle to break past the one million dollar revenue barrier.
We can attribute this business is hard work, and most of us that have started a business did so because we had a passion for something and built from there. In the beginning it was fun and growth was easier or hard but we were in control. So what do the books and experts say... if you want to make more money you have to grow. Fast forward to the million dollar mark, great job! But have you noticed that its become more work, perhaps more hours (often 50-60 hours a week), managing people, personalities, and trusting in those around you... the list goes on. Now you hear if you want to truly sell for the big payday you need to grow to 2 million or more in sales. First thought... you don't have 100 plus hours a week to do more... and most small businesses stall. The challenge is to build management team and with increased revenue that becomes essential and easier to do. Develop people and processes all the while investing in the business and refining products and services. Before you know it you have a business that can be sold and provide a nice return to support your next venture or retirement. |
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