Is it possible for your mom and pop business to be in the million dollar club? Can you build a million dollar business? Many others have and there is no reason you can’t… if you make plans and execute them.
Can You Build A Million Dollar Business?
Here are ways you can make that leap toward the million dollar business echelon.
- Have a written business plan. If you don’t write down a plan that you can follow that has measurable goals, you will likely get off track. Write down how you will run your business, your measures of success and your income and expenses.
- Get, and stay, organized. If you don’t have a marketing budget in place and if you don’t have your business entity properly set up or if you don’t have a business bank account, you will be floundering financially and this can eat into your potential million dollar earnings.
- Surround yourself with a stellar team. Even if you’re a solopreneur, you will still likely need an accounting professional, a legal professional and perhaps even a graphic designer or content creator on your team. You will be busy pursuing your area of expertise and your core competency and it makes good financial sense to hire professionals to take on the tasks at which you don’t excel.
- Learn to delegate but don’t forget to supervise. It’s great to delegate, but quality control is your ultimate responsibility. Drop in on your social media pages and see what information is being shared. Check in on the quality of products being manufactured and services being delivered. Your name is on the line with every interaction your staff or contractors have.
- Track what is getting done. Track income. Track expenses. Track the number of clients coming through the door. Track those clients with whom you no longer work. If you aren’t measuring successes and failures, you won’t know when it makes sense to course correct, or raise your prices, or drop an underperforming project.
Are you on your way to building a million dollar business? Are you feeling that your progress has stalled? If so, reach out to us, we can help.