How do I grow my busines?

Dear Doc

My business has remained at the $300,000 mark for the last three years, whilst similar businesses have grown or closed.

Staying at this turnover is OK, but profit margins will diminish and I am frightened that if I do not grow, I will soon fail.

I keep trying to get through the $1 million barrier, only to be rebuffed.

If I want to build a bigger business, what do I do?

Answer:

“Research in the field of ‘cultural due diligence’ has shown that whether it is a legal firm, an international business or small growing business, it is quite clear that the culture of the firm is a consequence of attitudes coming from the ‘spiritual’ leader of that organisation.” David Harding

The fifth Law of success is this: “What you say is what you will do”. So long as you say to yourself that you cannot get passed the $300,000 barrier that will be the case.

I have been taking people passed their glass ceilings for over twenty years and the secret in essence is to do the following.

  • 1 Decide what turnover you want to achieve.
  • 2 Workout what combination of products or services and price levels must be sold to achieve this end and break it down to weekly, monthly or quarterly sales targets.
    • a) From $300,000 to $1,000,000 is an increase in sales from $6,000 to $20,000 per week, an increase of $14,000 per week.
    • b) Assess if the amount of sales is achievable, or it is easier to go from $300,000 to $550,000 to $1 million in two years. With this smaller step, the jump in sales is only an extra $5,000 per week in the first instance, which is far more manageable and each year you are not quite doubling your sales.
  • 3 Once you can believe that the goal is achievable, focus with a positive mental attitude on your outcome and DO NOT LOOK DOWN!

Naturally you have to consider costs that will occur as a result of your growth and the capacity of your current and future workforce. However, these three points are where it all begins, if you really want to make it happen.

The same is the case for a business growing from $3,000,000 to $10,000,000. Identifying what has to be done and planning the actions, then working closely with a qualified Executive coach will make a significant difference to your success.


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