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Many entrepreneurs and business owners dream of growing their business and generating massive amounts of profit but few actually achieve this. There are probably thousands of content pieces available to inspire, educate and provide instruction on how to successfully grow your business and yet many businesses fail, hit a peak or never really get traction. The few that do are success cases that prove it can be done but somehow seem to be just out of reach for the every day entrepreneur working away at their dream. Why is this? I believe its because what seems to be a simple question can’t be answered and isn’t even contemplated by many individuals running a business.
What would it take to double your revenue?
Simple question right? The math is very simple: if you generated $7,000,000 in revenue last year what would it take to generate $14,000,000 this year? Notwithstanding that the math is easy the actual answer is not. Even if you figure out the answer you then have to figure out how to make it a reality.
In my experience a new business has nothing to lose and everything to gain as it becomes a viable venture. The individuals in charge of making decisions are so desperate for success and traction that they will do anything to get it. Once a business becomes viable the desire to lose what has been gained takes hold and instead of focusing on how to grow, an entrepreneur or business owner will instead focus on how to protect what progress has been made. This generally translates into defensive thinking instead of offensive thinking. Growth is a neat term to throw around but the pursuit of it becomes secondary to running the business and addressing the daily needs it has.
The answer to how you can double your revenue will be a result of:
– increasing prices
– increasing your customer base
– new product or service
or some combination of the above. A business should be looking to leverage the resources it has paid for including people, systems, process, relationships, etc. to add revenue without creating an entirely different business. To do this it’s important to talk or think through the answer to the question: “what would it take to double our revenue?”. Sometimes just asking the question will produce a dialogue or conversation that will lead to some interesting discoveries.
Inevitably your business will most likely need access to money to pay for its growth strategy however there is no point in looking for money until you have a strategy and know where the destination or goal posts are. Many people think “if our business had the money imagine what we could do” but the truth is that finding the money is easy if you have a plan. If don’t have a plan and don’t know where you are going then don’t waste your time looking for money.
It might be a hard question to answer but if you can figure out what it would take to double your revenue you might be one of the few that makes their dreams a reality. It’s not easy to do but the work involved in discovering the answer may open up new opportunities you didn’t realize your business could access.
If your business is trying to figure out how to grow, get in touch with us. At mlenow.ca we we believe accessing money can help your business do more and helping you understand how to access money to grow your business will result in higher profits and a more valuable business.
You should visit mlenow.ca because every business needs access eventually needs access to money.