There are 10 steps to building a $10m business without having to work 24/7 and here there are.
Ok, this might sound crazy, but I’m about to show you the ten steps every high value business owner takes to get to a $10m or more business. And the great thing is, you can do it without working 24/7.
Most business owners just don’t think big enough. They believe they don’t have the qualifications, experience or knowledge to build such a business on this scale. That’s just not true because what most business owners don’t know is that they don’t need $10m in revenues or sales to have a business worth $10m.
But we know the ten steps to building a $10m business. Read on to find out more…
The first step is to THINK BIG! You do need self belief and a clear vision of what you’re doing, why you’re doing and a direction of travel, all of this is given to you in our THINKING BIG Programme (checkout our Fuel My Business App to access this and so much more).
You might think you don’t have the confidence or skills to build a $10m business or that it means having to work 24/7.
Know the formula all high value business owners use to build their $10m businesses. This formula is the key to building a business worth $10m or more without having to have sales of $10m, it really is the secret formula to building a $10m business and its what most accountants don’t tell you or don’t even know about.
The webinar includes the formula all business owners need to know to create a $10m business.
Create a great culture in your business. Believe it or not, the best businesses designed their culture from the earliest days so they got it right. You can do that too and it doesn’t matter what stage your business is at right now. It’s never too late to get started.
It’s about creating the right Purpose, Vision and Values for your business and using those everyday to make the right decisions to move forward.
This helps you recruit and retain the right kind of people and attract the right kind of customers and clients to your business too.
Build a Brilliant Brand! This doesn’t mean just having a fancy logo, this means understanding what your business stands for, what the tone of voice is and what it does for your clients and customers or allows them to do. Your brand promise is to your team as much as it is to your customers, so getting this right gives you a great way to scale your business.
Get the strategy right. Don’t panic! A strategy is just a plan. Planning to do something and then going ahead and actioning it, is key to growing the value of your business. Make sure you write your strategies down and that they don’t just sit in your head!
Share your strategies with your team and use them to plan the next phase of growth.
Creating a logbook of strategies will add huge value to your business, at Tricres, we call it Habits and Housekeeping.
Get the right people doing the right jobs in the right way. At Tricres we call this Players on the Pitch. Most business owners think they have to do everything themselves. They become stressed and overworked so they’re no longer working on their business. This can lead to burn out which doesn’t do anyone any good.
Making it clear who has accountability and responsibility for certain things in your business is crucial for building a high value business and getting that $10m return you so deserve.
Learn to lead. Leading in the 21st Century is not an easy task. You’ve got to lead yourself, lead the business (paying attention to the culture and commercial aspects of the business) and lead teams and individuals.
Happily, learning to lead is just like any other skill and can be taught and practised to get it right.
Start with yourself. Once you’ve learnt to lead yourself, leading others gets a whole lot easier.
Get the revenue cycle flowing. At Tricres we call this the Economic Engine and it’s really important. Whilst you don’t have to have $10m in revenues to build a $10m business you do need to make sure you’re maximising your revenues.
The nine points on our Economic Engine cycle tell you exactly what you need to work on in order to build those revenues and keep them flowing.
Learn to sell, influence, persuade and negotiate to get the best deals for your business. Again, these are skills that can be learnt and mastered. Selling is not a dirty word and the more comfortable you are selling what you do, the more sales you’ll make.
Remember, if this really isn’t something you can master (most people do with our sales, influence and persuasion models), then find someone who can and recruit them into your team as soon as possible!
Develop the team. We’ve talked about leadership, but developing the team means you’ll be able to scale your business without it having to rely on you.
In fact, you won’t be able to scale your business at all unless you have a team. So building a $10m business means building a great team.
Get comfortable with delegating, playing to people’s strengths and understanding how people tick.
If all this sounds like a huge amount of work (I did promise you wouldn’t need to work 24/7) then relax. This takes time. The ten steps to building a $10m business takes the time that works for you. You can take as much or as little time as you want to build your $10m business. If you want to take twenty years it will mean you have more time with your family and friends. If you want to take two years, then you’re not going to have much of a social or family life!
It really is up to you. Take one step at a time and you decide the speed you want to build your $10m at. You’re in the driving seat because it’s your business and you get to decide the pace.