Some entrepreneurs start a business with a bench-mark of building it into a million-dollar business. Only 4% of the businesses reach a million-dollar business. But its definitely within reach to build a million-dollar business, and here are 4 strategies that will make that goal a reality:
1. People- Leaders of the company MUST be able to attract and keep the right people. The inability to staff or grow enough leaders throughout the company who have the capabilities to delegate, predict and have the ability to lead. Leaders must establish rules, clear direction and then allow their people to lead. Leaders build leaders, and if your leaders can't multiply talent then it will be pretty difficult to move toward the million-dollar benchmark in business.
2. Network-One major component of building a million-dollar business is connections. Connections are the very blood of a small business.Whether you are a techie, or a numbers fan, networking is the key to success for any small business. Small or upstart companies need local support, and there’s no better way to get it than putting your name out there and connecting.
3. Cash-Businesses must have cash on hand for various reasons, such as investing in new infrastructure and dealing with unexpected expenses. Moreover, a business’s cash flow is often cited as a key factor in its potential for long-term success. A company may have all the revenue in the world, but without the ability to generate cash, it can easily fail.
4. Execution-Execution is More Important Than Planning. The perfect plan, poorly executed, will fail. A lousy plan, well executed, is often successful. It may seem obvious, but way to fix a failure is often simple: work harder. Execution get things going and if the action is not implemented than its the same as having no action.
Building a million-dollar business takes more than just these four strategies, but it would be hard to find a million-dollar business that does not have all four of these strategies down to a science. Ready to get the most out of your business? Sign-up for a dose of free business resources to scale your business.