Read the full article on Forbes.com here
When Dave approached us, he already had a successful construction business. But he had his sights set higher. Dave wanted to break the $1 million per year mark and get help with planning his professional and personal life. After looking at his business, we realized that we could help Dave turn his company into a multi-million dollar business within two years. We took a systematic approach, and this resulted in a growth in revenue of over 20% per year. But hitting all the financial targets wasn’t the most exciting part. What made this collaboration more rewarding was creating a sustainable scaling strategy that would allow Dave to reach even bigger goals. How did we do it? It was a combination of things.
One of the aspects we tackled was hiring. By adding three new full-time employees, Dave’s business gained an infrastructure to support growth. Then, we implemented a new pricing strategy that allowed for higher margins. Due to the high demand for his business, this increased the company’s overall profit. Additionally, the extra profits allowed Dave to reinvest in his business to build more capacity, which eventually freed up more time for him. He finally started working more on the business instead of inside it. On top of that, the new changes enabled Dave to have sufficient inventory and resources, even when his competitors were falling short. As a bonus, he was able to purchase land that would eventually be the location of his dream home.
Success like Dave’s is possible for you, too. Particularly when you’re following an efficient strategy for scaling. Below, I share three tips on how you can start creating a sustainable growth-oriented blueprint — one that can help you achieve your personal and professional goals faster.
1. Set short-term targets.
Imagine you want to hit a specific goal within 10 years. You have a clear vision of how many employees you need and how many clients you would have to serve. Perhaps you also have a good idea of your price point 10 years into the future and the service you’ll be offering. Achieving these things will require you to work your way back from your long-term goal. You’ll need to understand how you should approach the expansion or consolidation of your business to reach those goals. For that reason, you’ll want to set short-term goals.
Read the full article on Forbes.com here