Grow Your Company From $1M to $5M
Grow Your Company From $1 Million to $5 Million
Breaking the seven-figure benchmark and hitting $1 million in annual sales should be a moment of pride for business owners, and an indication of your ability to excel. But why stop the business growth momentum there? Keeping your eyes on the horizon with an insatiable, ever-hungry mindset is your business’s ticket to successful, sustainable scaling. The strategies that took you to $1 million, likely will not help you efficiently get to $10 million.
According to Business Know-How, 19% of small businesses make between $200-$500k in sales each year. But, less than 10% exceed $1 million. With an educated strategy, a reliable team, and an organization, your business can become a part of this elusive/exclusive (but profit-driving) club.
Less than 10% of small businesses exceed
$1 million in annual revenue.
Double Down on Marketing
Your business’s web presence in the digital marketing landscape can be pivotal in growing your small business to the $5 million benchmarks. Improving your digital marketing strategy maximizes your chances to reach an endless audience, whether you serve a global, local, or national audience. There are a few different avenues through which you can generate higher levels of traffic online, as well as increase brand awareness.
Generating traffic online for B2B and B2C businesses can become an asset that turns into conversions for your business. If you’re at the $1 million mark, you likely have a significant amount of cash flow to invest in marketing, or significant financing available. Marketing is often the best way to expand operations.
Grow A Consistent Team
There are many models for building a superb team. One approach is to get the right balance between consistency and creativity. Good teams consistently reach 8/10. But they also encourage people to express their talents so that the team reaches 10/10 with creativity.
When you have a winning team, you are able to reach more people, and you are able to have consistency. With consistency, your business will be able to move forward into multi-million-dollar levels.
To grow a business, there needs to be in place
well-defined SOPs and project management.
Organization Is Key
When you are growing a business, you need to be able to establish SOPs and project management. Step one to scaling and growing a company is to make sure that your daily operations are organized and under control, and that can be efficiently done by creating and improving your standard operating procedures (SOPs).
There should be two important things that are involved when it comes to creating a good SOP. Include processes and procedures that have worked with companies similar to your competitors, companies similar to yours, and companies/competitors that are more established and larger.
Once you have the SOPs set up and you develop a culture, it is important that these pillars of business are maintained so that your operations are smooth. Consolidation is key, and that should only be done within one platform. The ideal platform that is capable of serving businesses of all types is Zoho One. Zoho One is a unified platform consisting of 45+ key business functionalities. It enables omnichannel communication and makes it easy to integrate all your internal team efforts while simultaneously delivering a unified experience to all your customers, which will improve closing rates and the average value of a customer. This will allow you to establish processes and scale your company.
However, there are several risks associated with migrating a business to another platform. If a company already has an established clientele, then it needs to make sure that the daily processes are running smoothly, while it is upgrading its customer experience platform. And that’s where an implementation process comes in.
Here at Sliver, we leverage Zoho to have the lowest implementation time in the business, at 50% shorter than the industry average. Whether a small business, an enterprise, or something in between, that needs onboarding assistance, our full-service consulting and professional services will help map out its unique implementation requirements. By implementing software that improves customer experience efficiently, a company can make sure that it is unifying sales, marketing, and product departments under one platform.
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For more information on how Sliver can help your company scale by implementing and leveraging an integrated process-unifying technology system, email us at info@sliverusa.com.
For a free a 30-day trial of Zoho One, the most versatile and integrated business management platform, use the link Zoho One. Once you sign up, email us and we may double your trial period.
