Steps You Can Take to Grow Your Business to the Next Level
For small business owners, in particular, growing a business has always been something of a
challenge. On the one hand, you don't want to grow too quickly - doing so can significantly damage the
trajectory that you've set out on. But at the same time, you also don't want to grow too slowly as this too
can cause you to remain stagnant and get passed by some...Steps You Can Take to Grow Your Business to the Next Level
For small business owners, in particular, growing a business has always been something of a
challenge. On the one hand, you don't want to grow too quickly - doing so can significantly damage the
trajectory that you've set out on. But at the same time, you also don't want to grow too slowly as this too
can cause you to remain stagnant and get passed by some of your competitors.
All of this is also true at higher levels, particularly when it comes to taking that pivotal stop from a $1
million business to a $10 million one. According to studies, most businesses generate about $500,000 in
revenue - meaning that they just need to find that next step to get to the desired level. It's certainly not
an impossible feat as countless others have done it, but it is something that requires you to keep a few
key things in mind.
Growing Your Business: Breaking Things Down
First, it's important to acknowledge that getting to $10 million in revenue for your business isn't actually
"the hard part." Most experts agree that getting to that $1 million level is far more difficult.
This ultimately comes down to the disparity between the concepts of "wealth" and "income" - two ideas
that people sometimes have a hard time reconciling. Having an overall net wealth of $1 million is
certainly an attainable goal. Getting to that point in one year may be less realistic. Show more