If you’re aiming to take your business to £10 million and beyond, you’re setting your sights on a goal that less than 0.4% of businesses ever reach. It’s a rare milestone, but it’s achievable if you’re willing to make the right changes. So, what holds so many businesses back from hitting that £10 million mark?
The answer lies in complexity. When you’re small, you’re close to the action—you know your customers, suppliers, and team members personally, and you’re wearing multiple hats as the head of marketing, sales, finance, and operations. But as your business grows, your role as the chief doer quickly becomes unsustainable, and the workload starts piling up. At this point, many business owners hit a wall and find themselves stuck around £2 to £3 million in turnover.
Breaking through with business growth strategies
This is where the right business growth strategies for small businesses come into play. To keep moving forward, you need to let go of the day-to-day work and begin to delegate. As the owner, your focus should shift from doing the work to guiding the team. This means hiring additional people, trusting them to take on responsibilities, and stepping back to think about the bigger picture.
For those who break through this initial stage, the next major hurdle is assembling a capable management team. Between £3 million and £6 million in turnover, it becomes essential to have skilled people around you, but here’s the challenge: bringing in the right calibre of people isn’t cheap. The profit and cash flow might not yet support these hires, or perhaps there’s hesitation about paying the higher salaries required. This reluctance can keep businesses stuck once again.
How to build a management team that drives growth
If you want to reach £10 million, knowing how to build a management team that aligns with your vision and strategy is vital. At this stage, the focus shifts to bringing in individuals with experience in their areas, creating structured systems, and setting a clear business strategy. This team structure ensures the business runs consistently and efficiently, allowing you to operate on a larger scale.
Reaching this milestone isn’t just about managing growth; it’s also a personal evolution. It requires developing delegation skills, learning how to lead managers who may know more in their specialties than you do, recruiting the right people, motivating them, and supporting their development. Growing to £10 million is as much about your own journey as it is about business strategy.
The 0.4% Club: A journey of skills, mindset, and strategy
Ultimately, most businesses never get to the £10 million mark, not simply because of these obstacles, but because the business owner doesn’t make the personal development shifts needed to manage them. Becoming part of the 0.4% Club means asking yourself key questions: Where are your skills gaps and experience gaps? Who do you need in your management team? How do you need to adjust your decision-making?
By embracing a mindset of growth and learning, building a skilled team, and focusing on business growth strategies for small businesses, you’re setting yourself up for that elusive £10 million milestone.
Ready to take your business to new heights? Learn how my tailored business coaching services can revolutionise your strategy and lead you to success. For more tips and expert advice, visit my homepage and explore Mind Your Own Business, where you’ll find free resources to keep your business thriving in a competitive market.
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