Is your business in a stunted state? Maybe the things you have done before are no longer working.
My business has seen five years of success, each year beating the previous annual revenue. Mid-year five, the business started to experience a WALL. It felt like no matter what we did; the company would not move any further. I kept asking what was going on, was it bad habits?
The answer was it was time to cut fat and scale-up. When you first start a growing business, you might have partnered with a friend or friends. As things progress, you may realize some of the members are not pulling weight, or they are just not that skilled. Leads are coming in, but you are not closing deals.
The next step is to refine your sales pipeline. Consider hiring a couple of people. Start with commission then bring in knowledgable full-timers. After that, you need to start considering scaling. This is an area you may not have experience in. You know your product or service well, but you don’t know how to grow a business to a multi-million-dollar company.
So what is next?
Its time to look at the budget and consider specialists. When my company started, I wore many different hats. Eventually, I realized we needed more specialists. You need someone to work full time in individual trenches. For example, my company needed a guy who could work specifically on government contracts.
This investment started bringing in revenue from a new place. You need to start looking at all the branches your business can reach out to generate revenue. And specialists in the specific fields can aid the process. With the ability to bring in help in specialized areas, my business was able to hurdle the wall and make new leaps of growth.