The Money Podcast
£500k to £1m the Quickest (Part 4 in Series)
Wednesday, 12 June
Do you want to go grow your business and scale from 500k to a £Million in the quickest time possible? If the answer is Yes, this episode is for you.
Rob Moore discusses 11 key strategies that can help you achieve exponential growth in the shortest time possible. Tune in today, to find out more.
Elements, strategies and things to focus on to go from 500k to a £Million in the quickest time possible.
The first thing is that you need to leverage a lot more. This includes staff systems, sales and getting yourself directly out of sales and marketing and into other areas of your business. Your strategy, your focus and your key areas need to be focused on the overall growth.
The second thing will be how a managing director and or an operations manager in your empire is essential to success. You may even need a second layer of management and you may need to remove some contact to you from other members of staff. It’s absolutely vital to have a really good managing director, someone who's like an office manager, someone who manages your enterprise. It's also vital to have another layer of management to help you out with projects.
The third one is that human resource becomes a really important function, staff benefits, their salaries, their career progression, their grievances, all of those things which aren't relevant when you’re getting out of debt. As you get more staff, they have grievances, and they need to be official, you're not a little organization hiring family now, they want benefits, obviously salary reviews and career progression.
The fourth thing is you need to move on from one-to-one selling. Getting in the car and driving around the country and doing one to one sales meetings or one to one selling on the phone, should be a thing of the past when you go beyond the 500k revenue mark. There comes a point where you have to leverage so you might use webinars to sell globally or online, you might become a speaker and an ambassador in your industry and speak on big stages, you might leverage online training, or you might have four or five salespeople and they're selling one to one all day, but that makes a one too many for you. You could leverage a big podcast, big YouTube channel, but you cannot grow if you’re doing it yourself.
The fifth thing is that you're also a recruitment company now. People, your staff, your culture are the most important element in your business and there comes a point where they need looking after, they need guidance, they need vision and you need to attract and hire the right people. This is vital. Therefore you need good training, good onboarding and connections with good recruitment consultants and agencies in your city. You will need to write good job descriptions and give them progression in their career. You can also create staff Handbooks and good employment contracts to help with issues and grievances.
The sixth thing will be your key result areas and making them way more strategic. You should be doing things like training your staff, training your trainers, vision, strategy, leadership, collaborations, partnerships, etc.
The seventh will be considering a second income stream now that you've got a good first income stream. You’ve got to get good at one source of income before you can do many.
The eighth will be that you need to build a finance department. You must have up to date management accounts and KPIs. You need a finance department, not just a part-time bookkeeper taking your receipts and putting them on a spreadsheet. You need management accounts, ideally 10 days after month end otherwise you can't make proper decisions on the growth of your business.
The ninth will be you’re now focusing on values and culture and brand and actually have ROI. Whereas Of course, when you're 100 grand to 500, grand or even zero to hundred grand brand doesn't really have ROI, you focus more on direct response marketing in those stages. We were into direct response marketing, which is you only spend on advertising and marketing if you can track and clearly get a return on investment, but things like the values of your company now have tangible value because people will come and work for you for the values and the culture. A little bit of investment in developing and building your brand and creating the culture becomes more and more important and can have a huge return on investment.
10 is you need to form a board and that might just be you and maybe your managing director or your business partner, but you could get some non-execs or advisors. You and your MD, maybe if you've got a high-level manager, like a finance director, they could sit on the board and then if you could get an advisor or non-exec or two, that's vital for you to be able to work on your business, look at the strategy, the vision and work on the key areas that you need developing.
11th is that you’re now a media company, as well as a recruitment company, as well as a marketing company in this sort of modern age. Social media is vital, podcasting and having a YouTube channel is vital, leveraging LinkedIn which has changed in the last couple of years in a very positive manner, you want to generate multiple streams of leads which will result in multiple streams of income.
“The harder you work, the less your overall company can get done when you get to a certain size.”
“Anything tactical you're doing is only going to slow the growth of your company down.”
“Operational, tactical and administrative should be to your team, you create the vision, the strategy, and then you pass that down to your MD and then they start the execution process which is implemented by the rest of your team.”
“You cannot master what you do not measure.”
“If you don't risk anything you risk everything.”
ABOUT THE HOST
Rob Moore is an author of 9 business books, 5 UK bestsellers, holds 3 world records for public speaking, entrepreneur, property investor and property educator. Author of global bestseller “Life Leverage” Host of UK’s No.1 business podcast “The Disruptive Entrepreneur”
“If you don't risk anything, you risk everything”
Rob’s official website: https://robmoore.com/
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