Breaking the $5 Million Ceiling: Strategies to Grow a Business in a Competitive Market
“Successful people do what unsuccessful people are not willing to do. Don’t wish it were easier; wish you were better.” -Jim Rohn
Break the Mold
Every once in a while, as business owners, we hit a roadblock when trying to grow our businesses. Sometimes that roadblock is deeply connected to revenue. I’m here to help you break through the revenue ceiling and take your business to the next level! A roadblock, a benchmark, a ceiling, they are just that — thresholds to be surpassed.
I want to give you the insight that you need to break through the $5 million ceiling. What lies on the other side of your next breakthrough? I believe that what lies ahead is the opportunity to create inner and outer wealth by growing an even more prosperous business. How can you do it? With proven strategies to grow a business.
Perception is Reality
Take a look at the facts. This arena is infused not only with passion, but lucrative opportunities for growing your business. Here are a few facts we discovered:
What is considered a small business?
A small business is an enterprise with fewer than 500 employees. If you fit that definition, then you are not alone! You are in good company with nearly 28 million other small businesses in the United States, according to Forbes. Of those small businesses, 22 million or approximately 75% have no additional payroll or employees and so are designated as a nonemployer business.
Here are some surprising facts to take away from the statistics:
- You are among over 50% of the working population, or 120 million individuals, that work in a small business!
- Each month, approximately 543,000 new businesses get off the ground, while more employer businesses close their doors than start up each month.
- Nonemployer businesses make up approximately 75% of U.S. businesses.
- Of those nonemployer businesses, 19.4 million are sole proprietorships, 1.6 million are partnerships, and 1.4 million are corporations.
- In 2018, total revenues from nonemployers hit $1.2 trillion, according to the Federal Reserve System!
In other words, the potential is there and it is infinite! You have already chosen the path to live a passionate life. A prosperous business is one that best reflects your passion. It’s time to match your passion with a business model that manifests a zest for success combined with the most innovative strategies to grow a business.
Here’s a formula for success – 5 Competitive Strategies for Growing your Business
As the quote in the How do you do better? Breaking revenue ceilings requires a combination of key elements. Refresh your business plan by evaluating how you set yourself up for success. Create a unique approach to growing your business by utilizing these 5 competitive business strategies. Even if you’re wondering how to grow a million-dollar business, these can help!
- Craft a unique customer experience. Think Zappos. Competition is sure to follow once a product or service enters the market. New ideas can only hold out so long before competitors take to the ring. What happens once you are not the only pioneer in your industry? If you are the expert, you have to not only define yourself as such, but also define a new way to give your clients access to that expertise.
Time to get creative. How can you become more interactive with your clients? How can you provide easier, more personalized access to your product or service? Being deemed user-friendly is just one way to stand out from the crowd. Find your own competitive edge.
- Tap into an underserved niche. It’s called trendsetting. Put yourself ahead of the curve by expanding or reworking the definition of a product or service. Step outside of the limitations of a generalized commodity, establish a new twist on a product or service, change the mindset, and enter the realm of a niche market.
Differentiate yourself from the competition by defining yourself and your business as a trendsetter, not a trend follower. By the time a trend fully emerges, it is too late. Think outside the box! Unconventional thinking and ideas can add immense value to what you have to offer.
How can you find the market that supports your strategies to grow a business? There are plenty of options! You could aim to:
- Increase market penetration and focus on market development. If you already have a strong customer base, show more of that group what you have to offer! Build plans to further promote your existing products and highlight new ones.
- Explore alternative channels. Product-specific websites, social media, partner programs, resellers, affiliates, and even in-store sales are just a few examples of sales channels you might not have already considered.
- Focus on product expansion. Give your target market more options by building new products and services that are relevant, useful, and exciting!
- Segment your market. Divide and better define your current and potential customers, and then use the marketing channels that are most relevant to them to raise awareness of what you have to offer.
- Are you delivering a product that solves a significant problem? Even if you are coming late to the game, do not lose hope. Evaluate your competition; pinpoint a share in that market that requires your product or service, and bring that need to the forefront. The idea is to fill an unmet need.
Remember: the goal here is not to meet the desires of every customer, but to satisfy a unique need with your product or service. This means narrowing the focus of your business and targeting a very specific audience. Work on being the best at fulfilling that specific need.
- A systematic strategy for generating new leads is not optional – it’s required. What is your offering? What makes you, your service, or your product so valuable that people will choose to hire you? Create a lead magnet – a free offer that is so compelling that people will give you their email address, and you will grow your email list. Relatively simple. However, there needs to be a system in place to create a recipe for success!
When working to generate new leads, you need to remember the first rule of marketing: know your audience and give them what they want! Hence, the lead magnet is born. Offer to solve a specific problem for your target audience by providing insight or exclusive information as a solution.
Do not stay stagnant! Track your success and be flexible. If the conversion rate is not there, then the lead magnet and offer is not working. Investigation is key. Test, adapt, and then repeat.
- Take account of how you operate. It is easy to fall into doing it all, but it pays off to accept that you can’t do everything. You cannot expect to be your own bookkeeper, marketing guru, sales agent, and still allow your company to thrive!
Search out like-minded and talented team members that mirror the vision and value of your business. You will find that two heads really are better than one! Bring a fresh perspective, a new set of eyes, and a different skillset to the table. It is not about losing control, but building a team that will be an asset to your company’s long-term growth. Now that sounds like a great strategy for growing your business!
The Bottom Line
The formula is laid out. Take it from the expert, Allison says it is about “doing business in a bigger world.” What does that mean? Think bigger! Start with scaling your approach. What is your financial goal? To break through that ceiling, work backwards to determine your needs. Ask yourself:
How many people can one of your team members handle?
How many people will you need to get to your number goal?
The answers will guide you on your path to reach that next revenue goal. Progress is not only marked by forward advancement, but also by the growth and learning that results from overcoming obstacles. The opportunity is in front of you, so grab a hold and break through that ceiling! Reevaluate your business’ obstacles and walk away with a new set of strategies for success.
Read like the experts: Recommendations to add to your reading list
Growing A Business by Paul Hawken
“Nearly everyone harbors a secret dream of starting or owning a business. In fact, 1,000,000 businesses start in the United States every year. Many of them fail, but enough succeed so that small businesses are now adding millions of jobs to the economy at the same time that the Fortune 500 companies are actually losing jobs.”
Think and Grow Rich by Napoleon Hill
“Think and grow rich is the most important financial book ever written. Napoleon Hill researched more than forty millionaires to find out what made them the men that they were. In this book he imparts that knowledge to you. Once you’ve read this book you will understand what gives certain people an edge over everyone else. By following the advice laid out clearly in this book you’ll be the one with an edge. It’s time to stop wondering what it’s like to be rich and start knowing. This book has changed countless lives and it can change yours.”
The 7 Habits of Highly Effective People: Powerful Lessons in Personal Change by Stephen R. Covey
“One of the most inspiring and impactful books ever written, ‘The 7 Habits of Highly Effective People’ has captivated readers for 25 years. It has transformed the lives of Presidents and CEOs, educators and parents—in short, millions of people of all ages and occupations.”
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Allison Maslan, CEO of Pinnacle Global Network, is the Wall Street Journal Best Selling Author of Scale or Fail, which is endorsed by Daymond John and Barbara Corcoran of Shark Tank. Allison’s built 10 successful companies starting out at age 19.
Now she and her team of CEO Mentors pay it forward by helping business owners scale their companies, fast-track their success, and create a more meaningful life. Pinnacle Global Network, a world leader in scaling companies and empowering business leaders has guided thousands of CEO's and Founders to success over the past decade. Allison’s been featured in Inc., Success, Fortune, Fast Company, and Forbes Magazines, is a regular contributor to Entrepreneur Magazine, and a featured expert on ABC, CBS, NBC, CNN, and Fox across the US. She is also the host and producer of The Scale or Fail Show podcast, and the Women Who Own it Podcast in partnership with WBENC, the largest certifier of women-owned businesses in North America.
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