How Will You Double Your Business?
It’s getting cooler outside, leaves are falling, and it’s now Annual Planning season for your business. Interest rates have been low, unemployment rate is around 5%, and the economy has been growing slow and steady for the most part.
You have to ask, how long will this last? I can’t believe how much residential and commercial construction is going on around Charlotte, NC, these days. It looks like 2007-08 to me, and it almost feels like it too.
Every year I have a professional theme I like to deep-dive with my own business and with my coaching clients. This year it has been Core Customer and Buyer Personas. Last year it was getting Discretional Effort out of employees.
I’m going to get out front and announce it now: 2016 is going to be about creating a serious plan to double the business and get the Winning and BreakAway Moves in motion. The last thing I want to happen is to be stuck in the middle of the pack when the economy flatlines or slows down.
Take extra time this planning season to drill into the 3-5 year growth plans and ask your team these questions.
- How long will it take to double revenue? Hint…. use the rule of 72. Take 72 and divide it by your estimated (or desired) annual growth rate. 33% is about 3 years (check the math).
- How much revenue will come from your existing business lines and sales capacity?
- What is the gap between how much you can grow without really changing anything and your target revenue number?
- How will the operations side of the business need to change?
- How will the sales and marketing side of the business need to change?
- What are 3-5 Winning or BreakAway Moves that can generate that new revenue and profit?
- New capabilities will you need to acquire?
- What new people, contacts, advisors, coaches, etc. will you need to leverage to accelerate, to get you there faster?
- Components of the Winning and BreakAway Moves do you need to execute on in 2016 to get the proper momentum?
The purpose of the 3-5 year focus now is to get the momentum going strong in 2016 while you still have an economic tailwind. Get the plan moving, test your assumptions, engage the full team, name your plan to double. There are always a few companies in each sector that seem to defy gravity in slowing economies. Decide now this is going to be YOUR company.