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Small Business

How Two Million Could Make or Break Your Small Business

Watching your company’s revenue mark hit one million dollars for the first time is pure gold. While that might seem like a lot right now, you need only remember what happened to Dr. Evil after being cryogenically frozen for 30 years (for those of you who don’t know he came back and tried to hold the world ransom for one million dollars, watch this clip). Basically, one million dollars is worth celebrating for now but a few years from now you don’t want to be stuck at one million. You want to grow. You want multiple millions. And in order to get there you’re going to have to navigate some pretty treacherous seas. Don’t worry though, listed below are 4 things you can do to ensure that your company makes it to the two million dollar mark.

(1)    Remember Where You Came From

If you’ve been watching the World Cup lately you know that it’s a game of two halves. Too often the team that’s leading at halftime will be usurped by the time the clock strikes 90 minutes as their work rate and enthusiasm drop simultaneously. Players get comfortable, mental errors are committed and teams fall apart. Don’t get comfortable. Right now you’ve got a one goal lead at halftime but you still have another one to prove that you are, and will be, the company you envisioned since day one. So, it’s time to batten down the hatches and recall that enthusiasm that you had when you first started out. That with your current business experience should put you on the path towards that ever elusive two million dollars.

(2)    Know What You Can Do, Not What You Think You Can Do

If you’ve made it to your first million dollars then you know what you’re good at and what just isn’t working. Here’s where enthusiasm can work against you. Too much of it results in overconfidence which can set you up for critical mistakes down the road. If you’re not qualified to handle a part of your business seriously consider hiring someone who can. While it may hurt your bank account now, it will pay off later as you continue to grow.

(3)    A Little Bit of Safety Goes a Long Way

You’ve been adapting, changing and grinding your way through the business world but sometimes, just sometimes it would be nice if it wasn’t so spontaneous. You can try to reduce the spontaneity by creating a business plan that will give you some idea as to how you’ll make the change and communicate it to stakeholders while also being conscious of cost.

(4)    Risk Much Earn Much

If business wasn’t so risky there’d be a lot more successful business people. In this industry it’s high risk, high reward but if you don’t get that reward it can be downright painful. When those valleys do occur it pays to have one, if not several safety margins to ensure that you can cover costs (rebranding, development, etc.). Be safe, risk much and get to two million dollars. It’s kind of an oxymoron but it should help you as your business continues to grow.

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