If someone were to ask you whether you would be interested in doubling the profits your company has registered last year in only 365 days, what would you say? Of course you would what that, right? I mean, who wouldn’t?
Some companies manage to see outstanding growth over the course of a year. Sometimes it happens by chance or pure luck, other times that growth can’t be deemed as a fluke or a happy accident. The amount of work you have to put into this so that you are able to register that growth is an uphill battle. Without a solid and well-crafted plan along with the will and dedication to execute, you probably won’t be able to double the revenues of your company in that short amount of time. Moreover, you also need to make a shift in your way of thinking.
The first thing you need to do is start early. Quite often a lot of small businesses start planning for the next year in December. I cannot tell you enough how wrong it is to start this late. In order to achieve something important you need to start planning early. January 1st should be the first day you start determining your growth plans for the upcoming year.
Related: Planning your business for 2015
Whether your company sells products or offers services, the development of your new products or services should start in the third quarter of the current year so that you are able to see a significant amount of revenue in January of the following year.
Believe with all your heart that you will be able to succeed in everything you accomplish. This may be the hardest thing to do. The idea of doubling the revenues of your company without actually believing you will do it is pretty much pointless. In order to register huge revenues you need to execute big plans.
This is another great reason to start early. Your brain needs the necessary time to process and accept the idea that you are able and you will be able to achieve what you’re set on doing. In order for the plan to work, you need to see your company two times the size it currently is.
You need to brace yourself and learn how to deal with both naysayers and critics. The best thing to do is ignore them.
Create a revenue ladder of sorts. If you are not able to create a single new product that is a hit, it’s highly unlikely that you are able to double your revenues solely based on that offering. Thus, you need to get your creative wheels in motion and start brainstorming. Successful entrepreneurs are aware that the best way to register revenue growth is by having more than one important revenue streams. Every revenue stream is one step of the ladder and the only way to climb it is by creating more steps.
Set stretch goals. In my opinion, the single best way to reach your revenue goals is by planning to exceed them. When you are creating your annual action plan, remember that it needs to have two levels. The first one is the business plan, which should be accurate, non-negotiable and a must-win. Afterward, go ahead and create the stretch plan. For this one, you need to pinpoint the benefits of each revenue source. This is extremely important because it might just so happen that you will not be able to reach your goals in at least one area of your business plan.
Thus, this plan is created to make up for the aforementioned deficiency. If or when one of your revenue streams disappears, you will be ready and your plan as a whole will not be knocked down like a castle of sand.
Last but not least, the moment you manage to accomplish what you’ve set out to do, remember to reward the ones who helped you make it a reality. The moment you realize the fact that you will not be able to double the revenues of your company on your own, the sooner you can start working on it. The individuals around you will help you one way or another to make that happen. And they need to bask in that glory and enjoy the fruits of labor.
For example, you could try compensating team members and managers in accordance with their revenue targets. In layman’s terms: you bring revenue into the company, we make money and you will get paid more.
While this process is far from easy, it’s a pretty basic one. So what are you waiting for? Start now and believe with all your heart that you will be able to do it and the rest will follow.