fbpx

4 Proven Scaling Strategies From Companies with $10 Million in Revenue

Did you know that only 4% of US companies reach $10 million or more? Don’t get discouraged just yet! These are, for sure, the most elite companies that have found a way to separate themselves from middle-market players and others on the market. But what do these companies with $10 million in revenue do differently to set themselves up for such explosive growth?

The truth is, breaking that $10 million revenue barrier is not just a matter of having a groundbreaking idea that nobody else has ever thought of before. It’s actually more about the execution work. So, to help you get there faster, let’s have a look at some fundamental lessons from companies with $10 million in revenue that will help you turn your business goals into a reality.

Key Takeaways

  • Businesses generating $10 million in revenue typically share certain characteristics, including a dedicated and enthusiastic team, a scalable sales approach, and a robust groundwork.
  • Adopting the right mindset is absolutely crucial to reach revenue objectives.
  • You can’t get to $10 million alone. Building a strong and resilient team is equally important as crafting a solid business foundation.

4 Lessons in Scaling from Companies with $10 Million in Revenue

When you want to reach a goal in life, you can learn a lot by just observing people who already walked that same path. The same goes for your business goals. That’s why these strategies from companies with $10 million in revenue are a good starting point for you to understand better what your next steps should be.

Develop a $10 million entrepreneurial mindset

Don’t worry; this is not some spiritual mumbo-jumbo. When you start out as a brand new business owner, most of the growth work first happens internally, in your mind. You focus on your end goal every awake moment of the day. You think about it during breakfast, lunch, dinner, before you go to bed… It’s a non-stop mental work in the background. But as your business starts taking off and you get into the weeds of it, you get distracted from the vision work and get more involved in the operations. Just as it is critical in the initial stages of your business to focus on what you want your business to be, the same focus is necessary when you’re working toward that $10 million mark. 

Scaling a business takes a long time, and that’s why staying focused is so important. As a business owner and CEO, it’s your job to maintain that vision and help your team align with it. Work on expanding your mindset and thinking in the future. That’s precisely what CEOs of companies with $10 million in revenue did to get to where they are and further. 

Build a trustworthy and proactive team

You can’t get to $10 million in revenue all on your own (most of the time). You need a team of like-minded, passionate people around you because, at this stage of business growth, you’re not as involved in the daily operations anymore. Instead, you rely more on people in your company. As you can’t spend your time anymore giving them direct instructions about where your company is headed, you need to fully trust them as they will be the ones planning and executing in alignment with your vision.

But for that to happen, you need to develop and mentor them. Invest in your people so that they can invest in your vision. Make sure they’re on the same page with you. Train them to deliver outstanding products and services that you can be proud of.

Set up a scalable sales model

You can get the company to $1 million in revenue with only a few clients. However, companies with $10 million in revenue usually need to have a few more accounts under their belt. For that reason, they need to have a scalable sales model in place. So, another lesson to learn from these businesses is to invest in a predictable sales pipeline. This requires sales automation software, which can help your managers keep track of inbound opportunities as well as nurture leads and close sales.

But a piece of sales software means nothing without quality leads. So, you either can take care of that yourself (if that’s your area of expertise), or you may need to think about investing in a business development person or finding the right partner who will take care of that for you. All in all, old ways won’t open new doors for you, so make sure you arm yourself with the right tools (and the right people) on your journey to $10 million in revenue.

Create a strong foundation

We don’t say this often enough – YOU BUSINESS FOUNDATION IS YOUR KEY TO SUSTAINABLE GROWTH. Before you even start strategizing and thinking about getting to the $10 million threshold, take care of your foundation first. Without a stable foundation, your business won’t stand a chance even at the first sight of a challenge. This means making sure your team is on the same page when it comes to your business goals and priorities, that you have a strong analytical framework, and that you regularly revise your plans and adapt to the changing environment.  

Align your team with the business purpose and train them to be resilient and future-ready. Try to create a positive work environment where everyone feels valued and free to contribute without fear of being judged. When your team feels like that, they’ll feel more confident to voice their concerns and share their ideas. Laying the foundation and then maintaining it along the way while adjusting the course when needed will help you reach that $10 million milestone.

Build Your $10 Million Company with Intention

Taking your business to $10 million in revenue is a long process that requires you to shift your approach. It also involves being intentional about your growth and understanding that slow and steady wins the race. You can’t get to $10 million overnight or try a secret marketing tactic to blow up. No, it’s actually about building the right mindset, growing your team, and strengthening your foundation. All these are necessities that come before the actual work that goes into building a $10 million venture. 

However, there are a few things that can help you get (and stay) there without sacrificing everything. As strong believers in focusing on your business foundation as the starting point of your growth, we’ve developed Growth Finder – a solution for entrepreneurs who want to reach sustainable and predictable growth. With it, we help you identify the right opportunities, provide actionable insights, and implement a framework for growth. Sounds interesting? Let’s talk