Whether you inherited or bought your business, you’ve turned it around and reignited profitable growth. You’ve broken through to seven figures of annual sales revenue. Are you proud? You should be! Only 10% of all businesses become million-dollar businesses. So where do you stand?
- Is your relationship with your bank solid? Or do you still worry that you could lose your line of credit?
- Are you still dependent on one or two large customers, and losing either would be devastating?
- Do you have a key employee running your operations or driving your sales who you can’t afford to lose?
Unfortunately, this is the lament of many business owners of seven figure firms. Unlike the 20th century where building a million-dollar business meant success and security the world around us is changed.
- New sales channels like the Internet to erode the long-term relationships you enjoy with long-term customers.
- Your suppliers could become your competitors at any point if they decided to invest big dollars to steal your customers.
- Many of the buyers you have served for years are retiring and being replaced by younger generation who won’t take calls, go out for lunch or even know what they are buying.
This sounds bleak, doesn’t it? It doesn’t have to be, if you are willing to change alongside your vendors, employees and customers.
- Can you build an app that allows customers to contact you, get answers and check on the status of their orders?
- Can you mine your years of customer data to better understand who is most valuable, most likely to buy more and who is most at risk of being stolen by a competitor?
- Can you hire younger salespeople who understand how their peer buyers communicate, gain confidence in a new vendor and are happy to build online relationships before they are willing to make a purchasing decision?
So, congratulations. You have successfully grown your business to seven figures. It’s no time to rest on your laurels, but rather to look forward and change with the times. By doing so, you will know exactly what you have done and your business will be more successful and more secure. You deserve any less?
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