Summary: On today’s podcast Erik Huberman from Hawke Media and Stephen Halasnik from Financial Solutions discuss the ingredients of building a business to get over the 10 million dollar benchmark. These solutions are helping owners of small businesses scale and grow effectively continually.
Summary
Building A Business to Get Over 10 Million Benchmark
Building a business involves adequate preparation and strategic planning. Launching a successful startup demands conviction, hard work, and consistency. Today, many aspiring entrepreneurs think that building a business is all about raising money with little emphasis on value creation and execution plans. But, a successful business is built on organic
growth, which is the biggest strategy young people of today tend to sideline. However, a business that does not have a process and procedure is bound to fail in the long run. A business model and bootstrapping are essential to building a sustainable business.
Before considering launching a business, try taking on different jobs to gather the sufficient experience necessary for the scale and growth of the business. In addition, make an adequate plan to learn as much as possible about every aspect of the business. Put differently, would-be entrepreneurs should learn what makes a business grow, what makes it successful, how to build a strong customer base, and more.
Building a business to get over the 10 million dollar mark is critical in every entrepreneurial journey because that’s when the business starts getting interested. The 10 million dollar threshold is when the owners of a business focus more on building processes, procedures, and teams for the growth and development of the business. In other words, it’s a crucial juncture in a business trajectory that every entrepreneur has to keep grinding and make critical decisions relating to marketing, sales, and revenue generation.
Building a Business Team
Team building is essential for the successful operation of every business. Every business owner should have people with the capacity to pilot the affair of the business in their absence. That said, a team of competent people ensures that your business keeps running when you take a step back to focus on scaling and expanding your business. In other words, building processes and procedures with people in place to implement your business day-to-day gives you the flexibility to scale your business from 10 million dollars to 40 million dollars and so on.
In addition, having a business team gives you the freedom of going on vacation and relaxation to avoid burnout. After all, in one of our previous podcasts, we were told that the success of every business is hugely dependent on the physical and mental well-being of the owner.
Building a Marketing Plan
Sales and marketing are of utmost importance to building a business. Small business owners should create a sustainable marketing strategy that can connect with customers for the growth of their businesses. However, building a marketing plan requires an in-depth understanding of your business, competitors, and target customers.
Good knowledge of consumer behavior is essential for a successful small business marketing strategy that drives sales and revenue. Small business owners should study how people make decisions about what they buy or act regarding a particular product. Understanding consumers’ behavior helps you figure out how potential customers will respond to a new product. Plus, knowledge of consumer behavior helps you choose a marketing strategy that generates leads and converts prospects to reliable customers.
Building Revenue
Revenue generation is pretty essential for the survival and successful operation of every business. Maximization of revenue is a function of the creation of values that solve customers’ problems, increase the number of customers, and promote sales. Small business owners should build lasting trust with quality products and efficient service delivery. A working strategy that fosters a good customer experience should be put in place for effective marketing that creates revenue.
Build a Contingency Plan
Every small business should have a course of action designed to help it respond effectively to future events. A contingency plan is critical for business operation because it ensures continuity in business and makes room for risk management. For instance, organizations with flexible development systems were better equipped to weather the impact of Covid-19 more effectively.
Contingency plans keep companies on their toes to offset any uncertainties that can negatively impact them.
Conclusion
No business can survive without people, processes, and procedures in the heart of the operation. Businesses with amazing teams and execution plans tend to scale and grow faster. In addition, a great marketing strategy is key in building a business. For example, in his book ‘The Hawke Method,’ Erik Huberman highlighted the three marketing principles (the marketing tripod), including awareness, nurture, and trust, that help business owners to drive sales effectively. We recommend that all our listeners get this book, read it, and implement every principle in each chapter.
About Our Guest
CEO & Founder Erik Huberman launched Hawke Media in 2014. Now valued at over $150 million, Hawke Media is the fastest-growing marketing consultancy agency in the United States. Prior to its launch, Erik successfully founded, grew, and sold two e-commerce companies by the age of 26. Erik has since continued to strategically expand his business portfolio inclusive of a handful of company acquisitions, the 2018 launch of Hawke Ventures which reached a closed single fund of $5.6 million, the 2020 launch of his own podcast, HawkeTalk, the 2021 launch of HawkeZ, an agency offering brands the tools needed to tap into GenZ and most recently authored his own book, The Hawke Method.
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