Each stage of growth comes with its own challenges. A small business with $500,000 in sales trying to get to $5 million has different operational, financial and human-resources challenges than a company with $25 million stretching to hit $100 million.
For tiny companies with a bead on that $5 million-in-sales mark, the first thing to do is chart a financial course.. mind your cash. Unless you socked away a pile from a previous life.
Next step:
Focus your energies. At this stage, nearly every ounce of investment (in cash and time) should go toward perfecting your product and building a solid reputation with customers."The only people you talk to at this stage are customers and potential customers." If you don't plan to bootstrap your business to the next level, you'll also need to find a way to drum up some capital.
Getting From $25 Million To $100 Million.
At this stage, your success depends less on your product and more on execution. Think broadly about what businesses you're in and be willing to cut loose underperforming product lines and reinvest in stronger ones. "That's a big switch from early-stage companies, where it was about laser, single-minded focus."
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