WANT TO HIT 1M TURNOVER FAST !!!
By Paddy Gahan
Is it possible hit 1M Turnover FAST (i.e. less than a year). ???
This is a question I am often asked by start-ups and small business owners.
Having visited 2 such clients yesterday the definitive answer is YES
A quick description of these 2 companies
The first is in the Hospitality and Tourism area. This company commenced trading
In January of this year. We are just now reviewing and completing the projections for the
remainder of 2014 and it looks like turnover will hit 1.5M.
The second company is in the construction and allied trades sector. Turnover for 2013
the first year trading was 1M. This year turnover by end June is already at 1M and with
the current sales pipeline it is looking like turnover will hit 2M by December 2014.
These 2 companies share some common characteristics.
The owners are ambitious and open to new ideas.
They have a Simple Business Plan (OUR ONE PAGE BUSINESS PLAN)
They have identified a niche market and are concentrating their efforts on these areas.
They have a structured sales and marketing plan.
They don’t employ pushy sales staff but are embracing inbound marketing techniques.
The are using several marketing channels such as Email Social Media PR Referral Sources etc.
The Companies are embracing Cloud technology for computing and accounting.
Finally The owners are nice people to deal with.
So if you are ambitious and want to get to 1M fast please call Paddy Gahan at 01 6684411
if you need help to get there.
WANT TO HIT 1M TURNOVER FAST !!!
Can you Hit 1 Million in Sales This Year ??
After dealing with a number of very successful companies in the last year who hit a million turnover an interesting picture has emerged. Business owners with at least one million euros in sales show a different set of attitudes than people running companies with less than a million in sales.
Nowhere is the difference starker than attitudes toward hiring a management team. Ninety percent of million euro plus businesses have some sort of management team in place whereas just 30% of smaller companies have a management group in place.
But you could look at it the way we do. Which is to say that, if you want to grow a business – one you could sell one day, you need a few senior people around you and the earlier you can bring them on board, the better.
Start with a Second in Command or No 2
You may want to start with a Second-In-Command (SIC). Make sure your SIC has some incentive (shares, options, long-term incentive plan, stay bonus, etc.).
Next, find a head of sales
Next, try to find someone to lead your sales and marketing. Most founders are naturally good at sales and marketing, but if you insist on keeping this role for yourself, it leaves your business too dependent on you personally to fill the funnel. Being your company’s chief sales officer also means you get sucked into solving customer problems because you’re the face of the company. Hire a head of sales and you get a double bump in productivity because you’re no longer doing the selling nor dealing with the aftermath.
Hang on to product/service delivery
Finally, try to find someone to lead the production of your product or service. The late Steve Jobs never really delegated this and it showed in the stock price. It’s the area you should give up last, but once you hit a certain level it’s time to slowly wean yourself from being your product / service quality guru.
Use a virtual CFO
Although a CFO can be important when growing a business, I’d rely on a good bookkeeper and a part time accountant / virtual CFO for as long as you can. Quality books and numbers are important, but you can often have sufficient financial control using this hybrid solution, and neither you nor the buyer will have to deal with a hefty severance cheque when they integrate your finance department into theirs.
If the million dollar businesses in our survey had one thing in common, it is a deep belief in getting things done through others.
This is Simon Tobin MD of Tobin Shipping and Transport Ltd and August Engraving Ltd. Simon uses Xero to run both businesses. Some of the features he finds great about Xero.
1. Having access to your accounts anywhere, via smart phone / tablet
2. Having the data / account records stored securely for ever, allowing you not to worry if you move premises.No need for a server or IT hardware.
3. Easy to use and navigate around the package.
4. No need to print invoices / statements, sent electronically from Xero
5. Being able to access your customer information and money owed when you are on the road and when calling into a customer.
6. Very good clean management reporting that can be viewed or printed for meetings with a bank for example.
7. Aged debtors report very good.
8. Linking bank statements to Xero.
So if you would like to find out how Xero can help you run your business please email me at firstname.lastname@example.org or call me at 01 6684411
Patrick Ryan and Laura Moore’s Firehouse Bakery and Bread School has been a huge success since opening last June on Heir Island in West Cork, and they are now bringing their expertise ashore, in a collaboration with Emma Stone and Jackie Spillane in Delgany.
The Delgany, on the site of the former Delgany Inn in the Co Wickow village of the same name, will incorporate a bakery, café, coffee house, grocery and restaurant.