Congratulations if your one-person small business makes a million dollars a year — that’s a great tech-driven success worth celebrating.
Ascending to that tech level is no simple task, especially considering the supply chain headaches companies both big and small now face. On a regular basis, and with no sure solution in sight. It’s enough to make an entrepreneur swallow a pogostick.
It demands that you be a perfectionist who manages every aspect of your company to ensure it runs smoothly. That amount of control — and fussing over every aspect of your company — allowed you to achieve what many entrepreneurs never do…making $1 million per year.
What’s the next step?
However, those same attributes might help you grow your company to $30 million or more in yearly sales.
Some have purchased and sold over 100 companies in the last 20 years while working for private equity firms. Some have worked with hundreds of entrepreneurs during that period, allowing them to see their strengths and weaknesses.
Experts do observe time and time again that the same attributes that took these businesses to $1 million may keep them from going greater. A “false glass ceiling” prevents many entrepreneurs from scaling their company from $1 million to $30 million to $100 million and beyond.
Is tech trouble a stumbling block?
But, as an entrepreneur, you can learn how to burst past that barrier and other tech troubles. With self-reflection and deliberate action, you can do it with confidence.
Reflect honestly about yourself.
Now is the moment to question yourself whether you want to expand your company. There’s nothing wrong with determining you’re satisfied where you are or even handing over the keys to someone else and leaving.
However, if you want to develop your company, you must recognize that you will need to make some major adjustments.
Time to expand the one-man band?
Until now, you may have been the first-chair performer in every department of your orchestra. In other words, everyone in your company is training with you and follows your lead. You’re in everything, and everyone follows your lead.
To advance, you must cease being the first chair in every section and instead become the conductor. If you don’t, you’ll run out of bandwidth trying to keep up with everything.
Learn to let go. Trust your employees.
Yes, train and coach them, but enable them to handle their own work without your micromanagement. Speak to your peers.
It’s not simple to let go, especially if you’re afraid of new tech.
It’s not simple to let go. Joining a peer network group may help.
Peer networks are a great way to connect with other entrepreneurs who have encountered similar issues. Joining a peer network allows you to discuss issues with other company executives. You may also learn how to adopt improvements that will help you grow your company.
Peer networks are beneficial, but you must be in the correct group for you. People don’t always say what you want to hear.
Worse, you can be among a group of people who can’t assist you because they lack expertise or experience. In short, if you constantly find yourself helping others but not receiving aid in return, you’re in the wrong location and should consider moving on.
Consider a tech coach.
While peer groups may be helpful, sometimes working with a coach who has experience expanding companies to your desired level is preferable.
It’s all about the tech. When you take on a mentor, you have someone who can adjust their techniques and coaching to your individual requirements.
The correct individual may assist you see that your existing success isn’t gone; it simply needs retooling. They may also assist you codify methods and finally overcome your unique restricting issues.
In other words, they can help you go from first chair to conductor while avoiding possible problems.
Executive CEO coaches come in many forms.
They may have a Ph.D. and approach their job academically, or they may not have a sheepskin and have founded and run numerous businesses.
If you choose to work with a coach, it’s critical that you connect with them. It’s the “click.”
The best tech interactions are when it seems appropriate. Don’t be scared to interview many possible coaches before settling on one.
Change gears.
Increasing a company’s yearly income to a million dollars is an impressive tech feat. No doubt about it.
But if you want to progress, you have to accept that the exact things that made you successful might also hinder your progress.
You can take your company to the next level by being honest with yourself and seeking support. Especially from your tech experts.
You may become the unicorn entrepreneur who can take a small business to $100 million (or more).
