022 - $500K to $1MM - The Good Old Days
In this episode, we’re continuing our Grow Past Your Thresholds series and talking about The Good Old Days. In this phase, shops usually make $500k - $1m. We’re sharing some of the challenges that businesses often face in this phase, as well as strategies to help you push past the barriers in this phase quicker.
Show Notes
Best Thing You’ve Seen This Week (1:48)
What was it like to hit a million in sales for the first time? (4:30)
A key identifier of this stage: Hiring issues. (10:25)
Top 3 things you should know if you’re in this stage. (15:42)
How to fire yourself. (Spoiler Alert: This applies to figuring out when you need to hire more employees too!)(18:42)
What to look for in a right-hand person. (24:07)
How do you decide which product or service you want your business to focus on? (28:33)
Tool of the Day (34:59)
One Thing (37:35)
Snapshot of the Show (41:10)
Tool of the Day
Quotable Moments
“If you have to tell [employees] to do every little thing, then you don’t have the right employee in the right place.” — J
“I know I need to fire myself from something when my plate is getting so overwhelmed that I don’t have time to work on the business.” — J
“Anytime you have somebody that’s trying to take work off your plate or trying to learn and make themselves better... you’ve got a pretty good indicator that you’ve got somebody that can potentially be a lead person.” — J
“You really feel like you need the cash flow and the sales from some of those jobs, but you’ve got to take your mind off sales and start looking at profit.” — K
Resources
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