If you dare venture into entrepreneurship, set your sights high. You’ve got a tough climb ahead of you, so from the first step onwards, you might as well aim for the greatest heights possible level.
Aim to create a brand that spans across oceans and entire continents, a brand known on every continent on earth.
Going from millions to billions doesn’t take witchcraft or genius, once you’ve got a profitable business plan, it’s just about SCALE.
Sure, some tweaks might need to be made to account for cultural differences, but we’re all human no matter where we live. So, a product sold in one market should in most cases, also sell in another.
Here’s how to start and scale a company to a BILLION-dollar valuation:
Find your Focus
Every successful entrepreneur will tell you that even though you need money to run your business, you cannot truly be successful if you are just striving for money. In order to create something of meaning, you must have something stronger driving you.
Find the Right Market
The fastest and most effective way of creating a billion dollar is to come out with a product or service that fills a present and urgent, yet currently unaccounted for need.
Google, Facebook, and Amazon are all companies that filled a void in their respective markets, and were rewarded for it.
There may have been competitors around when these companies were started, but no one before them had thought on the same scale as them.
To be immensely successful, you have to find a primed market without strong competition. Then once you find the right market, give it your all.
Opportunities are never, they’re simply rewarded to you, or someone else.
Efficient Supply Chain Management
No large business wants to have supply chain problems.
The last thing you want is for your sales force to be hitting their targets, only for the supply chain to be unable to keep up. Not only will you lose out on profit, you’ll lose reputation and customer loyalty with it.
Your supply chain needs to hum! And your forecasting has to be flexible enough to account for any problems or surprise surges that could occur.
Sometimes a company does not know when it is going to have a strong sales month. Whether you celebrate or fear them will depend on if you’ve planned ahead.
If you want your business to run like a well-oiled machine, communication between departments is vital. Sales, Production, Admin and Management must all hold each other accountable and communicate to improve processes, if your business is to succeed and thrive.
High Conversion Sales
The right kind of business, one that wants to grow into a billion-dollar company, knows the value of converting every single lead that it can into a sale.
The best way to do this is through proper training and providing sufficient motivation to your sales staff.
Nothing will tell a customer more about your company than the salesperson that they talk to. It could be over the phone, in person, or at an expo, but that person is the mouth and face of the company.
Make sure that each salesperson knows the value of what they are doing by finding new and unique ways to award them. Incentive bonuses are one way, along with verbal coaching and sales goals.
No one creating a business of this scale can afford to wade into the fray without a well thought out and liquid business plan. The mantle of billion dollar company does not go to those who run a wasteful and inefficient business.
Expenses must be tracked to the penny, or as close to it as you can get. If you let expenses run amok, profit will run off as well.
This doesn’t mean that you should be stingy. To make money you have to spend money. Instead, spend wisely.
For instance, reward high performers to keep them around. This saves you the burden of training new staff that comes with employee turnover, and all of the other headaches that come with it.
Just keep an eye out for inefficient company practices that are costing money, but offer little or no gain.
If you follow these steps and live by the values they espouse, you will be on the way to creating a billion dollar company of your own.