What is the fastest growth strategy?
While there is no one strategy that always wins the fastest growth contest, there is one which if applied correctly tends to outperform most.
Let’s take a look at this strategy that tends to frighten most people away before they even try it.
It’s called the billionaire strategy for good reason.
These days the entrepreneurial dream is to build a company that hits one million in revenue without employees or much if any fixed overhead.
Of course the margins will still vary greatly depending on what type of company it is. Does it sell a purely digital products such as apps, software, or educational content? The margins here can be exceptionally high. Does it sell a physical product which must be made first from parts and with labor and then stored somewhere until sold? The margins here can be in line with those of a typical brick and mortar business.
Either way, the one person company that hits one million in sales is the new benchmark.
The majority of business owners believe that it’s tougher to operate a business today than it was 5 years ago.
Small businesses rarely have it easy. And with new technologies disrupting everything in recent years, it’s no wonder 59% of small business owners say it’s harder to run a small business now than it was just five years ago.
But “harder” may not necessarily be a bad thing, considering 72% of small business owners also expect their 2013 revenue to outperform their 2012 revenue.