How to break the £1M revenue barrier
£1M revenue is a target for many small agencies. In reality, nothing really happens when you have your first £1M year.
The key difference I see between agencies billing under £1M per year and those exceeding it is actually nothing at all to do with money.
Until they’re a certain size, businesses are extensions of their founders. Upto £1M revenue an agency is a reflection of its founder(s). The business amplifies all their personal strengths and all their weaknesses.
After £1M the agency starts to become more structured and process driven. There are more people and – depending on their own management style – the founder doesn’t have as much direct influence over each and every decision.
If you own an agency and have been stuck under or around £1M, give yourself some time for self-reflection. The problem may well be you.
What do you personally need to change to change the momentum of your business?
Often personal growth comes before business growth. As leaders we need to unlearn some things, as well as adopt new approaches and skills. Only then can our business scale new heights. I talk more about the importance of a Growth Mindset in Chapter 4 of my book STANDOUT OR DIE. Available here.