Every entrepreneur’s dream is to catch lightning in a bottle and see their company’s revenue explode seemingly overnight. Could you double your sales this year? We found members of the Entrepreneurs’ Organization who were able to accomplish that feat, and asked them to share their secrets.
Give back to the community.
"Through our corporate tithing program, through which we put part of our net profits back into other community organizations, we received a tremendous amount of PR and recognition. We found that the doors of potential client companies were much easier to open. It was also important for us to identify boards and committees within the community where we could make a difference. Working side-by-side with other professionals and other companies toward a common goal allowed us to build lifelong relationships."
Michelle Fish, EO Charlotte
Founder/CEO, Integra Staffing & Search
Make an acquisition.
"I operated my digital marketing studio for 13 years trying to grow incrementally, but I struggled to break through a revenue plateau that we'd experienced for several years. We rode the revenue roller coaster, and as a result, purchased another complementary marketing agency that doubled the size of our business overnight. It has immediately opened up opportunities to not just cross-sell services, but to also take on substantial new business. This opportunity made me realize that incremental growth is not always the only, or even the best, way to inject momentum into a business."
Aaron Lee, EO South Florida CEO, Illuminati Studios
Add white-label services to your portfolio.
"Our video production company doubled its sales by targeting ad agencies that already had relationships with large clients, but did not have in-house video production capabilities. By offering an 'agency rate,' we were able to create a win-win-win for all parties involved. Our agency partners receive high-quality video production services at a fraction of the cost normally required, and the agencies set their price points accordingly with their clients. All in all, we created a cycle that has long-term profitability for our agency partners, their clients and our studio."
Hussain Manjee, EO Dallas
President, Dallas HD Films
Bet on talent.
"Where some companies have raced to win on price and turn technology expertise into a commodity, we've gone the other way and built our company to be a premier destination for both clients and talent. Instead of looking to find margins with outsourced workers, we've gone upmarket and raised prices. All of our work is done in the U.S. and, in short, we're who Silicon Valley calls when they have a problem."
Bryan Delaney, EO Charlotte Co-Founder and VP, Skookum Digital Works
Further develop existing client relationships.
"The most effective tool we used to double our ad agency's sales was the strength of our existing client relationships. Being a full-service firm allowed us to dive deeper and garner more business from the business we had already earned, which helped us save time on our business-development cycles. Plus, it's easier for clients to say 'yes' to new contracts when they're dealing with a proven commodity."
Veronique James, EO Arizona
President, The James Agency
Make strategic investments.
"We've doubled our annual sales twice--once in 2006 during our second year in business and once last year when we jumped from $9 million to $18 million. The first time around, I hired friends to go out on the trucks and do the actual labor so that I could work on the business instead of in it. Last year, we invested in top-notch personnel, as well as a brand-new corporate headquarters, website, and internal tracking/communications platform. Through organization and strategy, overhead is kept low and sales can continue to rise."
Nick Friedman, EO Central Florida Co-Founder and President, College Hunks Hauling Junk