The Path to $3M (and beyond)
If I was doing it all again, here’s what I would do to build a $3M+ per year consultancy.
Getting to $3M per year is one of the hardest first hurdles on your way to $10M+.
There is usually a plateau in growth around $3M, as you’re typically trying to figure out how things need to run so that everything doesn’t rely on you.
So here’s what I’d do if I was doing it all again:
1) Start with one specific type of client who you know you can easily solve their problems.
Be hyper specific here - think property developer doing land subdivisions or civil contractor building industrial sheds.
2) Build a delivery method that allows you to deliver quality work to this one type of client every time.
This means focusing on your delivery systems and getting them down pat.
3) Deliver great work and get good quality repeat work from existing clients.
4) Build a LinkedIn marketing system to generate leads and opportunities from this one type of client, winning new work off the back of the reputation you’re building.
5) Hire high performers as you grow to deliver on the increasing workload.
This will get you to $1M per year.
Typically at this point you’ll need to hire or recruit from within a team leader to take over from what you’re doing.
This team leader will continue to win, deliver and lead this $1M per year business unit.
You’ll then step to one side and either pursue a new / complimentary client type to diversify your service offering, or set up another delivery team to focus on your original client type.
Build this 2nd team, doing the same process above, to $1M per year - so now you’re at $2M in rev.
Recruit or elevate from within a 2nd team leader to take over your 2nd team.
Then you do it all again to get to $3M in revenue.
From there you’ll typically have 3 x team leaders + yourself as the owner running an epic $3M per year consultancy.
Next step is to bring in a GM or an ops manager to then sit between you and the TL’s to then prepare for your growth to $5M and then onto $10M.
I’ll cover that process another time…
Hope this helps!
Now - if you’d like to increase revenue, learn how to operate more efficiently and grow your business with confidence, we might be able to help.
Book in a Business Growth Call and let’s see if we can help.
Link to book here 👉 click here
To your success.
Josh ‘Path To $3M’ Stone
PS: If you’re interested, here are 3 ways I can help you right now:
- Join the Leaders In Engineering community designed specifically for leaders and business owners
It’s our Facebook community where leaders and business owners are learning the strategies and leadership skills to step up and thrive right now – Click Here to join
- Download our FREE PDF guide – “How To Build A High Performing & Highly Profitable Engineering Team”
Learn the skills to get the most out of the people around you. Build a high performing team that generates incredible profits and allows you to have more fun and to spend more time with the people you love – Click Here
- Work With Us
Join our training program designed to help you focus on the core areas of growing your team, your business and yourself in the process. Together we'll work on winning work, business development & client relationships. We'll look at strategies for team performance, project performance as well as your leadership skills to motivate and get the most from the people around you. We'll also focus on your growth as a leader, effective delegation to those around you and only focusing on the strategic activities that move the needle and make the biggest difference. - Just send me an email at [email protected] with the word “PROGRAM” and I’ll get you some more information.
