It takes a lot of work to start and grow a business. There are many moving parts and a never-ending to-do list. Business leaders are using today’s technology and access to consumers to build million-dollar businesses. With the advancements of AI and the internet, reaching consumers and showing them why they should do business with your company is more accessible.
As businesses are built, more logistical considerations are required to continue and sustain growth. (Many companies have failed due to rapid growth.) To reach the next level, an eight-figure—or more—business needs strong leadership.
Entrepreneurs know that leadership helps inspire employees in their respective capacities and promotes continued company growth and development. Building leadership into the fabric of a budding business is an essential strategy.
3 leadership strategies to build a successful business
There are hacks every business leader can use for company growth and expansion. Here are three leadership strategies I’ve seen help businesses scale to $10 million-plus in revenue.
1. Solve your consumers’ problems
As a leader, you’ll no doubt talk about yourself and the passion behind the business you started. Your personal brand can be the foundation from which you build your business. But, at some point, your messaging will need to shift.
Consumers are looking for a solution to solve their problems. The branding and messaging that built your business will need to evolve to grow into a multimillion-dollar business. To reach eight figures, you’ll need to solve big problems for groups of consumers. Leading with a message focused on the consumer instead of yourself draws consumers to your business and makes them want to tell others.
One essential leadership hack is focusing your messaging on solving your consumers’—and employees’—problems. Influential leaders who build eight-figure businesses focus on being people-first leaders.
“For businesses aiming to scale to multimillion-dollar levels, a key strategy is identifying and solving problems. This approach establishes a strong market need and positions the business as a valuable contributor to societal progress,” says business leader and attorney Dionnie Wynter Pfunde, founder and CEO of Wynter Immigration Law Academy.
“By focusing on problem-solving, businesses can develop unique, impactful solutions that resonate with customers and differentiate them from competitors,” Wynter Pfunde says. “This also opens partnership opportunities and enhances brand credibility and trust.”
2. Build a team of high-performing leaders
As you grow a business, there are a lot of things you can do on your own; however, things will fall through the cracks as your time is stretched. There are million-dollar one-person businesses, but you’ll need to hire a team to build a $10 million business.
Rapid growth means training others to be you when you can’t be in every place. You’ll need to develop a team of high-performing leaders capable of self-management, staying motivated and sharing your business’s vision. This team is as committed to their personal growth as they are to your company’s growth.
A business is a system of systems that an efficient team must manage. Trying to do it all alone will make you frustrated, burnt out and stressed to the point where you’ll get tempted to give it all up.
“While grit, determination and a strong product are essential to building a million-dollar company, scaling to a multimillion-dollar enterprise requires mastering a vital leadership skill—hiring, leading and retaining the right people,” says Jeff J Hunter, founder of VA Staffer. “At smaller scales, a founding leader can power growth through force of will and excellent execution alone. Sustaining rapid expansion demands delegating responsibilities to a capable team that shares the founder’s vision and values. Identifying, empowering and aligning a leadership team becomes critical.
“As the business enters exponential growth stages, assembling a leadership crew that clicks both personally and professionally goes from nice-to-have to need-to-have,” Hunter says. “Prioritizing team leadership enables founders to work on the business, rather than just in it—crafting vision, strategy and culture, while empowering others to execute tactically.”
3. Leverage mentorship to handle and sustain growth
It’s hard to understand how to get somewhere you’ve never been. Growing a business to $10 million will require different skills, systems, leadership and other growth strategies you’re unfamiliar with if you haven’t reached that revenue level.
You’ll need a guide who has done what you’re hoping to do, and that’s where mentorship is essential. Mentorship, combined with powerful leadership, builds the type of companies we read about in the news every day.
Living in the digital information age means we can have convenient mentorship that will not impact our valuable time. Mentors can come in the form of coaches, training programs, or leadership and business growth courses.
Periods of rapid growth can crush businesses that are not prepared. Hiring outside mentors can help you quickly catch up to the rapid growth and put the proper measures in place to ensure the growth is manageable for your business.
“The right mentorship saves you time, effort and financial resources because you’re learning from someone already doing what you’re working hard to do,” says business leader Lori A. McNeil, founder of Lori McNeil International. “Mentorship done right saves you years of work and is a key to creating a multimillion-dollar business.
“Be sure to vet your mentors. Research what results they’ve gotten others and verify those results. Good mentorship aligned with the right timing can help you handle and sustain rapid business growth,” McNeil says.
Strong businesses are backed by strong teams
Business leaders tend to think their next level of growth is more sales, funnels or tactics. Growth happens when leaders lead and retain intelligent people to help them. Warren Buffett had Charlie Munger, Steve Jobs had Tim Cook, and underneath them was a team of high performers who bought into these influential leaders’ visions. You can learn from their examples and use them to build your $10 million-plus business.
This article originally appeared in the May/June 2024 issue of SUCCESS magazine. Photo by Jacob Lund/Shutterstock.com
