How to Develop a Business Growth Strategy

Turning a small business into a big one is never easy. The statistics are grim. Research suggests that only one-tenth of 1 percent of companies will ever reach $250 million in annual revenue. An even more microscopic group, just 0.036 percent, will reach $1 billion in annual sales.In other words, most businesses start small and stay there.But if that's not good enough for you—or if you recognize that staying small doesn't necessarily guarantee your business's survival— there are examples of companies out there that have successfully made the transition from start-up to small business to fully-thriving large business.That's the premise behind the search Keith McFarland, an entrepreneur and former Inc. 500 CEO, undertook in writing his book, The Breakthrough Company. "There has always been lots of books out there on how to run a big company," says McFarland, who now runs his own consulting business, McFarland Partners based in Salt Lake City. "But I couldn't find one about how to maintain fast-growth over the long-term. So I studied the companies who had done it to learn their lessons."
What follows are some of the lessons McFarland learned from his study of the breakthrough companies and how they can help you create a growth strategy of your own.