Want to build a billion dollar company from your small town? David Thomson wrote the book on it, Blueprint to a Billion, profiled on Fortune Small Business. (Brought to our attention by Be Excellent.)
Here are the seven principles Thompson postulates:
1. Create and sustain a breakthrough value proposition. Create an entirely new market for their products and services, redefine an existing market or simply suck all the oxygen out of a market by underpricing the competition.
2. Exploit a high-growth market. It’s kind of tough to hit a billion in sales if the total demand for your product doesn’t exceed a billion dollars.
3. Focus relentlessly on cash flow. As a result they are able to finance their own growth at less cost than competitors who take on debt or give up equity to investors.
4. Leverage big-brother alliances.
5. Pack your board with industry experts.
6. Use marquee customers to build credibility.
7. Build an inside-outside leadership team. In most such partnerships, one leader concentrates on internal operations while the other leader represents the company for clients and investors.
Thompson did three years of research and quantified his data. If you are looking to grow into a super big company, give it a read.
- Seasonal business: How to beat the annual “no bookings!” panic - August 8, 2022
- Recession? Practical steps from 3 international peers - August 3, 2022
- Reaching “at risk” kids for local jobs - July 15, 2022
- 3 Major factors in rural remote work: incentives, flexible workspaces, and a sense of community - June 6, 2022
- How to recruit new residents, remote workers, or remote entrepreneurs - June 2, 2022
- How cooperatives improve small town economies - May 8, 2022
- Metaverse business idea: virtual world tour guide - April 15, 2022
- Make extra money from extra workspace: co-working and 3rd workplaces in small towns - March 28, 2022
- Trade show booth design trend: hand drawn visuals - March 21, 2022
- New business sign design? Don’t use cursive script - February 14, 2022