How will you know when you've reached that goal? How does it look like to you? How will you measure your progress?
Those are some of the countless questions I started asking myself when at the turn of the decade I set out on this journey. So on a weekly basis I take out a journal and sit down to think for 30 minutes.
The goal of the 10X Journey is to grow my business Prove tenfold because that is the best thing that entrepreneurs around the world can do help the world get back on its feet post-corona!
In 2019, Prove ran a revenue of 3.069.573€. Our new business model called the Testing Lab created 38% of the total revenue. 1.116.437€ to be specific. Now, to create clarity around the 10X goal I have two statements.
#1: I know that the goal has been reached once the annual revenue of our new Testing Lab service reaches 12.000.000€. That would mean that we reach a monthly revenue of 1.000.000€.
#2: I know that the goal is reached sustainably when our profit margin is 15% or more. That would mean a monthly profit of 150.000€.
In the new business model the Testing Lab, we have at the moment two main products. A five day software testing intensive (6900€/intensive) and a monthly subscription service (9750€/month).
To reach our goal we'd need to be able to sell and deliver 145 testing intensives a month; or 102 subscription services; or any combination of those two.
Just thinking about 10Xing the business feels taunting. But now, doesn't it feel so much more doable immediately when you have clear numbers to look at?
Share your thoughts in the comments. Let's do this journey together!
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