Get All Access for $5/mo

5 Strategic Steps to Help You Double Your Revenue Next Year Create a carefully crafted plan combined with a fierce dedication to execution that will require a shift in your thinking.

By Jeff Shore Edited by Dan Bova

Opinions expressed by Entrepreneur contributors are their own.

Shutterstock.com

My consulting business has grown close to 400 percent over the past four years. It wasn't an accident, and it wasn't a fluke. It was a carefully crafted plan combined with a fierce dedication to execution. But first it required a shift in my thinking.

Here are the steps I take each year, in concert with my entire team, to plan for huge growth:

1. Start early.

Many small companies determine their growth plans for the upcoming year some time in December. Bad idea. That is far too late to accomplish anything substantial. If you want to double your revenue in one year, then the revenue machine must get cranked up to start running on Jan. 1.

Related: Cut Through Barriers to Success With a Laser Focus on Your Goals

In other words, you must start new product development or new business development in quarter three of this year to start generating any sort of substantial revenue in January of next year.

2. Dream and believe.

This might be the hardest of the five steps. The idea of doubling your revenue requires such a huge paradigm stretch for most people that they never really get started. Without belief, the action steps will falter. Big revenue requires executing on big plans. Big plans require big dreams.

This is another reason to start early. You need time to train your brain into accepting the idea that you can and will double your revenue. You need to see your company as being twice as big as it is when you make the plan. Begin with the end in mind. Envision and believe. Otherwise, you will never execute.

You should also prepare to deal with the haters and the naysayers. Ignore them. Those who say something cannot be done should not interrupt those who are busy doing it.

3. Build a revenue ladder.

Unless you launch a killer new product, it is unlikely that you can double your revenue based upon a single offering. Get to work and brainstorm. Effective entrepreneurs know that the key to revenue growth is to get that revenue coming in from multiple streams. You build your revenue ladder one step at time based on the idea of growing multiple revenue sources simultaneously.

Related: Growth Hacking Even for Businesses That 'Don't Want' to Grow

My company's revenue ladder lists eight different revenue sources. If any one of those revenue sources is not strong enough to support our future growth goals, we kill it.

4. Determine the stretch goals.

The best way to reach your revenue goal is by planning to exceed it. When we make our annual plan, we always do it on two levels. The first is the business plan. That is the non-negotiable, must-hit, no-excuses plan. If you want to double your revenue, make this your business plan.

Then we construct the stretch plan. This is where we determine the upside for each revenue stream. This is a critical step because we know we will likely come up short of the business plan in at least one area -- we just don't know which one.

So we build a stretch plan to make up for that deficiency. That way if and when one income stream falters, it does not take down the entire plan.

5. Reward the people who make it happen.

Doubling your revenue is not something you can do on your own. The people around you will make that happen with you. And they need to share in the spoils of success.

We compensate our team members and business partners according to revenue targets in their specific disciplines. It's a simple formula: You bring us revenue, we make money and we pay you more money.

As I said from the outset, there is nothing easy about this process, but it is simple. Start now and get the belief right. The rest will follow, and pretty soon, you will change the world.

Related: Why You Need to Reinvest Half of What You Earn Back Into Your Company

Jeff Shore

Entrepreneur, Sales Expert and Author; Founder of Shore Consulting

Jeff Shore, of Shore Consulting, is a sought-after sales expert, speaker, author and consultant whose latest book, Be Bold and Win the Sale: Get Out of Your Comfort Zone and Boost Your Performance, was published by McGraw-Hill Professional in January 2014.

Want to be an Entrepreneur Leadership Network contributor? Apply now to join.

Editor's Pick

Growing a Business

What Happens After You Win 'Top Chef'? One Former Champion Shares His Story: 'It Was Just Insane.'

Chef Joe Flamm dishes about becoming a celebrity chef, finding his love for Balkan cuisine, and why he keeps it real on social media.

Leadership

How To Be An Empathetic Leader (Without Getting Walked All Over)

These three principles were vital in helping me scale my business to 8-figures in three years.

Travel

Get a Lifetime of Savings on Airfare and More with This $69.99 Service

Travel smarter for years to come thanks to this limited-time opportunity.

Business News

Sam's Club Is Removing a Beloved Free Perk and Members Are Not Happy: 'No Benefits for the Cost'

Disgruntled Sam's Club members are complaining on social media about the new change, effective August 19.

Business Ideas

63 Small Business Ideas to Start in 2024

We put together a list of the best, most profitable small business ideas for entrepreneurs to pursue in 2024.

Business News

How Much Does It Cost to Develop and Train AI? Here's the Current Price, According to the CEO of an $18 Billion AI Startup.

There's a sky-high bar to creating AI, and an expert says it will get even more expensive.