facebook twitter instagram linkedin google youtube vimeo tumblr yelp rss email podcast phone blog search brokercheck brokercheck Play Pause
3 Critical Answers for Entrepreneurs Ready to Scale Over $1M Thumbnail

3 Critical Answers for Entrepreneurs Ready to Scale Over $1M

As you grow your business to $1 million and beyond, the teams and systems that got you to your million-dollar goal aren’t going to be enough to get you to your next goal. Less than 10 percent of small businesses (under 500 employees) achieve $1 million in annual revenue, so you’re already ahead.1

You might be looking forward to climbing even greater mountains in your business, but it may be unclear what you need to successfully make the trip. While you want to reduce taxes on your business, you may feel you can’t talk about it in the current business environment. You might not be sure that you’re paying the right amount in taxes for the revenues you’re generating now and want to make sure you are not overpaying as you scale.

However, you’re juggling several tasks at once and don’t have time to analyze everything. Yet as an entrepreneur, you’ve got to justify your investments.

Is it worth it to spend tens of thousands of dollars to potentially save less on taxes and expenses? You want to invest as much as you can into the growth of your business.

Instead of stressing over taxes and trying to figure out ways to save on them, you get the most “bang for your buck” from working on your business and generating strategies for success. In order to scale, you might need some advice to help you achieve your next big revenue goal.

You may be asking yourself things like:

  • What is getting in the way of achieving my next business goal?
  • Am I paying too much in taxes for the revenues I generate?
  • Do I understand my company’s financial picture at a high level?
  • Is there anything in my financials that could hinder or block the growth of my business?
  • Is my financial professional helping me collaborate with other professionals who have the knowledge to help me grow my business?

If any of these questions resonated with you, keep reading…

#1: Are your taxes too high relative to revenue?

The past few years have revealed how little tax billionaires pay, which has made quite a few people angry! You’re paying your taxes, but in this atmosphere, you don’t want to be attacked for paying too little. Yet, you provide jobs for people in your community and contribute to the economy, so there’s no reason for you to pay too much in taxes either.

Every time you pay your quarterly estimates you might be wondering if you’re paying too much. But is it worth the money to hire an employee who could potentially save you more on taxes? Or to spend your own valuable time on something that isn’t a key strength of yours?

Or maybe you’re pretty confident that your tax professional is helping you squeeze out as much in deductions as possible right now. But they may not be the right pro when you start scaling up and the landscape changes. Not only is it important to know how to save money on taxes and expenses right now, but also in the future.

More importantly, some of the advice is probably right for you and some of it isn’t. What’s going to get you to your next revenue peak and fulfill your business growth dreams is an overall strategy. Not a collection of suggestions that aren’t designed for your specific situation, or bits and pieces pulled at random from your reading and networking.

Being able to look at the big picture will help you determine whether or not you’re spending too much money given your revenue.

Critical questions you need to ask:

#2: Realistically, what is your capacity for growth?

Do you have the right structures in place to scale? Your current company’s framework might have served you well when you were a start-up, but it may not be the right one for your next growth target. As an example, if your financial operations still involve spreadsheets, you’ve got some work to do if you want to scale!

Look at the time aspect thoughtfully. Do you have the time to invest to grow your business? Or are you already stretched pretty thin? There may be tradeoffs in your life that you’re currently making that won’t be sustainable as you build out to the next level. For example, maybe you have the time to run your own financial projections when you work past dinnertime five nights a week, but your spouse and kids are starting to wonder what you look like!

You’ve been successful by not getting in your own way up until now. Be objective about what kind of growth you can sustain with your current team and operations. What needs to change as you ascend to the next peak in your business?

Critical questions you need to ask:

  • Are there any “holes” in my current operations that might need to be patched up in order to scale?
  • Am I at risk of burnout because I’m not delegating enough?
  • How will my next financial goal (or the one after that) change the way my business operates?
  • Is my financial professional experienced enough for the next challenge?

#3: Will your current team help you achieve the growth you want?

Do your current employees have some slack in their day, which enables them to take on new responsibilities? Or are they already at max capacity? If the latter, you could be headed for burnout or experience the Great Resignation at your company. In 2021, nearly 4 million workers quit each month, so you don’t want to try to scale if your resources are already strained.2

If you are spending too much time on administrative work, trying to squeeze out a few more drops from tax and expense savings, you’re most likely wasting money. But you’re also wasting valuable time that would be better served by you creating new strategies for growth and influencing.

Another issue to consider is whether you have the right professionals for the next stage of your business. What got you to $1 million won’t get you to the next level. Are your accountants, CPAs, lawyers, etc. experienced enough to support your growing business?

Can you pull back from operations and view your business as a whole? An objective look at the company to see what’s working and what’s not can be extremely important, especially with someone you feel comfortable bouncing ideas off.

You’ll feel more confident in scaling up when you know other experienced people are also looking out for your business.

Critical questions you need to ask:

  • Is my current team (both employees and professionals) the right one to help take my business to the next level?
  • Am I at risk of burnout because I’m not delegating enough?
  • Do I have a knowledgeable colleague or mentor who provides an objective perspective?
  • Am I spending too much time coordinating lawyers and the like, which leaves me less time for my actual business?
  • Do I have access to a financial professional who is experienced enough to help me scale?

Scale Your Next Peak With the Right Tools and Teams

As an entrepreneur, you’ve already reached a significant revenue peak. But you don’t want to stop there. You’ve got goals for growing your business, and you know you’ll need the right tools and teamwork to get there. You also know you’ve got to ensure your financials are ready for your business to grow.

No one really enjoys paying taxes, but quarterly tax time doesn’t have to be so dreadful… if you’ve got the right team in your corner.

To reach your current level of accomplishment in your business, you have likely formed relationships with trusted professionals like an attorney and a CPA. But as you’re planning your growth to reach the next revenue peak, you might wonder if you have the full team you need to take you higher.

It’s important to have financial professionals on your side who understand the kind of support entrepreneurs need as they reach new heights in their businesses.

The ability to understand and interpret your business’ numbers will help you make the right decisions as you grow. You’ll be able to spot red flags such as overspending and high taxes before they can wreak havoc on your scaling strategy.

You’ve taken the first smart step toward scaling your business past the $1 million mark. Now it’s time to take the next one by enlisting a financial professional who is on your side and capable of advising your growth-oriented business. Contact us now to schedule your complimentary one-on-one, so you have the proper equipment to ascend that next peak in your business.


  1. https://www.smallbizgenius.net/by-the-numbers/small-business-statistics/#gref
  2. https://www.shrm.org/resourcesandtools/hr-topics/talent-acquisition/pages/interactive-quits-level-by-year.aspx
Dan Miller, Kaleb Robuck and Marcus Taylor are investment adviser representatives of, and securities and advisory services are offered through, USA Financial Securities Corp. Member FINRA/SIPC. A Registered Investment Advisor located at 6020 E Fulton St., Ada, MI 49301. Miller Financial Group is not affiliated with USA Financial Securities.