Doubling your sales is an ambitious goal for most business owners, but is this practical and if so, how long will it take?
It is not as difficult as it seems if you break it down into smaller components, such as the average percent increase that is needed each year to double your sales. Here are examples of how long it will take in years to double your sales based on your compounded growth rate percentage:
Growth Rate Years to Double
5% 14.2 Years
10% 7.2 Years
15% 5 Years
20% 3.8 Years
25% 3.1 Years
30% 2.6 Years
40% 2.1 Years
50% 1.7 Years
Even a modest 15% growth rate will double your sales within 5 years, which is very reasonable. If you are able to keep your growth consistent for another 5 years, then you will double your sales again, which translates to a quadrupling of sales from your base. For example, a company with $1M in sales will double to $2M in 5 years and in another 5 years will double again to $4M.
Always do the math when figuring out how to achieve your sales goals to make sure you are on track.
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