14 Oct The secret to scaling from six to seven figures
Building a six-figure business is a great accomplishment, but what if there was more in your future?
Not necessarily more work, in fact, what if it was less work? At least, what if it was less about you doing all the work yourself?
“Oh, that would be amazing! I would love not to have to be the only one responsible for my business.”
Because the reality is up to this point, you’ve likely been Chief Marketing Officer, Chief Product Officer, Chief Call Responder, Head of Client Care and Onboarding, and wearing 37 other hats.
And tucked inside each of those hats and roles is a steady barrage of everyday issues that hamper so many other entrepreneurs just like yourself.
Inconsistent lead generation, cash flow issues, getting buried in details, trying to keep some type of healthy balance between work and life…
And if we’re being really honest, you’re redlining. Burnout is right around the corner unless you do something different.
Can we share a secret?
Seven-figure businesses aren’t built by only one person.
(Re-read that line…)
Instead of feeling pulled in so many directions and having gobs of to-do’s eating away at your free time, what if you made this intentional shift…
If you want to get your six-figure business to the seven-figure level, you need to take back control and transform your business with a few key decisions.
1. Invest in Building Your Team.
Seven-figure businesses thrive with the right staff in place.
So, what type of team do you want to build? What type of people do you want and need to help achieve your revenue goals?
Think about the structure and roles you need to help your business level up your impact and revenue.
As you build your team, you can delegate responsibilities to the right people, freeing you up to focus on your most important role: being the visionary CEO and crafting a business that thrives for you!
2. Intentionally Transfer Responsibilities.
With a strong team in place, now it’s time to trust your team and release control.
You may be used to doing every job in your business and it can be hard to transfer those responsibilities.
When it gets challenging in the moment to let go, stay committed and come back to your why or intention of reaching the seven-figure mark.
What can help ease your mind and set your team up for success is having a standard way of doing work in your business.
Standard Operating Procedures (SOPs) are important to ensure tasks are completed to your standard of expectation, no matter who is doing the work.
An SOP is simply a written document with detailed instructions for completing a task.
Your goal should be to have SOPs written for everything that gets done in your business on any type of regular basis.
Having your SOPs documented and accessible to your team will make running your business much easier. You can read our recent blog post about SOP’s here.
3. Focus on What Works.
What’s driving the most revenue for your business? You want to focus on and amplify what gets you closer to reaching your seven-figure revenue goal and avoid activities that aren’t as profitable.
Think about what matters most to your clients and focus on the activities that deliver more value in those ways that matter most to your clients.
We recommend using a spreadsheet (Excel, Google Sheets, SmartSheet, etc.) or some sort of framework to measure the effectiveness of your Profit-Generating Activities (PGAs).
A PGA Dashboard can help track what activities are most effective.
Predictable profits are a warm blanket for your business’ cash flow needs.
So, which of these three strategies above will you start implementing into your business to start achieving seven-figure success?
Are you ready to do what it takes to get your business from six figures to seven figures?
If you’re feeling really brave, you may want to consider what ways you may be holding your business back from reaching that seven-figure level.
If you’re looking for more insight on Profit-Generating Activities and how to keep yourself accountable for greater profits and success, listen to Episode 200 of Profit Boss® Radio!
To your prosperity,
Your Hendershott Wealth Management Team