As a business owner, are you taking steps to intentionally grow the profit in your business?
Or are you doing things the way they’ve always been done, enjoying the same success you’ve always had, but you’re wondering what it takes to make that next breakthrough into seven-figure success?
As a qualified accountant with 10 years experience and a money mentor for six-plus years, I’ve worked with brands and businesses to help them unlock huge growth in their businesses. During this time, there are a few themes that I’ve picked up when helping business owners move from where they are now to where they want to be.
If you’re wondering what it takes to enjoy a seven-figure business, it could be the case that one of these four common blockers are holding you back:
1. You don’t have a strong handle on your finances
As business owners, we’re very conditioned to keep an eye on our expenses. This isn’t a bad thing. It’s smart – you need to be across your numbers.
Being really clear on both the actual profit and the profit potential, in your business is crucial. It goes hand-in-hand with being well-acquainted with your profit and loss statements. These are the foundations of your businesses, and if you don’t have a strong handle on these documents, it makes it that much harder to scale up successfully to seven figures.
2. You don’t have a plan for your growth
I’ve worked with everyone from small solo operators to big, multi-million dollar businesses, and in that time I’ve learnt that one thing is true: you can’t make big, massive income leaps in your business if you don’t have a plan for growth.
Growth and success don’t just happen and opportunities don’t simply land in your lap. You need to proactively plan and prepare for growth, and that begins with setting goals, so you can work backwards and identify the smaller steps to need to take to achieve them.
3. You have limiting beliefs around money holding you back
There are a number of money stories you could be holding onto that limit your growth and success, and the frustrating thing is, they’re usually unconscious – so you don’t even realise you’re accidentally holding yourself back!
Let’s say you want to attract the biggest brands to work with you. You want to charge a premium price and you want to do partnerships with some of the leaders in your industry.
In a nutshell, you want to be the go-to brand, product or service for your target market. But you also have an eye on your bottom line, a fear of spending money and putting pressure on your cashflow, so you don’t spend any money unless you absolutely have to.
But here’s the deal: you’re unlikely to attract your dream clients if the first impression potential clients have of you is the free website you built yourself on Wix. In this scenario, your fear of spending money is limiting your growth – and limiting your success.
4. Your marketing is not nailing it
Do you want to know the best, easiest, most impactful practical way to make more money? It’s by marketing your business! Being intentional with your marketing strategy and nailing your branding and messaging is absolutely essential. The more consistent you are with your marketing, the more consistent your results will be, but it’s important you’re consistent with the right type of marketing. Do an audit of your marketing activities and see what’s working, what’s not, and where you have the most potential for growth.
There’s a whole world of opportunity out there, and pivoting your marketing strategy could be the difference between continuing to achieve your current goals, and unlocking wild growth to become a seven-figure business.
