In the current business environment, there is a chance that perseverance and determination could assist you in reaching the desired seven-figure revenue mark. However, scaling the business to a higher level becomes more difficult with no methods and strategies.
So the next question is, what are the best places to change your business to generate increasing and reliable profits for your company?
In a lot of cases, when we scale businesses with 7- or 8-figures, there are three main concerns:
- The company has no predictability when it comes to sales or leads.
- The company is dependent on its company’s owner or some essential employees.
- The company’s success is primarily based on referrals and word of mouth.
Adopting the most scalable marketing and sales strategies can go a long way to solving these problems. What’s distinctive with “scalable” systems is that you can significantly increase output with no significant resource growth.
However, be aware that you may stop these efforts if you are competing for price or lose business to lesser-ranked competitors.
One of the most critical factors in growing beyond seven figures is not to focus solely on growth. Companies that grow too fast and don’t prepare will not last.
Grow Your Business by Taking These 7 Steps
A Kauffman Foundation study found that 66 % of the companies that were listed as part of the Inc. 5000 fastest-growing companies list were either not sold or went out of business, or shrunk in size in a matter of 5-8 years.
Why?
The appropriate people and processes aren’t in place to manage the rapid growth.
Additionally, growing faster demands better leadership. As a business owner or founder, your leadership abilities will develop faster than the company you manage.
In most cases, this is why most CEOs employ an experienced business coach who will aid you in developing a bespoke plan and give you an entirely new perspective to boost your chances of success.
As the CEO of Predictable Profits As Predictable Profits’ CEO, one of my duties is to aid in the expansion of companies hoping to grow past seven figures. Predictable Profits has helped more than a dozen companies secure their spot among America’s fastest-growing businesses (including one that grew from $1M to $40+M in just six years of working with us).
We recommend our clients take steps to achieve predictable and scalable growth.
1. Establish a Unique Advantage Point
In addition to defining your business, your UAP highlights the top reasons that customers love your company. What distinctive feature will make your company more appealing to your competition?
Do not rely on the same old statements about better products or excellent customer service. They aren’t always convincing enough to warrant a distinction.
We began working with a video-marketing agency that wanted to gain more market share, but they realized that their market was too general. People are selective and seek out experts who can better know their issues and the solutions.
After looking over the agency’s most successful clients, The CEO then decided to focus on video marketing for lawyers. Doing this helped him attract more leads, increase the price, and saw a 150% increase in just 12 months, rapidly setting the agency up as an industry-leading player.
2. Multiply Momentum using Optimization
Optimization lets you get more value from your work without the need for additional resources. So, what do you need to improve on that’s effective? How can you gain more weight from your leads?
Questions like these will help you determine the gaps between what’s feasible and what’s happening within your company. By optimizing, you’ll be able to make up for these gaps and find gains in places you haven’t noticed.
We worked with an executive coach business experiencing slow growth and were looking to get to the next stage. We learned that they had, on average, 1,584 leads per day; however, their conversion rate was very low.
Leads were initially $7.20. After suggesting some tweaks to their email campaigns and landing pages, we assisted boost the revenue per lead to $46.09 in just 17 months increase of 540.13 percent, without extra ad spending.
3. Make Lead generation easier with Outbound and Inbound Marketing
Combining both types of outreach can help to generate predictable revenues. Outbound marketing tends to be more passive in distributing information as bait to draw prospective customers. In outbound marketing, you begin communications by reaching out to specific lists of potential customers or potential partners.
Keep in mind that only 3percent of the market is willing to purchase in the present, while 7 percent are willing to consider the idea. That means that 90% is an audience that needs more information or communication to make them convert.
4. Maximize Sales Conversions
This is an opportunity to boost your revenue while reducing the cost of acquisition for customers. It’s often overlooked since most business owners think that they need to generate more leads.
The absence of leads is an indication that your business is slowly losing its footing. Instead of fixing the problems, they’re looking for someone to supply buckets to help them out. Insufficient growth isn’t a lead generation issue; It’s a conversion issue.
5. Enhance Lifetime Customer Value
Before you can improve the lifetime value of your customers, it is essential to know the value a customer is worth to your company. Without this information, you’re not aware of how much you can spend to get the customer.
However, many entrepreneurs are obsessed with attracting more customers. They miss the opportunities to increase sales by utilizing upsells, down-sells, and cross-sells- all of which can increase the lifetime value of customers.
6. Profit from Triple-Win Partnerships
Through this play with business to business, you can establish connections with companies that already have business relationships with your ideal clients. Triple wins occur when you are referred to.
You get a new client.
- The business you work with will receive a small amount of commission.
- The person who refers the person receives the benefit of a preferred use as a discount, bonus, or bonus not available anywhere else.
- The person who is who refers looks like the hero (and is the reward). The person who purchases gets an added benefit. Plus, you get a new customer.
- Let me provide you with an example of how it works…
The majority of real estate developers sell houses, and that’s how they earn their income. But, when I was the owner of a company that developed real estate, we created three-win partnerships through meetings with suppliers such as furniture, home alarms, driveway seal coating, and home theater firms.
We asked them to offer our customers a special discount not provided to the general public. We asked for an amount of money each when someone purchased. The vendor was rewarded by receiving a new client and the customer receiving discounts and a profit of thousands of dollars extra every month.
The triple-win partnership increased profits to the point that we were acknowledged by a top accountant as being among the top firms with the most profitable profit margins.
