What you’ll learn in this episode:
Running a multiple 6 and 7 figure business doesn’t just happen. It’s something that is created intentionally, and it involves multiple factors all moving together in harmony to create the revenue and productivity you desire.
In today’s episode, I talk about the 5 critical elements that are needed for building a successful business that doesn’t just generate revenue but allows you to generate (and continue to generate) revenue that some businesses would only dream of. For each element I break down why it’s important, what you need to look for, and why optimizing these pieces makes your business grow faster and with more stability.
Whether you are someone who’s business is generating multiple 6 or 7 figures currently and you want some insights into how to ensure strong and consistent growth, or you’re someone who is not quite there yet, but wants to look at your business through the lens that will help you get there faster and easier than you would otherwise, today’s episode will give you the tools you need to kick your business into high gear immediately.
Here’s a glance at this episode:
- Why you need to develop a clear and compelling value proposition that sets your business apart from competitors and communicates the unique benefits of your product or service.
- How scalable systems and processes optimize operations, reduce costs, and ensure your business can handle growth while maintaining excellent customer experiences, and why you need them (like…yesterday).
- Why optimizing your marketing and sales strategy to leverage multiple channels that attract new customers, convert leads, and retain existing clients for long-term success is the key to your business generating significant revenue.
- What gaining control of your business’s financial health by tracking key metrics, creating accurate projections, and maintaining disciplined budgeting and expense control does for your stability and bottom line.
- When to consider exploring funding opportunities and alternative financing options to support your growth ambitions and sustain your business as you work, and why this gives you a huge advantage towards achieving 7-figure revenues
Mentioned in this episode:
Work/Connect with me:
[0:01] Hello, everyone, and welcome to this week’s episode of the It’s Your Offer Podcast. I’m Jess Miller, I’m your host, and I’m so excited to be here with all of you, we’ve got a lot of new listeners. So welcome everyone who’s new to the podcast, I’m so excited that you found us here and that you are getting ready to have your own mind blown as we walk through some really important things that you need to think about as a business owner who’s growing their business, and is looking to take things to the next level. For all of you listeners that have been here with us on the whole ride, welcome back. So glad to have you here. And always, awesome to be watching you all grow, and contributing to the podcast and talking to us about your wins and all the things. So if you’re on here, right now, give yourself a little pat on the back because you’re doing the thing, and we’re here to help you do that.
[0:54] So today, we’re talking about growing your business to multiple six and seven figures. For the people that are listening to this podcast, you have a business that’s growing, and you want to keep growing. And there are things that we need to do to help our business grow and keep it growing, and keep us thriving, and keep it fresh and moving.
[1:16] So when I sat down to do the podcast today, I was thinking, what do I really need to be thinking about right now? What is the audience that I’m talking to need to be thinking about? What do all of you need to be thinking about? And I started to just reflect on my journey, and I started to reflect on the things that I do that have helped foster the success and that have helped foster the success of my client’s business. And I thought, Okay, I’m going to talk about what it takes to really build the six and seven or seven figure businesses. When I was sitting down to title this episode, one of the titles that I was thinking of was, you know, the five things I wish I knew five years ago? And it all fell into this bucket of what did I do to really make my business grow? And what am I doing to make it grow now to continue to grow.
[2:10] If you’re someone who is in this same headspace where your business is growing, you have hit that six-figure mark, you’re wanting to continue growing so that you’re at multiple, six figures, or you’re at that seven-figure mark, and you’re wanting to continue growing, this episode is for you. And here’s the truth, this is applicable to just about everybody in business. Some of the terms and things that we’re going to talk about today are more applicable to people who have their business growing and thriving. But the truth is, if you’re someone who’s come on here, and you’re maybe putting your first offer out there, or you’re trying to get to that first six figures, these are the things that you’re going to want to know right now. And five years from now, you’re going to look back and say, I am so glad that Jess Miller told me these things, because they were all relevant to me at that moment. And they’re even more relevant to me now that I’m a business that’s thriving and wanting to continue to grow.
[3:04] So it is really important that regardless of where you are on your journey, that you’re gonna listen to this podcast, and you’re going to think about and do the things that we’re going to talk about today. Because these are really, this is the blueprint for scaling your business and growing your business. So five things that have really changed my business, have made it run more efficiently have made my customers able to consume it, the information that I’m putting out there have helped me focus and grow and be productive in a way that I wouldn’t have been before I implemented these things. So get ready. If you have a pen and paper, write these things down. If you’re in the car listening to this, or walking as I do, when I listen to podcasts, I want you to take a mental note. And when you get back to your desk later, I want you to sit down, and I want you to make a list. And I want you to really look at your business through these lenses. So in order to drive consistent, repeatable revenue, six and seven figure revenue, it involves multiple factors. And here are these five crucial elements that really are required for building a successful business.
[4:23] So number one, you need a strong and clear value proposition. Another way to look at this is you need to know what makes you different from your competition. You need to know what you’re selling, what is your hell yes offer and how it benefits your target customers. In other words, what problem does it solve? And how does it solve it in a way that makes you unique? As we think about growing a business, it is really important that we can clear, we differentiate ourselves from people around us, that in our mind, and in the mind of our customers, we know exactly what we’re out there selling, we know exactly what the problem is that we are looking to help people solve, how our offer or our product solves it, and what the benefits are to that particular customer that is consuming this. When you do this, it really lasers in your business. Clarity is king, it really is. And it lasers in your business to who you’re talking to, what you’re talking to them about, what problem you’re helping people with, why you’re, why you and your business and your product are important, and why they should care. And when you have that hell yes offer, and that clear value proposition, and you know the problem that you’re solving, and so does everyone else that is coming in contact with your business. It sets a foundation for your business that will enable you to build a strong brand, attract customers, and especially loyal customers, and justify premium pricing if necessary.
[6:05] So the first thing that you want to do is you want to make sure that your value proposition is clear. And for all of us that, whose businesses are growing, sometimes this thing can get lost in the shuffle, right? We just were doing all the things, we’re putting all the things out there, maybe we have multiple offers, and things start to get really complicated around here. So I want you to take a pause, and I want you to look at your business. Do you have a clear value proposition? Okay, are you differentiated in the marketplace, from your competition? Based on the clarity of the problem, you’re solving how your product solves that problem? And how it benefits your target market? Okay, number one, you got to do that. So we got to go back and look at that. So clear value proposition.
[6:56] Number two is, do you have scalable systems and processes in place? A six and seven figure business requires efficient, scalable systems and processes when you start to grow. And as you’re going through that proof of concept with your offers and finding your clients and kind of muscling through that time period before you are generating multiple, six figures and up to seven figures, you can kind of do some of these things on the fly, right? It’s you, you a lot of times people start out where it’s just you, and you’re doing your thing, and you’re kind of hustling through that. And there’s a little bit of that scrappiness, which I think is so awesome for you to get to this place where you know what you’re selling and who you’re selling it to. But when you want to get to that six figure, seven figure place, especially seven figures where things are, need to be optimized, and you need to be able to scale them. You need those systems and processes in place.
[7:57] When you have these things in place, your operations are streamline; these repetitive tasks that we do consistently, and that your team does consistently, are automated. And you are able to look across those systems and processes and fine tune them. Because one of the things when you’re generating income at the seven figure level, you want to continually be looking to optimize your business to reduce costs, improve that customer experience, and get people to move through that customer journey and that funnel in a streamlined fashion. When you really create this solid infrastructure with your systems and processes, then you will be able to manage your growth effectively and you will be able to ensure long term sustainability. Sometimes when we get to this place, especially up to that multiple six and seven figure mark, we kind of feel like you know, we’re fixing the wing of the plane while we’re flying it, it’s a little bit of controlled chaos. The thing that takes you to the next level and allows you to continue growing effectively, is having those scalable systems and processes in place. Okay, so number two is you want to really dial in and put systems and processes in place that are scalable.
[8:02] The third thing is having a strong marketing and sales strategy. It is no secret that the key to a successful business is attracting clients and keeping them, and if you want to generate seven figure revenue in a way that feels good and beyond that, you must consistently attract new customers and retain the existing ones. This is all about your audience. For people who have kind of muscled their way through and done it on their own and maybe they’re a little bit earlier in this process, we’re not quite at that higher six figure, seven figure range. Building your audience is crucial. And for me, I will tell you transparently, that when I started, I was very much a high touch coach, high touch business owner. And people would tell me, you know, you have to have a way to sort of congregate your audience, you know, build that email list, or go on social media. And I kind of was like, whatever, I just love talking to people. Well, that consistent attraction, and especially if, if there’s anything that I would say, in this really customer, marketplace, avenue that I think benefited me the most, it’s around that email list. I’m a big email list proponent. You own it, you can create it, you can talk to them anytime you want, you’re not dependent on an algorithm or anything like that. It’s one of the few things from an audience perspective that you really own in your business.
[9:02] So making sure that you are consistently attracting new customers. And, and this is so important. And I feel like for you seven figure owners out there, we sometimes really forget this, you want to make sure you’re really maintaining them on the back end. What are you doing to retain those customers and speak to them? Or retain those people that you attract, that you’ve acquired, that are now in your ecosystem and want to hear from you? How do you nurture them and really retain them? And so your marketing and sales strategy around consistently acquiring them, are you considering, consider consistently, considering generating new leads? Are your lead magnets optimized? Are you getting out there to attract new customers? And then once you get them in, what are you doing to nurture them? Are you speaking to them? Are you emailing them consistently? Are you putting offers in front of them? How do you not only make that list work for you, but retaining those clients that you had, because that long term value of these customers is so important? And frankly, it is so much easier to retain and consistently sell to someone who’s already warm and maybe has bought from you before, then spending all this time and effort on just the cold traffic and warming people up.
[10:40] So developing a marketing strategy that utilizes various channels, that is very clear on what segments of your audience you have, and how you want to be talking to them, speaking to them consistently, is so important. So looking at your content marketing, your SEO, your social media, maybe paid advertising, and really investing in strong sales funnels to convert those leads into customers, so that you can focus on customer retention, and upselling to maximize lifetime value. So your marketing and sales strategy. How are you touching people? How are you bringing people in and acquiring customers? How are you retaining and increasing the value of those customers over time, when I work with my clients, and we really look at that whole sales funnel. And that whole customer journey, I will tell you, when you really tighten up that marketing and sales strategy, I just want you to think about it.
[12:02] Just take someone who’s making $700,000 as an example. If you just tighten this up and change your bottom line 10%, you just grow 10% It is $70,000 to your bottom line. Ok, I really want to let you sink in. Because of these numbers, especially when you’re talking about selling and growth, they get very big very quickly. So even just using that example, let’s just pretend you just grew 5%. That’s almost $40,000. Right? Big numbers here. So having that marketing and sales strategy nailed down, making sure you’re looking at how are you attracting customers and retaining them, again, for these businesses, like all of you that are growing, and scaling, sometimes we just get lost. So going back in and really fine tuning that. Looking at your marketing and sales. And again, this is true for anybody in business, love on your people. It is so important. Love them when they come in, love them when they’re part of your business. Love them when you’re working with them, and love them when they’re moving on. Because when you do that, that relationship will last a lifetime. And it’s all about relationships married with the systems in your business. Okay, it’s all about that. So that’s number three.
[14:23] Number four is your financial management and planning, knowing your numbers. We’ve talked about this so many times, no matter, I can’t, I can’t tell you it doesn’t matter how big the business is. It could be sometimes $300,000 or it could be $10 million. I cannot tell you how many times I see people disconnected from the finances of their business. You need to be effectively managing and planning your business. If you have a business that you want to grow to several million dollars and beyond, you need to get serious and professional and these professional businesses, they manage and plan around their finances. So you want to know your numbers. Effective financial management is critical for entrepreneurs aiming for seven figure revenues and above. And for all of you that are listening, and you want to get there, you want to keep growing this, you’re there. Right? This is where the rubber hits the road. So you want to be monitoring these key financial metrics. And some of those things that you need to be looking at are things like your margins, knowing your margins. You need to have clarity around your cash flow, again, kind of like marketing and sales. When you start to grow, and you’re just kind of in it, you’re doing all the things we can really lose sight of, you know, where’s the money coming from? And like, where is it going? That cash flow is really, really, really important. You want to be able to forecast, this is a huge thing.
[15:49] Again, another like financial dirty word, people don’t want to hear it. You’re not like throwing spaghetti at the wall, you’re not just like singing into the abyss here, you are forecasting your knowing where you’re going, you’re knowing what’s coming in and coming out, so that you can effectively manage your business. And this is really, really important. You need to always be looking for these opportunities for growth. So you want to be looking at your projections, you want to see where you can grow. You want to stay disciplined around how your money is especially going out, right? What are those expenses, and how are you managing them? And you want to make sure that you’re giving yourself this flex financially to be opportunistic. If only our businesses grew in the perfectly laid plans that we put down on a piece of paper, and that all the things just came in exactly how we wanted them?
[16:45] Well, here’s the truth. They don’t. And my mother used to say to me, you know, God helps those who help themselves kind of thing. And I really believe that being able to seize the opportunities that come along your path, whether you’re religious or not, doesn’t really matter. I think when you are able to set yourself up to be able to seize those opportunities in a really clear and easy way, then you’re able to capitalize off of them, because trying to scramble, when opportunity knocks at your door is very hard. It’s much harder than if you’re ready. So really having clarity around these numbers, being able to set yourself up for those opportunities. And this is also spills over into all sorts of things. Investing is like this too, right? You have money invested; you’re managing your portfolios in a certain way. A lot of times when there’s quote unquote, a bad scenario, like there’s a downtick in the marketplace, if you’re someone who is poised for opportunity, that is a huge, huge opportunity for you to buy low, and all the things, right? So these types of things that we think through in our business, they also, they’re true in all parts of our lives. And it’s true in your personal life, whether it’s your personal finances, or whatever, it’s it’s all the same. So you really want to make sure that that financial management and planning is really important. And you effectively can do that it is critical when your business starts to grow. It’s critical when you have a team, it’s critical when you have all these worksheet streams and different business units and things like that, but are all doing different things, you have to be able to really keep your eye on that. So really being diligent around that financial management and planning is super important, super important. So that’s the fourth thing.
[18:30] And then the fifth thing, which is last, but certainly not least, you want to develop and keep a strong network. You are in many ways, as good as your network. Who you surround yourself with, is so so key in how your business grows, both from the perspective of getting insights and expertise from people around you that can help you. But as we know, as entrepreneurs, and entrepreneurs who are driven and growing, that sometimes that road is really a mental game. And I would argue more often than not, it is a mental game. It is a mental game in how you show up. It’s a mental game in what you tell yourself. It’s a mental game and how you navigate through those peaks and troughs of your business. And the network around you is there to support you. It’s there to also connect you to other people. When someone is connecting you to somebody that they know, and telling them that they know you, they’re vouching for you. Or they’re filtering your business through their filter and thinking about people that can help you, or that can help take you to the next level, that is so valuable. It’s almost ridiculous. It could be number one on this list. Because really, your network is so so crucial.
[19:50] So sometimes as we’re growing, it can be sort of this lonely road and we’re all in it. And we think there’s nobody else out there who understands us, but the truth is the people that you connect yourself with, and continuing to foster that network. And that relationship is really, really important as you grow. And those people will not only become trusted advisors in your business, trusted experts that you hire and that you really lean on, but they also become some of the best, most deepest relationships that you have in your life. And at the end of the day, those are the things that really carry us the furthest. Because it is all about connections. And business, in general if I’ve learned nothing as an entrepreneur, it is all about relationships. It’s all about those people that you connect with both your peers, your colleagues, your clients. And the awesome thing about being an entrepreneur, is you get to choose them. You get to choose them.
[20:50] When I worked in corporate, there were some people that were like some bad seeds, right? There really were, and often we could all see it. And it was such a tragedy because it would rain on everybody’s parade. The beautiful thing about being an entrepreneur is I get to decide who I want to work with, I get to decide who I want to help. Right, even though we are in a business where we are serving our clients and serving others. In many ways, we are deciding what pool we’re going to be in, right? We’re interviewing our clients just as much as they’re interviewing us. We’re interviewing the people that we partner with just as much as they’re interviewing us. So really, it starts and stops with you. So thinking of your network as something that is a powerful piece of your business growth, something to nurture something to really put on that business plan, something to make appear on your calendar every week, because sometimes this is the thing that can get really lost, when we are just going and going and going. So whatever way that you can help to foster that. And get in those spaces with the people that you need, whether it’s hiring someone that you need, or partnering with someone that you really want to partner with making sure that you are connected to the people and connected to the places where your clients are because again, you’re working with them because you love them. So go hang out in those spaces where they are. Because once they get to know you and trust you, they want to work with you, right? And that’s really where it becomes so much fun.
[22:17] So just going back to recap. What needs to happen if you really want to achieve those multiple six and seven figure revenues? As an entrepreneur, really, when you’re thinking about scaling success, this is that multiple, high six and seven figure entrepreneur blueprint. So number one, make sure you have a clear value proposition in your business. Make sure you know what your hell yes offer is. Make sure you know what problem it is solving, why it is different from your competition, how the product that you sell solves those problems; really dial that in and make sure that it is clear. And it is the focus of what your business is wrapping around.
[22:57] Number two, make sure you have scalable systems and processes. A seven-figure business requires efficient scalable systems and processes. Every business requires systems and processes. It doesn’t matter if you’re just starting out, or you’re growing up to seven figures and beyond. But especially if you have a team and you’re now growing and you want to grow consistently, and you want to acquire more clients, you need to have scalable systems and processes.
[23:24] Number three, have a tight marketing and sales strategy. Know how you are consistently attracting new customers, and how you are loving on and retaining the ones that you already have. As I mentioned, we are always in the business of growing right there is that bringing people in and acquiring them, there’s attrition from there, making sure that you’re staying focused on how you do that. And then making sure once they’re in there on that back-end place, that they are not just coming into sort of no man’s land. I can’t tell you how many times there are opportunities for growth already in your business, you’ve already spent the money. And you can really make that work. When I work with my growth clients and my consulting clients, that is one of the places we focus, because they’ve already spent the money, they’ve already required acquired these clients. Now, let’s make money from the money you already spent. And again, as I mentioned, when you’re talking about growth, like all of you who are dedicated and you’re ambitious, and you’re making multiple six and seven figures, if you just move that needle, five and 10% we’re talking about you know, $70,000 $100,000 or more, it is huge, huge with the small percentage increases. So a tight marketing and sales strategy and really developing it so it’s robust and it’s utilizing all the different channels, and it’s making sure that you are consistently converting those leads into customers so that you can maximize that lifetime value.
[24:54] Number four is impeccable financial management and planning. As we grow things can get a little chaotic out there. And sometimes things are going all over the place. So you want to make sure you’re effectively managing your money. You want to make sure you’re monitoring those key financial metrics, you know, margins, cash flow, your expenses, all of those things, and that you are positioning your business to be ready. When opportunity comes knocking at that door, you want to make sure that you can, you know, seize additional funding opportunities, or alternative finance opportunities, or just those opportunities that come knocking, when you’ve got your financial house in order, you don’t want that to be crazy.
[25:37] And just as a side note, I often see that the people that are not kind of working paycheck to paycheck, so they’re at this place where they’re generating a lot of money, and it’s moving in and out quickly, sometimes are doing this in the worst way. Like they lose control over it, because they’re not worried, you know about putting food on the table, right? They’re not living paycheck to paycheck for all of you that are in that place. Sometimes that’s where we find it’s the leakiest, where we lose control over where our money’s going. So make sure that you’re, you’re managing and planning your finances appropriately.
[26:12] And last and not least, you need to develop and keep a strong network. You are as strong as your network, your next sale, your next big opportunity is as strong as the network that you are part of, the network that you foster the people that you surround yourself with. And it is crucial not only for continuing to keep your business thriving, but also for making the ride worthwhile. You don’t want to be out there, as you’re growing this business into multiple millions of dollars on this road alone. It is no fun. It’s a lonely and frankly, it’s not the way it’s supposed to be.
[26:50] So I want you to go back, and I want you to tighten up all of these things. If you’re someone who feels like you’re going a million miles an hour, and you’re just not sure you know kind of where things are at. This is where you start. These are the things that you dial in. This is the blueprint for scaling success when you’re at the multiple six and seven figure mark. And for any of you that are listening to this, that might not be there yet, if you take this advice, and you start to look through your lens of your business, with these things in mind now, you will see explosive growth, because this is how it’s done. This is the big league. And you’re all headed there if you’re not there already.
[27:27] So go back, look at your business. And look at it through these this lens of these five things. And as always, we want to hear from you. We want to hear those success stories. You are doing the thing. It is an honor to be in this space with all of you. It’s an honor to watch you grow. And we’re here to support you every step of the way. So take this blueprint, go out there and continue growing and we cannot wait to cheer you on along the way. Till next week everyone see you then take care