— March 11, 2019
Starting off your own venture is a task, and taking it to a seven-figure level is another. While the route to success isn’t easy and requires a lot of effort, here are seven such tips that can make your journey easier.
Stick to Your Plan
The first rule to a successful business is to have a written plan. Without a written and definitive plan, achieving success will merely remain a dream. You don’t actually have to maintain a book, but a few pages that outline specific and achievable objectives, key strategies, means of financing, sales plans, and marketing strategies, and a calculation of the cash you need to execute things. Writing down your entire plan is a crucial first step for establishing a seven-figure business. It will help you in effective decision making and bringing about efficiency in your operations.
Be Open to Change
It is important to not end up marrying your plan. The world is rapidly changing and so are its requirements. Things that once seemed to be the future of mankind are now a part of history. Businesses evolve and so do the marketplaces. In order to be successful, leaders have to adapt to changing times and evolve accordingly. You must, at all times, be open to changes, do not blindly follow your original plan without assessing and reassessing the changes happening in the external world. You must always be adaptive and super-active with respect to changing trends. Take Blackberry for example, how they faded away because they wouldn’t deviate from QWERTY phones when the world switched to full touch screen smartphones.
Be Open to Advice
If you are already doing well with your business, good for you! But it is never bad for business to be open to some advice. You must always keep your ego in check and listen to what others have to offer, be open to suggestions and also be frank with your mentors. Sometimes you may get stuck at a point and it pays off to seek advice. Every great leader has agreed to have sought advice from mentors, staff, and other stakeholders at many points of their lives.
Monitor Your Business Thoroughly
At all times, you must keep track of everything that going on in your organization, and manage them by the numbers. Implement reporting systems for everything; record everything; monitor each aspect attentively because these practices will help you reap benefits from them at a later stage. Train your employees well, and it will help you maintain consistency. Keep a check on your numbers; monitor them regularly, and make all of your decisions based on what the numbers have to tell you. A good leader is one who understands each and every aspect of his/ her business; and for businesses to be able to scale up to a seven-figure mark, they need good leaders!
Focus on Managing, not Micro Managing
You should delegate work to employees but avoid micromanaging them. A leader’s job is to delegate work and then monitor the progress. Don’t attempt to be critical of the way your employees are working unless they’re going absolutely wrong. It is important to keep your business organization flat. If you learn to delegate effectively, you will reap more benefits and get much better than you expect. The key is to ensure that everybody does their job, but not interfere much in the way do are doing it. You can always look to streamline processes by laying down training and orientation plans so that your employees know what is to be done and what is required of them. You can also consider using an incentive-based payout system to maintain the order.
Market Yourself Online
The world has evolved and consumers are turning towards the internet for all sorts of needs and requirements. If you need to have a seven-figure business, use the internet to your benefit. You’ll be surprised to learn that the internet is an incredibly powerful tool and extremely cost efficient too. But, it takes some investment in terms of time and skill. Use the power of the internet to create a community around your brand. Employ experts who can handle your brand on social media networking sites such as YouTube, Twitter and Facebook, and some even blogging sites, to build a strong rapport with your audience or consumers. No matter how much you need it, you must do it, because your competitors are doing it already!
Keep Thinking & Reinventing
The last final tip for building a successful seven-figure business is to keep thinking and reinventing your business. Focus on where the market is going, what your consumers are looking for, how well are you able to meet their needs and requirements, and identify the gaps that have been left open. If you don’t work on these gaps, they will allow smaller businesses to exploit the void and pose a challenge. It is the net profit that you should focus on, not gross revenue. Keep abreast with the evolving times and create a new competitive advantage every time, be it a focused niche or a super service, but not by simply lowering down the pricing. You need to keep adding newer things and the latest technology to your offerings in order to maintain the loyalty of your consumer base.
Bonus Tip: Above everything else, make sure you have fun while you’re at it. Never work on anything you do not enjoy. And if you are not enjoying what you do, then you are not doing the thing that is right for you! You became an entrepreneur by your own will, so work on it like you always wanted to! When you enjoy what you do, it brings out the best in you. And, to build a successful business, it requires nothing but the best of minds behind it. Make associations with people who match your mindset and work together towards the greater goal – the seven-figure business.