Boost Your Revenue By Avoiding These Common Growth Pitfalls
Melanie Benson
Stop Being The Invisible Expert ?? Borrow Million-Dollar Visibility ?? for your Lighthouse Message
As a service-based business, coach or course creator, there is a certain appeal to scaling your impact, especially if you’ll exponentially grow your income.
Scaling into 7 and even 8 figures also means you’ve got to turn your attention to common cash-eating monsters before they erode your profits. Increased sales require a need to deliver your offerings to more people. Explosive growth comes with operational headaches.
Often, big growth is a double-edged sword, and it can become a deterrent if you don’t have the right systems in place.
On Amplify Your Success Podcast episode 314, Racheal Cook joins me to dish out some valuable insight into rapid, sustainable growth practices that every business owner should practice.
Check out these golden nuggets we covered on the episode!?
??? Racheal takes us behind the scenes of the cash-flow reality of many 7 & 8-figure businesses.
??? Set a goal to get a 2 - 3 times ROI from every team member you hire.
??? An important step is to fire yourself from each role you hire for, then write your new job description.
??? What “catastrophic growth” is and the signs an entrepreneur is headed for it.
??? 3 key steps to take when you “slow down” so you can speed up.
??? Racheal’s advice on how to navigate a recession so you don’t lose momentum.?
TIP #1: MAP OUT YOUR CEO JOB DESCRIPTION?
If you’ve ever become a bottleneck in your business, end up micromanaging your team or get in the way of progress, then this exercise is for you.?
Write your new job description as CEO.?
Here’s why: each time you hire someone in your small business, you're essentially firing yourself from that role.?
So if you’ve hired someone in the past you likely wrote the job description and were very clear about what roles they are taking on, and what they're responsible for.?
But what we often don't do is sit down and re-clarify our own role.?
And if we don't take the time to re-clarify our role, then we tend to get into trouble - that part where you start becoming the bottleneck because we don't really have that clarity around where we should be spending our time and energy.
领英推荐
Plus the other piece is having clarity on what you do best, better than anyone else. Your role in hiring then is getting people that fill in those gaps.?
Such smart advice!
>> Listen in on the Show Page Here - or listen on your favorite podcast player below:
TIP #2: RECESSION-PROOFING WITH A FINANCIAL RESERVE
It's very much like living paycheck to paycheck but for a business.?
When a recession happens, often people start cutting back on a lot of spending. Companies start cutting back on a lot of spending if you are in the B2B space. So you might find that your sales slow down, or you lose a couple of contracts.?
What can you do to take care of yourself and your company??
Set aside money now in a reserve account with at least three to six months of operating expenses. Include funds to actually pay for yourself in that too, because nothing is worse than your business hitting a cash crunch.
But when you have a financial reserve, you can draw from that “emergency fund” to keep the cash flowing during times when sales are low.
Discover Melanie’s 7 Step Framework to Add Another 6 Figures to Your Business by Leveraging Other People’s Platforms.