In episode #532, Eric and Neil discuss what to do once your business hits 7 figures. Ultimately, there are two paths you can take. Tune in to hear their advice about optimizing your business for growth or stability.
Time-Stamped Show Notes:
- [00:27] Today’s Topic: What You Should Do After You Hit 7 Figures in Revenue
- [00:34] Eric believes that once you hit 7 figures, why not strive for even bigger numbers?
- [01:18] Look at what works and double down on that.
- [01:47] Invest in what you can control.
- [02:10] Neil thinks that what you do to get to 7 figures, isn’t necessarily what will get you to 8.
- [02:58] 7 figures are hungry to make money right away, while 8 figure businesses look more to long-term investments.
- [03:24] If you can spend more money on acquiring customers than your competitors, it’s much easier to grow your business.
- [03:37] Celebrate that your business has reached 7 figures, but then think about what else you can do to optimize your business.
- [04:29] Really good marketers consider “scaling”.
- [04:51] Once you get beyond the strategies that helped you reach 7 figures, think about what systems and processes you can build to reach 8 figures.
- [05:58] You have to be able to convey your vision to others (employees and investors), so that they can get on board and help you reach 8 figures.
- [06:20] Some people do not care for money and just want to live a quiet, relaxing life.
- [06:48] If you are one of these people, optimize your business for profit and don’t try to reach 8 figures.
- [07:12] Once you optimize your business, don’t spend too much and save your cash in order to float the “chill” lifestyle you desire.
- [07:42] Mergers and Acquisitions are another way to make quick, stable money.
- [08:15] If you look at Dentsu or Ogilvy, they have a number of different services and have grown through M&A.
- [08:42] Hitting the 7 figure mark is rare!
- [09:33] Once you reach 7 figures, you can’t take your foot off the gas.
- [09:44] Remember to CYA (Cover Your Ass): always have two to three months of expenses in the bank.
- [10:23] That’s it for today!
- [10:26] Go to singlegrain.com/giveaway if you want to get in on a special giveaway opportunity!
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