Has your financial services business been sitting at 6 figures for too long? Is your business consistently working but not consistently growing? Scaling your business from six to seven figures is not as complex as you may have thought and I’ll let you into a secret; your mindset is the key.
To scale up your financial services business, you need to change your approach.
This article will explore how to stop thinking transactional and start to think transformational to achieve a seven-figure business.
Hire a PA
In my experience, business owners that are achieving five figures can be precious over their role in their company and are reluctant to share the workload, responsibility and control with anyone else.
But this is where they are going wrong.
When you first start, you are fighting for marketing and sales, you are trying to drive inquiries whilst sourcing leads, customers and clients to bring the money in.
There is so much hard work and commitment that goes into getting you out of the gate just to cover your living expenses. So, it is easy to see why business owners are reluctant to hand over the steering wheel.
The thing is, hiring a PA is the first step to your scale your business.
By recruiting an administrator, PA or executive assistant to work alongside you, you alleviate pressure and free up brain space to focus on your business without becoming overwhelmed.
Set 90 Day Scale Your Business Goals
Once you hit an early six-figure phase, you might have two or three people on your team.
This is the point where you can start working on the business and shift your focus to function. You need to change how your business functions to achieve seven figures.
Ask yourself, where do you want to take the business and where do you want to be in the next 12 months? Break it down into 90 day goals that you can map, manage and track.
Adopt A Marketing Mindset
The next stage to transformational thinking is to look at your marketing and focus on what is going to help you to achieve your vision.
To continue to drive forward and achieve your goals every month, you need to generate the leads, the sales and the inquiries in order to hit that.
Enter your marketing mindset.
Expand your workforce so that you can focus on marketing to achieve your vision.
This will help you to transition into a marketing machine. Step into social media and email marketing to attract customers and increase engagement. You have to become a branding and marketing agency for your own business.
Get a Robust Sales Process
What happens from the moment that you speak to your first inquiry through to the completion of the sale and the ongoing relationship thereafter? Do you have milestones and a step-by-step customer journey in place?
If yes – then you have to systemize and automate it, making it as consistent as possible when you move through the sales process.
If no – then this is your sign to review it. You need to implement a robust sales process that works and saves time. It can begin with something as simple as an Excel spreadsheet or an online productivity tool.
Delegate and Elevate to Scale Your Business
Once you have got your process and your system in place, you can scale up, easily bring in new recruits and leverage your time.
Now, many business owners feel that if they are 100% the owner and they are making £100,000 a year in sales, that bringing another salesperson in will ultimately make them worse off than when they began.
You may think, “Well, hang on a minute! I’m losing half of what I’m making”.
This is a scarcity mindset.
What you should be thinking is, “I’m going to be getting £50,000 of £100,000 worth of sales from somebody else”
So, in order for you to earn the same amount of money, you now don’t need to make £100,000, you only need to make £50,000.
You are in exactly the same position as you were before, only now, you have created a lot more time for yourself and have hardly lifted a finger. This is invaluable to scaling your business growth.
You can use this time to focus on your direction, your strategy and your vision. Prioritise marketing and sales to drive the business forward.
Take a Back Seat
You have to transition your mindset from working full-time in the business, to working on the business.
If you are still working in the business, you are going to struggle to truly maximize your growth. In the long run, this will result in stress, lack of focus and low energy that will in turn, reflect onto your team.
Instead of focusing on yourself and your own gain, you need to take pride in what your team achieves, help them to achieve their own goals and as a product of that, you will orchestrate your own success.
By monitoring, measuring, and managing your team, you will begin to make marginal gains in your vision, your marketing, your process, and your systems so that you can effectively maximise every opportunity.
Now that you have taken the back seat, you can watch the magic happen.
I spend most of my time thinking about what is going to take my business to the next level. I think about what is going to move us from 1 million to 2 million and use exactly the same process.
The transition from six to seven figures is 100% automated marketing. This process will allow you to create a machine where you can put one pound in and get five pounds out (jackpot!).
Build a team that can be where you can’t – mentally and physically – and you will optimise your headspace and achieve more financially.
Utilise your time by focusing on the vision, the marketing, the process, the systems, the people, the sales and the business model.
Make the Shift, Take the Jump and Scale Your Business
You have to change your mindset in order to grow. Growth is uncomfortable but necessary to achieve success.
I prove this process in my mortgage brokerage, which is 90% passive for me now. I achieved this by focusing on strategy and marketing. And delegating the majority of the implementation and action-based tasks.
This process is proven; leverage your time and you will increase your sales. Meanwhile, creating more time to do more of the things you love with who you love.
So, if I may ask again, are you currently sitting on a six-figure business that is going nowhere fast?
What do you want to achieve in the next 12 months?
Are you ready to make the jump to 7 figures?
Please connect with us on Facebook, Twitter, Instagram and LinkedIn and let us know! We’re here to help.
To watch me discuss this topic in further detail, click here.
Remember, now is the time to become PRO!
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