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How to Grow to a 7-Figure Business

By 14/07/2022No Comments
Business Growth

According to the UK Government’s ‘Understanding Growth in Small Businesses’ report, 75% of business leaders today are focusing on and prioritizing growth goals.

The foundation of growth is, of course, a growth mindset. Unlike a fixed mindset which states ‘this is how we do things’, a growth mindset asks ‘how can we do better?’. It’s a mindset that empowers entrepreneurs to adapt and embrace new ideas to facilitate change, and it’s key to taking your organization to the next level.

Below, we take a look at some of the techniques that growth mindset entrepreneurs and small businesses can adopt to help edge them closer to their growth goals…

  • Develop a plan

Whether or not a plan is necessary for growth is the subject of great debate. As many experts have noted, not every successful business comes from a business plan. However, there is plenty of research out there which suggests that having a plan can increase the likelihood of success. When it comes to growth, a business plan can keep you on track, reminding you of who you are, and where you’re headed.

  • Work *on* your business, not *for* your business

Growth doesn’t come from undertaking the day to day tasks needed to keep a business running. It comes from a desire to learn, from the identification of new opportunities, from embracing challenges, and from the inspiration of others… not from selling products or keeping the books up to date! Outsourcing bookkeeping and other operational processes can help free you up for dedicated growth tasks.

  • Scale, then grow

Growing to a 7-figure business… the equation is simple, isn’t it? More revenue = more growth. But that’s only the case if that revenue isn’t being counteracted by the addition of extra resources at the same time. Businesses need to be able to scale first, doing more with less by optimising the resources they already have. Ensure you’re getting the absolute most value from suppliers and partners you work with.

  • Pace yourself

Growth is not linear. Every business will go through periods of rapid growth, and slower, more steady changes. Maybe even periods of being stagnant, or jumping back a little. It’s fine. If things aren’t moving as quickly as you’d like, don’t force it. In fact, a ‘slow and steady’ approach to growth can help to build more stable, more solid foundations, reducing the risk of setbacks and growth challenges in the future.

Are You Ready to Leave Your Comfort Zone?

To grow means to change. You can’t keep doing the same things over and over and expect to grow to a 7-figure business naturally. It takes time. It takes effort. And it takes an ability to step out of your comfort zone and try new things. It may sound nerve wracking, but we’re here to help. Contact us today to learn more about how we’re helping businesses thrive or keep an eye on our blog for the latest insights.

    Karl Newman

    Author Karl Newman

    Hi! I'm Karl. I'm the founder of Direct Peak, a 100% Xero cloud accounting firm. I help business owners get complete financial clarity giving them decision making confidence.

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