Latest / The SmallBizChat with Melinda Emerson / How to Take Any Business to 7 Figures

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How to Take Any Business to 7 Figures · The SmallBizChat with Melinda Emerson

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  3, 10, 1, 0, ignition, liftoff,
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  Ending small business failure.
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  Welcome to the Small Biz Chat podcast with a number 1 small business expert Melinda Emerson.
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  Bolinda's goal is to end small business failure, and she'll give you the information
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  you need to succeed and live the life you've dream of.
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  Now here's the small biz lady herself.
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  Melinda Emerson.
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  Hi, everybody.
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  My name is Melinda Emerson.
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  Small biz lady, and I am so excited to welcome you.
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  Now small biz chat, we have posted it for over 10 years.
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  And tonight, we're really gonna focus on what we call this peer to peer education thing where
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  what we are doing is giving you a safe place to get information so that you can succeed as your
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  own boss.
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  Now I am excited to be here with you because this really is about giving our loyal fans just
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  one more thing.
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  Tonight, we're getting you some peer to peer advice on all things, and now we're gonna be
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  talking about how to take your small business to 7 figures, which is no small thing because
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  according to statistics, 95% of all small businesses in the world will never gross over a
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  1,000,000 tons of revenue.
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  But the man with the plan who has all the information you need to know what you gotta do
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  to take your business to the next level is here with me tonight Welcome my friend, Coach Steve
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  Daley, and he is a pioneer in business coaching serving thousands of clients for over 30 years.
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  His specialty is guiding seasoned entrepreneurs to their lifetime best income while structuring
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  their businesses to work as well without them as it does with them.
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  He's the founder of the Achievement Bridge, Inc, and the entrepreneur excellence Alliance,
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  a community of inspired small business owners.
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  He's contributed to over 10 best selling books on business success.
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  Steve, welcome.
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  Thanks, Melinda.
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  It's so great to be here.
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  And, to be with us fellow entrepreneur advocate.
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  Absolutely.
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  Absolutely.
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  All of us are invested in helping entrepreneurs win every day.
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  So that's why we do this.
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  So, Steve, I, you know, I just wanna jump right in with you What is the secret to generating
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  more money?
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  What is it?
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  What do I gotta do?
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  Help me out.
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  Help you, yeah, everybody wants that.
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  Right?
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  Oh, look.
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  You know, like most secrets, it's not really a secret.
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  Alright?
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  So the first thing is there's 2 there's two components are kinda like the heads in the tail
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  of the same coin.
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  The first thing is you have to believe that there's way more money out there than what
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  you've got in your pocket right now.
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  You have to know that there is a lot of money available for you to access but the other side
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  is critical is the only way that you access more money is by giving service Money is the
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  expression in our marketplace of acknowledgement for value received.
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  And if you wanna make more money, very simply deliver more value, but it has to be behind or
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  embedded in that belief that you can go after it.
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  Alright.
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  Well, that's how it kinda sounds a little bit simpler than than actually done, Steve.
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  So I'm I'm gonna I want you to dig in for me with this
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  a little
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  bit more.
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  Is a seven figure business truly attainable for any business regardless of what business you're
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  in?
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  I believe it is, Melinda, absolutely, and I've proven that with, clients around the world.
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  There are some caveats I'd have to say.
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  One is the business owner needs to be willing to remove their, significance, if you will,
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  from being embedded in every single thing that has to do with the business as business owners.
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  We invent something.
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  We build the business around us to deliver this this this uh-uh remarkable product or value.
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  But then we tend to also anchor ourselves into the business in so many different ways.
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  And so when you're willing to lift your significance, lift your participation in your
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  own business outside of being involved in everything, then I would say absolutely yes.
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  Your business has access to 7 figures.
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  Okay.
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  Well, can solopreneurs do it too, or what kind of support system do you need?
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  To really get your business up to 7 figures.
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  Yeah.
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  Two questions there.
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  So, yes, solar printers are actually equipped more effectively than a larger business with a
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  lot of, employees.
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  And the reason is, entrepreneurs typically don't have very high overhead.
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  They can leverage technology and other resources to get things done.
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  And, essentially, they have a straight line, straighter line access to greater revenues and
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  7 figures.
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  Where the the lynch pen is to turn your knowledge into a service.
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  You can deliver a service.
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  You can deliver products.
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  You can deliver, for example, consulting or training.
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  Or coaching.
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  But when you capture the knowledge that you have or that you've learned from your clients
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  and package that, then that is basically a a tremendous catalyst to grow in your business.
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  Now what are the resources you need you can start with all the array of of basic and
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  fundamental technology resources to help you produce content, different to slants on your
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  programs, package things in different ways, but also resources in the form of virtual
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  assistance.
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  I'm a big fan of outsourcing all the things that a business owner doesn't do well or
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  doesn't like to do.
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  And we have in our global marketplace today access to a massive array of global
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  communication, that gives us the opportunity to, access resources.
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  I think that that's great, but I but I have another question for you.
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  How important is attitude when it comes to turning things around in one's business and and
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  really generating significant revenue.
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  What what does it take?
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  Yeah.
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  So attitude is key.
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  And and it's a slippery slope, isn't it?
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  We are inundated on a daily basis with all types of reasons for why the economy is broken
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  or not working.
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  All kinds of things in the news about you know, the impending doom.
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  We get all kinds of negative input constantly from, perhaps, people around us that don't
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  believe in what we're doing or don't believe in in themselves.
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  And therefore, they try to keep everybody else down.
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  And so attitude is critical, Melinda.
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  You're a great example of a of a great positive, consistent attitude.
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  You're you're someone to emulate for sure and we wanna surround ourselves with people like
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  you.
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  People that breathe into us, fresh, energetic, inspiring input and then take care of ourselves
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  in that way.
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  Repositive books, tune into a podcast do things that basically help us to shore up and shield
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  from all the other influences that can, rob our good attitude.
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  I agree with that.
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  I agree with that.
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  But I want to ask you too.
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  I think it's harder sometimes for professional service businesses.
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  To really achieve high levels of revenue because people fall into this trap of, like,
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  trading hours for dollars and, like, how can people, you know, get out of doing that so that
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  they can start trading on value as opposed to hours?
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  There's a there's a a a lot of ideas, a lot of things that, I recommend and have it worked
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  with my clients to create.
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  But two, really good places to start as 1st, define a product ladder, at least start
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  fundamentally or elementary a good, better, best array of options with regards to the
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  services that you provide.
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  As soon as you do that, your marketplace will begin to separate themselves into categories
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  of, you know, people that just want the quick fix all the way to those that really want the
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  highest level of value.
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  And by that diversification, you open yourself up and you break from the hours for dollars
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  syndrome often.
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  The other thing I mentioned earlier is to is to package your knowledge into a service people
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  are hungry for insight, the cheat sheet, the checklist, the, the ebook, the, the how to
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  stuff.
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  All those things are critical and consumable and it breaks you from you you you create it
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  once, you put it out there once and it gets purchased over and over again.
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  So it's a great way to break from hours for dollars.
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  Yeah.
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  I I have actually been successful at this and creating several online courses for my
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  business.
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  And, that really was able to allow me to be help a lot more people because as a single mom,
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  I'm not able to do 60 keynote speeches a year.
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  You know, I just can't travel like that.
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  So I have been able to leverage some of exactly what you're talking about.
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  So I know what you mean, but I wanna ask you this.
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  When it comes to making the strategic decision that, okay, this year, 2020, going into 2020,
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  I'm gonna make a $1,000,000 in revenue.
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  What is the very first step that I need to take in order to build a $1,000,000 business?
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  Alright.
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  The first step, Melinda is counterintuitive, and I predict when it falls on the ears of your
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  listeners viewers, there will be a little bit of resistance, but it's critical.
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  And that is to step back away from your business and simply ask yourself, is my
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  business serving me, or am I serving the business?
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  In other words, am I employed by my own business or am I running my business?
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  The first step is to absolutely reconfigure anything and everything about your business
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  that isn't working for you.
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  And that includes, doing the things that you don't like to do or that you're not good at.
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  It includes, all those products and services that, that that you've invented, but maybe
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  don't have a great adoption.
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  It includes getting rid of the people, whether it's vendors or employees or resources that
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  really are not contributing that you don't get a big return on.
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  And when you, really examine as step number 1 is my business serving me or am I basically
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  employed by the business and break from that anchor, if you will, then you are taking the
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  first step in the right direction.
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  Alright.
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  Well, Steve, here's what I want you to do.
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  Let's put a pin in that because I've gotta go to commercial.
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  But when we come back, I wanna know how to avoid the the the eightytwenty traps.
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  So we're gonna talk about that when we come back.
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  Are you tired of struggling in your business, not taking a paycheck, dreading dealing with
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  your business in the morning?
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  Are you regret even starting your business in the first place?
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  Well, I know you're tired, and I also remember what that kind of tire is like.
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  But the good news is it's time to stop feeling that way.
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  Stop.
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  I'm Melinda Emerson's small business lady, and my new football fixture business is a 90 day
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  turnaround plan to get back your life and reduce chaos in your business.
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  I've been in business nearly 20 years and let me teach you how to filled a physicist that
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  works for you.
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  Grab a copy today.
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  Hi, everybody, and welcome back to small business chat.
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  I'm with my guest coach, Steve Daley, and he has given us the lowdown on how to take any
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  business to 7 figures.
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  Alright, Steve.
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  I wanna jump back in tell me how do we avoid this trap that a lot of professional service
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  businesses get into with, like, 1 or 2 clients being 80, 85 percent of the revenue.
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  And then all of a sudden, they'll lose a customer, and then they're like, oh my gosh.
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  And then the businesses yeah,
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  it's just as quickly.
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  Big big headaches.
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  Yeah.
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  So there's two steps.
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  One I've already mentioned is to create a product ladder for lack of a better word.
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  You wanna have an array of products and array of services that can meet an array of audiences
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  that are within the sweet spot, the target market that you feel like you're best equipped
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  to serve.
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  When you have a a an array of products, then your customer base will diversify by
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  automatically, and it's a good place to be.
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  The second step though is for you to, basically adopt embrace in your mind.
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  This is a mindset attitude thing that it's way better to have $1 from a thousand people than a
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  $1000 from one person.
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  And when you really embrace it, that's good business after instead of going for the home
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  runs and the big hits and the big deals, and recognize serving the masses.
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  Was it what Zig used to say, Zig Ziegler, serve the masses and dine with the classes.
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  And that's what it's all about.
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  Alright.
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  I love it.
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  Now let's talk about I know you have this thing you call 7 triggers for 7 figures.
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  Alright.
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  I I want you to break this down for me because I I I wanna know.
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  I think my viewers wanna know too.
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  Alright.
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  Awesome.
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  Well, I we don't have a lot of time to go deep, but let me just fire through this.
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  The 7 triggers are authenticate, integrate concentrate, invigorate, resonate, and
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  duplicate.
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  Now so So so, anyway, so you don't feel like you're at schoolhouse rock here.
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  Let me break this down.
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  Alright.
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  So authenticate is about being authentic about I mentioned this earlier, making sure your
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  business is serving you versus you serving the business.
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  Getting back to that original sweet spot that's so very important that it intersects your
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  passion, your skills, your offering, and the marketplace.
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  Integrate is about integrating your life with the business.
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  When you start taking care of your wealth, your health, your connections, your desire to make
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  an impact and influence in the world.
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  When you start paying attention to those things and make sure your business is serving that,
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  then that is a trigger for success.
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  Concentrate is about what I like to refer to as cleaning out the closet getting rid of all the
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  stuff that doesn't matter, doesn't work.
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  I I operate and teach my clients a principal called ROE, return on everything.
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  And we're looking for it.
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  Does it have a return?
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  Yes or no?
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  Is it is it to my satisfaction?
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  Yes or no?
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  Everything else goes.
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  Invigorate is about reconnecting with your values, the culture, the systems that you have
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  that are inside the business that make it really, really work.
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  Penetrate is about getting what I call air horn no noisy.
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  The sales and marketing strategies that are embedded, integrated, and and synergistic to
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  get to the market.
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  Now that's a huge topic.
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  We often spend a lot of time on this with with folks, but, it's critical to to really re
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  examine and trigger new energy behind both sales and marketing strategies.
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  I call it pick strategies and pull strategies.
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  Resinate is about basically differentiating and distinguishing yourself from everyone by
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  creating what I call a transformation story.
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  People are looking for transformation.
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  And when you can tell a story about how you do that, your business is gonna get triggered to
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  new growth.
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  And finally, duplicate is when we look for any way and every way to multiply our mojo.
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  Who can we breathe our knowledge and insights into?
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  Where can we partner with people in the marketplace?
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  Where might we be able to franchise or duplicate as specs of our business.
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  Find people that wanna own parts or pieces of us and give us a continual override on our
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  support to be successful.
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  There's a lot of ways to duplicate, and that really is Nirvana where we do find that magic
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  place where the business is working as well without us as it does with us.
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  I love it.
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  I love it.
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  I mean, I I want you to keep going, honestly, but I know we're almost at a time.
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  But, listen, tell me again where people can get more information about how to get in touch with
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  you and your brand.
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  That, you know, if you want this framework, I've I've built an interactive framework at 7
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  triggers framework dotcom.
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  So number 7, the number 7 triggers, plural framework dotcom, and you can download the
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  entire framework.
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  It's interactive.
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  It's loaded with content.
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  I guarantee that, every time you look at it, you learn something new.
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  And that's probably the best way for you to learn about this strategy and get to know me.
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  Awesome.
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  Thank you so much, Steve.
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  I really, really have enjoyed learning about all of the things that you say.
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  And it's and it's good reminders for all of us.
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  I mean, even though I've been in business for 20 years and and somewhat successfully, I mean,
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  I'm I'm taking pearls of of wisdom from you as well.
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  So I I appreciate you being here with us tonight.
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  Please, those of you who want more information about my guests and any more information on how
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  to start and grow a business, please head over to my blog.
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  At succeed as your own boss.com.
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  I have over $5000 articles about how to start and grow, so you don't wanna miss it.
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  And thank you all We will be back.
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  The mission of small business chat is to end small business failure.
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  I'm more than Emerson's small business lady.
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  I will leave you with this.
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  You never lose in business.
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  Either you win or you learn.
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  God bless everybody.
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  Good night.
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  Thank you for listening to the Small Biz Chat podcast with Melinda Emerson.
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  For more resources and small business success strategies, visit succeed as your own boss.com.
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  Subscribe to this podcast wherever you listen to podcasts and join us next Wednesday.