4 Phases of Growing a Million Dollar Business [Video]
In my experience growing 3 companies to 7 figures annually, I have realized there are 4 distinct phases you must grow through in order to sustain long term. According to Motley Fool, almost 20 percent of all businesses formed fail in their first year. A staggering 80 percent never see the 5-year mark. I believe this happens because they didn’t go through the proper phases.
I’ve owned businesses in the past where I failed to go through the proper steps, which also caused the businesses to fail. As of late, I’ve become more experienced and therefore wiser when it comes to growing a business the right way. I think the main reason such a huge percentage of businesses fail is because they skip phases and don’t think long term.
In this video, I’ll explain the 4 phases of properly growing a 7-figure business.
No matter what you sell, what your business model is or who your client is, these 4 phases apply unilaterally.
Nail It – Phase One, where you’re focused on your offer, your audience and your process.
Scale It – Phase Two, where you take what you nailed and exponentially grow it.
Optimization – Phase Three is all about lowering cost and increasing margins.
Mastery – Phase Four is all about maintaining and perfecting your operation.
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