The 7% Club

In today's discussion, we uncover nine game-changing factors for business growth beyond the 2 million-dollar mark:

• Visionary leadership
• The paradox of growth
• Strategic business models
• Optimized products and services
• The business owner's mindset
• Fostering a strong company culture
• Effective people management
• Streamlined business structure
• The art of letting go

Join me as we explore how these factors reshape the path to exponential growth. Tune in for strategic insights and actionable wisdom, and remember, a better strategy fuels a better business and a better life.

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💡 Need help scaling your business from 7 to 8 figures? Get in touch [email protected]

Remember: Better strategy, better business, better life! See you next time!

In this episode, host Jenny Stilwell interviews Ingrid Maynard, the founder of The Sales Doctor, as they delve into the transformative world of sales. Ingrid discusses her mission to reshape the perception of sales, highlighting its potential for mutual enrichment and meaningful relationships. She explores the evolving landscape of sales, from its historical respect to modern challenges, and offers actionable strategies for large and small corporations. Whether navigating remote work or responding to changing dynamics, this episode provides a roadmap for success in sales and customer relationship management.

In this episode, we talked about:

• Sales Revolution: Ingrid Maynard aims to redefine sales as mutual enrichment and service.
• Shifting Perception: Sales shifted from respected to negative due to marketing, which Ingrid wants to change.
• Meaningful Relationships: Ingrid advocates value and strong bonds in sales, even in transactions.
• Tailored Approach: Ingrid customizes sales programs by decoding emotional needs for resonating solutions.
• Adapting to Change: Ingrid advises adapting sales to remote work and pandemic challenges, focusing on deep understanding and customer-centricity for small businesses.
• and MUCH MORE!

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💡 Need help scaling your business from 7 to 8 figures? Get in touch [email protected]

Remember: Better strategy, better business, better life! See you next time!

In this episode, we discuss the importance of the CEO lens for business growth. As business owners transition to CEOs, they need to delegate operational tasks and focus on leadership, strategy, culture, and relationships. The CEO lens helps CEOs lead their teams, make strategic decisions, nurture culture, and build key connections. Adopting the CEO lens is crucial for shifting from doing tasks to leading activities and ensuring long-term success.

In this episode, we talked about:

• The CEO lens allows business owners to transition from being involved in day-to-day operations to focusing on the responsibilities of being a CEO.
• CEOs in seven-figure companies often lack prior executive experience, making the transition to the CEO role challenging.
• The CEO lens encompasses key focus areas such as leadership, business strategy, culture, and key relationships.
• Good people and culture are a priority focus for successful CEOs, as they contribute to the growth of the business in the right way.
• Adopting the CEO lens involves shifting from doing activities to leading activities, which requires a significant mindset shift but is essential for long-term business success.

Links:

https://jennystilwell.com.au/

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💡 Need help scaling your business from 7 to 8 figures? Get in touch [email protected]

Remember: Better strategy, better business, better life! See you next time!

In this episode, we talked about:

• Culture should be understood and defined to effectively take action and shape organizations.
• Four key elements of culture include its collective nature, unseen elements like beliefs and values, observable elements like behaviors and practices, and the shared learning experience within a team or organization.
• Making culture explicit and transparent is crucial for strengthening it and enhancing employee engagement.
• Cultural adaptability is more important than culture fit in growing organizations, leading to higher promotion rates and employee retention.
• Leaders play a pivotal role in setting and maintaining the culture, and they should use recognition carefully and intentionally to reinforce desired cultural norms.

Links:

https://shanemhatton.com/

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💡 Need help scaling your business from 7 to 8 figures? Get in touch [email protected]

Remember: Better strategy, better business, better life! See you next time!

In this episode, I dive into the significant hurdles that hinder business growth. Based on Australian business statistics, it's startling to discover that only 7% of Australian businesses surpass 2 million in sales turnover. However, there is a subset of businesses below this threshold that are eager to grow but uncertain about the path ahead. I identify three key barriers to growth: loss of control, lack of operational support, and fragmented focus. Loss of control arises when business owners lack the necessary structure and support to manage their operations effectively. To overcome this barrier, it's essential to consolidate and streamline operations, seeking external assistance if needed. Understanding the numbers and financial aspects of your business is crucial for success and scalability. As businesses grow, complexity increases, and managing all aspects becomes overwhelming.

Lack of operational support, the second barrier, results from a scarcity of experienced resources, preventing owners from stepping up as CEOs and building capable teams. Transitioning from an operational manager to a leader requires trust and delegation. It's imperative to assemble an A team, trusting the processes in place and allowing them to work efficiently without constant intervention.

The final challenge is a fragmented focus, which leads to constantly changing decisions and a lack of clear vision. Without a strategic growth plan, businesses may grow haphazardly, lacking profitability and serving unintended markets. Choosing the right direction and making strategic decisions is vital to overcoming this barrier. By breaking through these challenges, businesses can experience accelerated growth and join the elite 7% Club. If you're looking for guidance on growing your business from seven to eight figures in a manageable and profitable way, feel free to reach out to me through my website at jennystillwell.com.au. Remember, better strategy leads to a better business and a better life.

Episode highlights:

• Only 7% of Australian businesses break through 2 million in sales turnover.
• Loss of control, lack of operational support, and fragmented focus are key barriers to growth.
• Understanding and managing the financial numbers is crucial for success and scalability.
• Transitioning from an operational manager to a leader requires trust and delegation.
• Developing a clear vision and making strategic decisions is essential for sustainable growth.

Links:

The 7% Club book
https://jennystilwell.com.au/

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💡 Need help scaling your business from 7 to 8 figures? Get in touch [email protected]

Remember: Better strategy, better business, better life! See you next time!

In this episode of the 7% Club podcast, I discuss the four key roles of a CEO. Many founders of seven-figure companies haven't had executive roles before, and as such, don't have any reference points as they navigate from seven to eight figures. This episode is all about stepping into that leadership role and understanding what the CEO role entails.

• The first role is to create a vision for the company, which involves providing strategic direction and making the vision and strategic direction clear to the team. The vision should guide the company's priorities and make it clear to customers and partners what the business stands for and the value it delivers. 
• The second role is to be the conductor of the team, bringing everyone together to work toward the vision. The CEO must know the team's capabilities and motivations and allocate the right tasks to the right people. 
• The third role is to steer the company's strategic decisions, which underpin its growth and provide guidance to the team. The CEO must know how to make these decisions and ensure they align with the company's vision. 
• The fourth role is to set the company culture, which involves creating a positive and productive work environment and setting the standards for behavior and performance. The CEO must embody the values and behaviors they want to see in their team and hold themselves and others accountable to them.

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💡 Need help scaling your business from 7 to 8 figures? Get in touch [email protected]

Remember: Better strategy, better business, better life! See you next time!

We’ve all experienced a lot of changes in the last few years, with some businesses being more impacted than others, and some wondering how they are going to recharge and get going again. Other companies have taken off.

Regardless of how your company is tracking, it is always sound business practice to revisit your strategy, at least annually, and test if the assumptions you have always based your plans on, still apply. For example, have your customers’ needs and businesses changed so significantly, that your business has become less important and less relevant to them? Do these changes represent new opportunities for you that you haven’t fully explored?

The points I’m going to cover in this podcast should help to recharge your strategic focus. Pick the ones that are the most relevant for your business and start with those.

So here are 6 questions as a starting point, to think about as part of your planning preparation for the next 12-18 months...

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💡 Need help scaling your business from 7 to 8 figures? Get in touch [email protected]

Remember: Better strategy, better business, better life! See you next time!

Whilst sales revenue is a critical part of growing your business, margin is the variable that will make your company profitable or become cash-strapped over time.

Upscaling must be profitable in order to be manageable, and the only way to ensure you run at a profit is to focus on margin.

Margin overall is critical to monitor, but when you drill down into products/services and margin by customer, you will get an important insight into what is really happening in your business.

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💡 Need help scaling your business from 7 to 8 figures? Get in touch [email protected]

Remember: Better strategy, better business, better life! See you next time!

Are you a CEO or a Business Owner?

There are two aspects to this question: one is your title and actually seeing yourself as the CEO; the other is your approach to business growth and leadership. This shift in attitude to your role means you step up and acknowledge that you are the leader of a team now. They need your guidance and direction.

There are many fundamental differences in the business owner approach versus the CEO approach (which I outline in my book ‘Small Business CEO’), but the main difference is that business owners fail to evolve and up-level their own role.

If you're serious about upscaling, then it's time to make the shift from Business Owner to CEO.

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💡 Need help scaling your business from 7 to 8 figures? Get in touch [email protected]

Remember: Better strategy, better business, better life! See you next time!

As the CEO, you don't want to micro-manage your team. But 'set and forget' isn't the right strategy either.

You need to know what's going on, so having a strategy for how you work with your direct reports will benefit them, and you, and ultimately the business.

Here are my top 3 tips for how you work with your direct reports.

Connect

💡 Need help scaling your business from 7 to 8 figures? Get in touch [email protected]

Remember: Better strategy, better business, better life! See you next time!