In episode #532, Eric and Neil discuss what to do once your business hits 7 figures. Ultimately, there are two paths you can take. Tune in to hear their advice about optimizing your business for growth or stability. 

Time-Stamped Show Notes:
[00:27] Today’s Topic: What You Should Do After You Hit 7 Figures in Revenue
[00:34] Eric believes that once you hit 7 figures, why not strive for even bigger numbers?
[01:18] Look at what works and double down on that.
[01:47] Invest in what you can control.
[02:10] Neil thinks that what you do to get to 7 figures, isn’t necessarily what will get you to 8.
[02:58] 7 figures are hungry to make money right away, while 8 figure businesses look more to long-term investments.
[03:24] If you can spend more money on acquiring customers than your competitors, it’s much easier to grow your business.
[03:37] Celebrate that your business has reached 7 figures, but then think about what else you can do to optimize your business.
[04:29] Really good marketers consider “scaling”.
[04:51] Once you get beyond the strategies that helped you reach 7 figures, think about what systems and processes you can build to reach 8 figures.
[05:58] You have to be able to convey your vision to others (employees and investors), so that they can get on board and help you reach 8 figures.
[06:20] Some people do not care for money and just want to live a quiet, relaxing life.
[06:48] If you are one of these people, optimize your business for profit and don’t try to reach 8 figures.
[07:12] Once you optimize your business, don’t spend too much and save your cash in order to float the “chill” lifestyle you desire.
[07:42] Mergers and Acquisitions are another way to make quick, stable money.
[08:15] If you look at Dentsu or Ogilvy, they have a number of different services and have grown through M&A.
[08:42] Hitting the 7 figure mark is rare!
[09:33] Once you reach 7 figures, you can’t take your foot off the gas.
[09:44] Remember to CYA (Cover Your Ass): always have two to three months of expenses in the bank.
[10:23] That’s it for today!
[10:26] Go to singlegrain.com/giveaway if you want to get in on a special giveaway opportunity! 

Leave some feedback:
What should we talk about next? Please let us know in the comments below.
Did you enjoy this episode? If so, please leave a short review.

Connect with us:
NeilPatel.com
Quick Sprout
Growth Everywhere
Single Grain
Twitter @neilpatel
Twitter @ericosiu



Learn more about your ad choices. Visit megaphone.fm/adchoices

In episode #532, Eric and Neil discuss what to do once your business hits 7 figures. Ultimately, there are two paths you can take. Tune in to hear their advice about optimizing your business for growth or stability.  Time-Stamped Show Notes: <ul> <li>[00:27] Today’s Topic: What You Should Do After You Hit 7 Figures in Revenue
</li> <li>[00:34] Eric believes that once you hit 7 figures, why not strive for even bigger numbers?</li> <li>[01:18] Look at what works and double down on that.</li> <li>[01:47] Invest in what you can control.</li> <li>[02:10] Neil thinks that what you do to get to 7 figures, isn’t necessarily what will get you to 8.</li> <li>[02:58] 7 figures are hungry to make money right away, while 8 figure businesses look more to long-term investments.</li> <li>[03:24] If you can spend more money on acquiring customers than your competitors, it’s much easier to grow your business.</li> <li>[03:37] Celebrate that your business has reached 7 figures, but then think about what else you can do to optimize your business.</li> <li>[04:29] Really good marketers consider “scaling”.</li> <li>[04:51] Once you get beyond the strategies that helped you reach 7 figures, think about what systems and processes you can build to reach 8 figures.</li> <li>[05:58] You have to be able to convey your vision to others (employees and investors), so that they can get on board and help you reach 8 figures.</li> <li>[06:20] Some people do not care for money and just want to live a quiet, relaxing life.</li> <li>[06:48] If you are one of these people, optimize your business for profit and don’t try to reach 8 figures.</li> <li>[07:12] Once you optimize your business, don’t spend too much and save your cash in order to float the “chill” lifestyle you desire.</li> <li>[07:42] Mergers and Acquisitions are another way to make quick, stable money.</li> <li>[08:15] If you look at <a href="http://www.dentsu.com/">Dentsu</a> or <a href="https://www.ogilvy.com/">Ogilvy</a>, they have a number of different services and have grown through M&amp;A.</li> <li>[08:42] Hitting the 7 figure mark is rare!</li> <li>[09:33] Once you reach 7 figures, you can’t take your foot off the gas.</li> <li>[09:44] Remember to CYA (Cover Your Ass): always have two to three months of expenses in the bank.</li> <li>[10:23] That’s it for today!</li> <li>[10:26] Go to <a href="http://vyper.io/c/1444">singlegrain.com/giveaway</a> if you want to get in on a special giveaway opportunity! </li> </ul> Leave some feedback: <ul> <li>What should we talk about next? Please let us know in the comments below.</li> <li>Did you enjoy this episode? If so, please leave a short review.</li> </ul> Connect with us: <ul> <li><a href="http://neilpatel.com/">NeilPatel.com</a></li> <li><a href="https://www.quicksprout.com/">Quick Sprout</a></li> <li><a href="http://growtheverywhere.com/">Growth Everywhere</a></li> <li><a href="http://www.singlegrain.com/">Single Grain</a></li> <li><a href="https://twitter.com/neilpatel">Twitter @neilpatel</a></li> <li><a href="https://twitter.com/ericosiu">Twitter @ericosiu</a></li> </ul> Learn more about your ad choices. Visit <a href="https://megaphone.fm/adchoices">megaphone.fm/adchoices</a>

Neil Patel and Eric Siu bring you daily ACTIONABLE digital marketing lessons that they've learned through years of being in the trenches. Whether you have a new website or you're an established business, you'll learn the latest SEO, content marketing, social media, email marketing, conversion optimization and general online marketing strategies that work today from people that actually practice marketing and operate businesses.
Approaching 100M downloads with 2,500+ episodes, you're sure to find something that will help you grow faster. Also don't forget to subscribe to our Marketing School YouTube channel to get more marketing goodness.

Marketing School - Digital Marketing and Online Marketing Tips

In episode #532, Eric and Neil discuss what to do once your business hits 7 figures. Ultimately, there are two paths you can take. Tune in to hear their advice about optimizing your business for growth or stability.  Time-Stamped Show Notes: ...

What You Should Do After You Hit 7 Figures in Revenue | Ep. #532

https://api.omny.fm/orgs/e73c998e-6e60-432f-8610-ae210140c5b1/clips/40cb77e9-cad5-4a85-af79-b0d2006ad73b/transcript

Advertisement