• 7 Figure Advice Practice Roadmap

    The journey from Practice to Business to Freedom

The Roadmap

Not all advice businesses are the same, and the focus will change as the business grows, but all business will follow the same ?Roadmap?. The only real difference will be the speed at which each business takes the journey, and how far they go before their growth caps.

The reasons why one advice business will grow faster and achieve more than another advice business are many and varied. And it makes no difference whether you?re a lawyer or an accountant. Acceleration and growth of the business will be affected by factors like the skills and approach of the leader, the strategy they employ to grow, their service offering and how they deliver it, the size of the market they serve, and their ability to attract and engage prospective clients.

Now many professional advisers set out on the journey, in their practice, without a clear roadmap which shows them where they?re going and how they?re going to get there. The result, even if they eventually succeed, is often a painful, frustrating, long and costly journey. That?s because they didn?t apply the right strategy at the right time to deliver the result they needed.

At each stage of the ?7 Figure Advisory Practice Roadmap?, you?ll need to focus on and successfully implement the right strategy to best meet the needs of where you are today and develop the platform for the next stage of growth.

Do it right and the reward will be more impact, income and independence.

Start-up

The Start-up phase is the starting point on the journey to a 7 figure practice. To arrive at this point there had to be something that convinced you you?d be better off going into business for yourself rather than working for someone else.

Perhaps you identified market opportunity, or thought the service could be delivered in a better way, or perhaps you just wanted more reward for all your hard work. Whatever the reason, you?re in it now, and despite the stress and uncertainty you?ve got plenty of enthusiasm. You may even feel a little overwhelmed.

As a guide, in the Start-up phase, you?ll be earning somewhere between $0 and $5k per month. It?s not even quite a job yet.

Almost certainly you?ll be dealing with things you have very little experience in and the learning curve will be steep.

Your key focus in this phase is to validate the market demand for your service offering and make sales.

The practice won’t survive past this point if you can’t do both successfully.

Survival

The second stage on your journey to a 7 figure advice practice is the Survival stage. And it?s literally that ? survival.

In this stage you?ve moved beyond what is considered a start-up. You?ve validated there is a demand for your service offering, and you?ve had some success in sales, so revenues have improved.

In this phase you?re now earning somewhere between $5k and $15k in revenue per month, and so the emergencies of the early days in respect of income have eased somewhat. But now you?ve got a new problem.

Now you find the practice flow is becoming like riding a roller coaster. What that looks like is you do some marketing, get some sales, and then work like mad to provide the service to your clients, only to complete the work and realise there?s not enough work to keep you busy. So you focus on marketing and sales again in order to fill the pipeline up. It?s feast to famine and back to feast again, and it?s no way to run a business.

The problem is your marketing ?system?, if that?s what you call it, needs you to work. That?s not sustainable. If you don?t solve this problem you?ll never get out of survival.

Your key focus in the survival phase is to install inbound, automated, marketing funnels and systems, systems that do all of the heavy lifting for you and deliver a constant flow of your ideal clients to your practice.

Stability

The third stage on the 7 figure advice practice roadmap is the Stability phase. The practice now has some substance to it. It?s getting better control over it?s client flow and is realising some efficiencies in the way it deliver it?s services.

But it?s still all about you. You?re still the main game. Sure you might have some admin assistance, but the client facing revenue generation activities are still predominantly performed by you.

In terms of revenue, you?re now likely earning between $15k and $30k in revenue per month, and whilst you?ve made some productivity gains you?ve hit a natural ceiling.

When you?re in the stability phase the best thing you can focus on include refining your internal delivery systems, looking for automation opportunities and scaling your sales activity.

The great thing about this phase is now you have a choice. You see, you?re still a ?Practice?. The business still relies on you. The question is are you ready to be a ?Business?

Success

Success is where it starts to get fun. It?s also the first stage when you legitimately begin to call yourself a business ? because it has life beyond you.

The Success stage is also the stage where the potential for acceleration in massive. It?s a point where resource leverage really begins to kick in. Profits are good and you?re back by a strong team. You?re probably seeing revenues in the range of $30k to around $80k per month.

You?ve consolidated the lessons of the earlier stages, systems have been refined, marketing is increasingly becoming a strength, but the business still heavily relies on your leadership, and you?re time poor ? so much to do, so little time to do it.

The key focus in the Success stage will be multi-faceted. First, you?ll need a strong team of capable specialists/managers to drive your agenda. Your focus will increasingly become strategic, and less operational, though you?ll still need to keep your finger on the pulse by watching those metrics.

You?ll also want to refine your delivery models so you can serve more clients in less time. This is called leverage. It?s the ?magic sauce? that ultimately allows you to achieve scale.

There will be a temptation to take your foot of the gas in this stage, but resist. Now is the time to accelerate, not to rest on your laurels.

Final thing to be aware of ? your leadership of the business is as crucial as it has ever been.

Scale

When you set out on the journey to a 7 figure practice ? no, business – this is the stage you always dreamed of achieving someday.

We call this place Scale. It?s where you maximise your IMPACT, your INCOME and your INDEPENDENCE ? that?s the Impact you have on your clients and your team, the Income you make as a reward for your hard work, and the Independence that originally drove you to stop working for someone else and instead head out on your own journey.

Monthly revenues north of $80k, often substantially north, are normal. The business can operate without you if you so choose. But why wind back when you finally get to the best bit.

Scale is also a land of opportunity, and where you take that is entirely up to you. It?s the place which allows you to work entirely in your genius ? the space you?re most impactful.

So the only question I have for you ? Is that a journey worth taking?

Let me know.

Have further questions or enquiries? Get in touch today.

Contact Us

Have further questions? Get in touch today!

Contact Us