“When do I reap the rewards?” asked the law firm owner.
“My partner and I are the top producers in the firm – the only producers if I am honest with myself – and we aren’t spring chickens. What’s more, we are stalled at 6 figures – very healthy, mind you, but still…”
After some light investigation, I discovered that the two partners were indeed the only producers, in addition to serving as administrators.
“You won’t reap any more rewards unless you shift the way you work,” I shared. “You’ve already told me that when you stop working, the money stops rolling in. And you are right – with that, you can’t ever look forward to taking a day off, much less a long vacation or retirement.”
I continued. “You won’t make the leap to 7 figures unless you address some critical issues. You have an outdated business model, and your systems are inadequate. You’ve basically set yourselves up to continue working at this pace while staying stuck at this income level till you drop.”
This situation is prevalent with business owners and other decision-makers, no matter what the industry. They have grown into a certain way of doing which produces well – but they can’t move beyond this. They are tapped out and stuck.
Making the leap from 6 figures to 7 figures requires some fundamental shifts, and three, in particular. As you look through this checklist, where are you?
To your success!
A First Checklist For Making Your Leap
- How you see your role. Do you see yourself as a practitioner instead of a company owner? Do you believe that you have to be present in order for the company to run well? These concepts are self-defeating and will keep you from moving ahead.
- Your paradigm about the journey to ultimate success. Do you believe you have to work hard and long to succeed? Is your language riddled with words and phrases like “push hard; trying; it will pay off someday?” These are self-limiting, heavy thoughts that can keep you stalled.
- How do you manage income? How you manage money is how you conduct business and life. Are you living from month to month? Or are you able to invest income back into the company to make it more robust?
- Playing your biggest game. Are you playing it small and safe with your products and services, and with your price points? Or are you taking calculated risks based on market demand and your ability to deliver? Are you avoiding conflict or crucial communication because “it is just easier?” Avoiding success by overscheduling? Other?
- How you envision the company. Have you reviewed your business plan recently? Tested your products and services in the market to ensure they are still viable? How effective is your marketing? Can you measure your ROI? Do you have the systems in place to receive more business?
- Who’s in your corner? Do you have team? Are the right people on board? Do they know what you expect and perform to satisfaction? How do you hold them accountable for results?
Patti Cotton helps executives optimize their effectiveness in leading self, others, and the enterprise. Her areas of focus include confidence, leadership style, executive presence, effective communication, succession planning, and masterful execution. With over 25 years of leadership experience, both stateside and abroad, Patti works with individuals, teams, and organizations across industries, providing executive consulting, leadership development, succession planning, change management, and conflict resolution. She is also an experienced Fortune 500 speaker. For more information on how Patti Cotton can help you and your organization, click here.