For those of you who missed Nic Rixon's brilliant session last week, here are a few key summary points: • Whilst growing your practice, you can encounter predictable stall points - Black Holes. Nic calls them black holes due to the fact that businesses can disappear into them for many years. • Black Holes are typically reached at the certain revenue levels: Black Hole 1 - £80k; Black Hole 2 - £750k; Black Hole 3 - £17m; Black Hole 4 - £170m; Black Hole 5 - £700m. • 96% of all businesses never break through the second Black Hole. • A careful growth strategy via sales, channel, product, brand, is your best bet for navigating these predictable stall points [see image]. • Playing rugby with 7-a-side is a very different game to playing 15-a-side. When scaling a business, its crucial to be agile in your team management approach. If you want to learn from Nic about how to scale your practice, check out his videos in the 'Growth' group and stay tuned for his next event!
Posted by Accountants' Club at 2022-01-19 11:23:37 UTC