What can a woman who has four master’s degrees a passion for architecture and computer science do after being laid off from the software company where she was a project manager turned CEO? Naturally, she will become the CEO of her business.
Sigrun Gudjonsdottir is a business coach and speaker who negotiated a great severance package after being laid off and beginning her entrepreneurial journey. Sigrun was a specialist in turning failing businesses around. She built her business by helping others.
However, things were not always easy for her business. After much success, Sigrun’s sales reached $1M by her fourth year. But then she hit a wall. Sigrun says that people expect things to get better and better. “But that is not the law in the universe.”
Sigrun shares her top tips for turning your business around and breaking through plateaus if growth is slowing in your company.
1. Your team size can be increased
Ninety percent (99%) of women-owned businesses are under six figures and have no employees. We feel we can get it done all ourselves, but that’s not the case,” says Sigrun, who achieved the million-dollar mark with just three employees. “People were stunned that I could get as far with so few people,” Sigrun quickly realized and began hiring. She says, “Now I’m at an organization where I was absent for two months because of a family emergency this summer, and it had no effect on my revenue.” “My team kept things moving.”
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2. Upgrading the backend systems
Sigrun says, “With scale comes complexity.” You can’t have all your clients in one system. A more robust system is needed to see people’s journey to reach you, especially when you are working on large marketing campaigns. It is important to see what freebies worked and which blog post brought them to you. This tracking will allow you to scale up to more, as you can see where people are coming in and what interests them.
3. Make a great course
Sigrun says that courses had failed before because they were prerecorded so people could do them at their own pace. We make the course as live as possible to get our students results. It makes the students show up and makes them ask questions. It also allows Sigrun to clone herself, making twice as much. I can have a one-on-one call with a client while simultaneously having a coaching call led by one of my teams.”
4. To accommodate growth, change your mindset
Sigrun says that you must grow personally if your professional career is to succeed. “You cannot be sitting at the same couch or the same desk at six figures as you will at seven figures.” Sigrun bought a penthouse apartment with a hot tub and a new car right before her seven-figure course launch. She says, “I had to upgrade my surroundings to match the business.”
We feel we can get it done all ourselves, did to get to the current point of your business will not work for you in the future. Changes in mindset, business structure, and systems are necessary to grow. These key points will help you achieve financial business success.