Bow you once nearly hit when reversing (7)
I believe the answer is:
curtsey
'bow' is the definition.
(curtsey is a kind of bow)
'you once nearly hit when reversing' is the wordplay.
'you once' becomes 'ye' (archaic version of 'you').
'nearly' means to remove the last letter.
'hit' becomes 'struck' (strike can mean to hit).
'when reversing' shows that the letters should be reversed in order.
'struck' with its final letter removed is 'struc'.
'ye'+'struc'='yestruc'
'yestruc' backwards is 'CURTSEY'.
(Other definitions for curtsey that I've seen before include "old form of obeisance" , "Respectful greeting" , "Girl's bob" , "Formal greeting, bob" , "Gesture of respect" .)