22/11/2021
KNOW YOUR NUMBERS
Everyone wants their business to grow but very few actually know their numbers (and even avoid it entirely)
Understand your finances... this is something I was terrible at when I first started business and my bank account was a reflection of that.
I didn't know how much was coming in weekly.
I didn't know who owed me money and who still had to pay me (lol)
I didn't know what my business expenses were monthly.
I didn't know if next month I was going to make sales or not.
I had NO idea, until I understood my numbers.
Ask yourself what is the 2022 revenue goal for your business?
Forecast how much you will make it a year, whats coming in weekly, monthly and quarterly.
Stop treating your business like a hobby, If you want to make money in your business, it should NOT a hobby.
One thing I always ask my clients is "How much do you want to make this year?"
Lets say your goal is to make 100k a year...
..and you sell your program for $100 a week for 12 weeks that's $1200, you will need 85 sales in a year to make over 100k in revenue, that's approximately 8 program sales a month which is 2 a week - now you've actually got a goal to work backwards from.
How do you sign up 2 clients a week?
Ask yourself these questions:
- How fast do I want these clients, do I want to spend time marketing organically or spend money on paid ads to get a faster result?
- How much time do I need to dedicate to marketing so I make 2 sales a week?
- Do I have the capacity to service that many clients without burning out and give them the support they need and paid for, or do I need to increase my prices and charge more and take on less clients?
See how from understanding your numbers you can now create a strategy on how to achieve your goals as well as how much time you will need to dedicate into your business in order to make it happen.
Set a goal, have a clear roadmap of how you're going to hit it and as long as you keep putting in the work, the goal you've set for yourself will more than likely come into fruition sooner than you expect.