Profit. It’s not optional if your goal is to stay in business. Don’t worry, you don’t have to be a CPA or even become one to understand how your business is performing financially.
If you choose to build a profitable 6 figure business, you’ll want to know key financial data points in order to determine what’s working and what needs to be improved.
It doesn’t matter what phase of business you’re in – start up, growth or leverage, there are 5 P’s you’ll want to know and understand as it relates to your unique business goals, whether you’re pursing your 1st 6 figures or a goal beyond that.
Product That Solves A Problem That Your Ideal Client Is Facing – One of the biggest mistakes I made early on in my business was creating programs and services I thought my ideal client wanted. I see many business owners doing this – creating “the next best thing” without knowing if the product or program solves a problem. Do your homework and create a product or program that solves a specific problem that your ideal client is facing. If you create a product that doesn’t solve their biggest challenge, you’ll be wasting energy, time and possibly money.
Pricing That Generates Profit – I’ve had many conversations with business owners who weren’t sure what to charge, priced their services too low or they were simply not charging at all, at times. In each of these instances, these business owners were stressed, frustrated and overwhelmed because their bottom line was in the red. When it comes to setting your prices, you need to understand the costs involved in running your business. It’s important to know this information and charge accordingly otherwise, you won’t make enough money to generate a profit.
Promote Your Products/Services To Increase Your Exposure and Impact The Bottomline – You cannot expect to do something once in your business and see the results you desire. If it were that easy, 85% of small businesses would not fail within the first year. You need a clearly defined online and offline marketing strategy. The worst thing you can do to grow your business and the bottom line is to assume that people know about you. The moment you begin to assume that someone saw that post or read that blog, you’re leaving money on the table.
Plan That’s Clear, Focused and Action Based – One of the top 10 reasons small businesses fail is due to poor planning. This boils down to not identifying the necessary action steps to be utilized in achieving their goals. When you’re clear about the results you desire to create, you can develop a strategic plan to make it happen. Remember, begin with the end in mind.
Process To Ensure You Achieve Your Goals and Increase Your Income – You don’t want to just set your goals and leave them. Nor do you want to be in the dark about the revenue and profit your business is generating. More on this during the 5-day Make It Rain Challenge where you’ll receive daily money-making strategies and success habits to grow your business, get more clients and yes, make more money. Join the FREE challenge here.