Every year, about this time, I clear off my calendar and get out of working in my business so I can work on my business.
I took some time last Friday and a bit over the weekend to contemplate the Dream Destination for my business and assess the various vehicles I’m ‘driving’ to achieve my goals.
2008 was my best year ever allowing me to create and enjoy a thriving 6-figure business! That felt really good!
This year has been a challenge for my clients and consequently for me as well. I don’t know about you, but it’s felt like I had to work so much harder this year. At the same time, some amazing doors and windows of opportunity opened up. So I used this time to evaluate the opportunities and challenges and devise ways to leverage the opportunities and overcome the challenges.
I poured over my financials and realized that the bulk of my revenue now comes from speaking and training. I also realized, thankfully, that this is what I most enjoy doing.
I learned a lot during this strategic review using the Strategic Planning Toolkit and fashioned them into 10 simple tips that you can benefit from.
10. Revenue Creation
Identify the services or products that generate the most revenue for you that you enjoy providing to your clients.
9. Profit Creation
Identify the services or products that create the most profit for you (this might surprise you). Again make sure that you enjoy providing these products and services). Package them into various size bundles for the price-conscious and luxury-oriented consumer.
8. Time Utilization
Evaluate where you spend the bulk of your time. (Hint: if it’s not creating more of #10 and #9, you’re leaving some serious money on the table.) Make a commitment to re-prioritize your time investment.
7. Team Evaluation
Make a rigorous review of your team. Make sure each person is well-suited to the role they play and that you’re not tolerating poor performance from anyone.
Document repetitive processes. Automate where possible. Use your website or other technology to handle appointment scheduling and automate your sales process.
Once your team and systems are in place, turn over as many of your current ‘duties’ to your team or the system. Free up your time for creation of more #10 & #9.
4. Client Definition
Narrow your marketing and product/service creation to focus the clients you are best equipped to serve.
3. Client Problem Definition
Get crystal clear about the problems your target clients suffer from that you can help them solve.
2. Capability Statement
Write down specific skills, resources, tools, and experiences you have in solving the client problems you just named. Make sure you would be happy using these capabilities to deliver the products or services. If the thought of spending your time on these activities puts a know in your stomach, start this process over.
1. Client Acquisition
You won’t make money if you don’t have paying clients! Figure out where they hang out. Understand which marketing strategies are most effective in reaching them. Gather testimonials from happy clients to validate your assertions. Put them on your website and in your marketing materials. Get on the phone and talk with people. Direct contact is THE best way to land new clients.
Implement these top 10 tips and you will have a better year next year!