The Tiny Thing Successful Entrepreneurs Do Weekly To Increase Profits
How to successfully run your own business.
Yaroslav Astakhov / Shutterstock What is the secret of successful entrepreneurs?
If you're starting a business venture, you may be wondering about this.
"How can I increase my profits?" is a question I hear all the time — dare I say, every week — in my 20-plus years in the coaching business. Both from private clients at the helm of multi-million-dollar businesses and fresh-faced entrepreneurs just starting.
Entrepreneurs who are primarily concerned with profits fall into one of three categories.
Their company is stalling out.
Their company is not growing at the pace they want it to.
- They have a newer business or are just starting their business and aren’t sure of what they should be focused on or where to start.
Does any of this sound familiar?
Many entrepreneurs feel this way lately, especially with all of the curve balls 2024 keeps throwing.
However, it’s always a good time for a relaunch in your business, relationships, and lifestyle, especially when it has to do with owning and running a successful business.
The first thing entrepreneurs should do is get clear about where they're at.
Are you...
- Just starting a business or company?
- Have an existing business or company?
The reason why I think it’s important to get clear as to where you're at currently is because some people with side hustles or hobbies think they have a business when all they have right now is a talent and zone of genius.
They haven't yet built a solid foundation — a team, systems, mission, customer journey, budget — or any of the many foundational elements in which an actual business needs to operate.
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Therefore, to make a profit, no matter which of the two you fall into, the following will help you pull back to get a 360-degree look at where you are at, as well as what you need to focus on.
Are you business savvy or business smart?
If you’re like most people, you want to be both business savvy and business smart — and you can be. But most entrepreneurs are inclined to want to jump into their business and do, do, do!
It’s easy to think that by constantly doing, you’ll eventually find success and, ultimately, profits. But there has to be a point where you work on our business, not just in your business by constantly doing.
That’s what successful entrepreneurs and leaders do. That’s what profitable companies and businesses do. And that's the missing piece I see most.
So, what’s the difference between business savvy and business smart?
When you're business savvy, you love or are great at what you do.
And although you’re good at that "one thing," you still haven’t identified the business or how you’re going to not only turn your gift into profits but ultimately a sustainable business that's set up for lasting success.
If you're business smart, you not only have dialed into your zone of genius, but you also have and continue to work on building a solid foundation for your business.
You know the importance of building a life cycle for your target avatar, marketing, and lead gen, having a well-defined mission and vision, budgeting, setting and meeting KPIs, and ROIs, developing a team, putting systems to work in place, and carving your niche in the market.
You're set up for success, no matter what you face.
Schedule time weekly.
It’s important to pull back from the endless to-dos and tactical items and look at everything as a whole, so you can be the visionary you need to be to own a business.
Do this weekly to ensure you’re getting a clear picture and setting your actions and strategies, based on the current snapshot.
By calendaring time every Monday and Thursday, you’ll be able to time-block and create the space needed to dedicate to brainstorming, pivoting, future visions, and anything else high level that you need to work on.
Use Evernote, Google Docs, MindMeister, or whatever notetaking system or software you prefer, but make sure it’s something you can easily pull up to write and track notes, and ideas, and see your current 90-day (quarterly) plan, as well as past notes and plans.
During this weekly time, your snapshot should include first reviewing:
- The current numbers for the business
- The operating budget
- Metrics tied to whatever you are currently focused on
Next, to be profitable (and stay that way!), you’ll need access to current metrics and your quarterly plan benchmarks to see where you are, as well as brainstorm ideas to meet those goals and numbers, in each of the following areas:
- Lead generation: How are you getting people on your list, lead magnet, or Facebook group? Why they should be following you? Are they a lead, potential buyer, or existing funnels?
- Conversion rate: What is your unique differentiator? How are you showing up? Are your values aligned and are customers following the path set for them?
- Number of transactions: What type of ascension model do you take customers through?
- Average sales: What are some additional things you can be doing to upsell your potential?
- Profit margin: Look at past versus current margins, discounting, bonuses, new offers, and upcoming promotions for ideal clients or buyers.
Begin to build your foundation now, and you’ll plant seeds of growth and profit for many years to come.
Get clear on the one thing you wish you could do right away to start working on your business versus in your business.
Hilary DeCesare is the Founder and CEO of The ReLaunch Co. She’s appeared on ABC’s The Secret Millionaire and on major news outlets such as CBS, ABC, Fox, and Huffington Post.