Creative entrepreneurs are often refluctant or resistant to the numbers side of their business. But when you pay attention to these numbers you will take the first step towards making more money.
My guest this week is Chris East. Chris is an account and finacial planner who has helped a lot of business owners make a lot more money by showing them the fast path to success. In this episode he walks you through seven business drivers you need to know.
Growing a profitable business requires more than generating leads and making sales. While this is clearly important there are many more profit drivers in your business and you need to know them all.
When business owners focus solely on lead generation as there source of revenue they build a business that is focused on volume instead of value. One of the drivers of highly profitable business is to maximise the value and lifespan of every customer they win.
This means paying attention to the 7 Profit Drivers in your business.
Paul's Power Points.
1. Before you every think about discounting, think about value adding first. Discounting can erode the perception of value in the marketplace and requires you to have work longer and hard to arrive at the same income point.
2. There are two types of thinking in business. Above the line and below the line. Above the line thinkers take responsibility for the state of their business, accept there will be outside pressure, but find ways to work around them. Below the line thinkers spend their time complaining about the challenges and feel powerless to do anything about them. Perferring to make excuses for the state of their business.
Which mindset are you applying to your business - Above or Below the line thinking?
3. The faster you become familiar with the critical numbers in your business, the faster your business will grow. Ignorance may be bliss but when it comes to your critical numbers it's also very costly.
4. Marketing is not simply about the acqusition of clients its about how you maximise the value of every client you have.
Previous episodes related to this topic.
Episode 50 - Jesse Cole - Why Putting Your Fans First is the Fastest Way to Stand Out
Episode 59 - Gabby Leibovich - Lessons from a Billionaire - How to Build a Digital Business
Episode 65 - Gihan Perera - How to Designing a Plan to get Your Business Thriving in 2021
This 24-point checklist will help you...
- Discover the crucial elements for success in 2021, that EVERY business will need to have in place to prosper.
- Identify ANY marketing gaps you have now so you can build a plan to close them.
- Remove the fog and confusion about where to place your focus and gain CLARITY about how to get your business growing again.
