Most business owners have a passion, a good idea, or a skill and they get inspired to monetise. That’s always the seed of a great start-up. Where most start-ups fail is they believe that their passion will bring them the money. Passion will inspire you to work hard and get you out of bed in the morning, but it is not a plan. You need a solid plan and it needs to be based in 10% information and 90% implementation.
When you have a plan you are able to scale your model and profit centres become rinse and repeat. Here is my 5-step plan to make money. Every day. Every time.
1) Ask where? When you plan a project, launch, or product, know from the start where you want it to take you both financially and positioning. It is key to have an overall plan for the year so you understand the impact every launch or idea has. Most people simply throw the spaghetti on the wall and hope something sticks, but it is imperative that you ask where this is going to take you and have a clear and measurable outcome.
2) Ask when? What are your set dates for the most successful profit outcome? Once you determine those you have to live and die by them. When you miss launch dates you throw off your entire profit cycle.
3) Ask who? Loral Langmeir had a phenomenal quote where she says,”When an opportunity comes to you, ask yourself the million dollar question. Who can I get to do this for me?” You must leverage your time as soon as possible (even if you are just starting out). Have a team of resources, contractors, or employees to carry out the tasks and technical work so you can do what you do best.
4) analyse and test. Everything I do is a test. Every email, call, newsletter, or event. We are constantly analysing our results and improving upon what worked, changing what did not, and eliminating waste. You market in a vacuum if you don’t analyse and test your results from start to finish.
5) Play big and plan small. Most companies are focused on the big end result or the 3-5 year plan. They become so consumed with big picture that they can’t figure out what to do right now. Don’t plan further out than 60 days for doable step-by-step sustainable results that can be tested. Your results truly are the indicator of what next step to take. Nano planning allows for flexibility and achievable results.
Hope is not a business plan, nor is passion. Those items just enable you to work the plan. If you need to increase revenues start with these simple steps and when you explode your profits… here is the good news. These steps still apply. Rinse and repeat.
About Suzanne Evans
Suzanne Evans owner and founder of Suzanne Evans Coaching, LLC, is the tell-it-like-it-is, no fluff boss of business building. She supports, coaches, and teaches over 30,000 women enrolled in her wealth and business building programs.
Having surpassed the seven figure mark herself in just over three years, she’s coached her private clients to total revenues exceeding 8 million dollars. This year she will launch her Global Impact Project, a not for profit serving women worldwide in education, entrepreneurship, and equality. www.suzanneevans.org