Many aspiring entrepreneurs dream of major profits. So why do so many entrepreneurs fall into an income rut?
Being an entrepreneur or small business owner requires making thousands of decisions every day. During the first 3-5 years of a new business, the business owner typically has a hand in every department in some way, shape or form.
Business owners find themselves completing tasks ranging from data entry and purchasing to new client acquisition, and the list goes on.
With so much on our plates, it is easy for our vision to become blurry and for us to make decisions that may seem right in the moment, however in the long run, they do not serve us or the long term interests of the business.
Outsourcing is critical. Accounting, administrative, operational and tactical tasks must be delegated to create the time and space necessary for you to develop your strategy, put a growth plan in place and actually execute it. This is the first and most important step.
From there you can begin using the action items I have listed below to start generating more revenue and get out of your income rut immediately:
- Use the 80/20 rule. Typically 80% of your profit comes from 20% of your effort. Review where your clients are coming from and look at ways to accelerate and expand that focus working from a point of strength.
- Revisit all your current and past clients. Make calls, send emails, do satisfaction surveys and make offers. It is 7x more expensive to gain a new client that to re-engage or up-sell an existing one.
- Review your lead generation system and do the numbers. Are there enough leads coming into your business each month to bring in the number of new clients you need to achieve your goals? If not focus on the front end of your sales process. What can you do to touch more qualified prospects with your free irresistible offer(s) each week?
- Spend time on your metrics formula. Ensure that whoever is responsible for new client generation has the right activity metrics in place and that they are executing them consistently. This is the biggest area I see small business owners leaving thousands on the table each month. As the business owner this is and always should be at the top of your priority list and it should be an area you are constantly refining if you want to grow your income each month. This includes your proactive sales and marketing activities each week in a variety of areas that ensure there are consistent results across the board.
Remember, success is scientific not personal. If something is not working it is up to you to innovate, refine and refocus until you are generating the results you desire.
Falling into an income rut is common, but not required.
Do a time analysis this week. How much time are you spending working strategically on your business vs. working in your business each week? Increase your focus on strategic activities and you will see an immediate increase in your results.
For more productivity and business building tips, check out my podcast – Unstoppable Success Radio!
