Got random goals? Sales goals that don’t have anything to do with your profit goals? Profit goals that have nothing to do with personal goals? Or marketing goals that have nothing to do with …anything at all? If you’re either goal-less or have goals but have no idea how to make them all work together let’s figure that out in today’s episode.
Links:
https://www.theprofitlovers.com/how-to-stop-acting-like-an-employee-in-your-business/
The Profit Lovers Podcast Intro
The Profit Lovers Podcast Outro
GET EVEN MORE PROFIT LOVIN' IN YOUR BUSINESS (AND LIFE)
Download the FREE Profit Lovers One Page Plan + Track
Come and say HI on the GRAM
Happy Profit Lovin'!
Got random goals? Sales goals that don’t have anything to do with your profit goals? Profit goals that have nothing to do with personal goals? Or marketing goals that have nothing to do with …anything at all? If you’re either goal-less or have goals but have no idea how to make them all work together let’s figure that out in today’s episode.
Links:
https://www.theprofitlovers.com/how-to-stop-acting-like-an-employee-in-your-business/
The Profit Lovers Podcast Intro
The Profit Lovers Podcast Outro
GET EVEN MORE PROFIT LOVIN' IN YOUR BUSINESS (AND LIFE)
Download the FREE Profit Lovers One Page Plan + Track
Come and say HI on the GRAM
Happy Profit Lovin'!
Welcome back to the podcast profit lovers. I've been on a small, two week I think, can't remember now hiatus to focus just on member's club on making sure all of our new bits and automations worked, some did something different. That's the joy of online business. And I've been getting to know and new members, we've had our first couple of weeks of content. So I'm doing a lot of reviews of our new members, SEO plans, and now their profit to sales strategies. So it's been a fun few weeks for show up, I will record an episode on, I guess what you would call it mini launch, I sold out 80% of the places in member's club from the waitlist alone, so it didn't follow through with the full launch schedule. There's most definitely some interesting little bits and pieces that I can share about creating sales from very small lists, I don't have a big list of subscribers. It's just not one of my strong suits in business. But I do generate high profits from a really small list of subscribers. So if you're like me, and you're not the greatest list builder, and you want to maximize your list, some of my launch strategies might be interesting to you. Excuse me, little doggie in the background, I already have a waitlist whitelist going for the next launch, because we had a few people who were either going to be away that were finishing off other programs, or just weren't in a cash flow position quite yet to swing this round of member's club. So if you want to get on the list for her next open cart, and make sure that you get to secure a place before we sell out, then I will give you details over the next couple of weeks on how to do that. Next round, I'm thinking we're going to aim for September. But we'll see. So in today's episode, if you are somebody who has random goals in your business, so maybe sales goals that don't have anything to do with your profit goal, the amount of money that you want to take from your business and profit, or you have profit goals, but they don't have anything to do with your personal goals, you haven't sat down and figured out what you personally need to be taking from your business each month to ensure that you can reach all of your personal goals, paying off mortgages, paying down credit cards, building safety, nets, renovating, whatever it might be. Or maybe you've got marketing goals, and your marketing goals don't have anything to do with anything at all. If you're either goal less, don't have any goals at all. You have goals, but they're not particularly well thought through. And you don't actually use them to drive your business. Or you do have goals, but you've got no idea how they're all supposed to work together, then we're gonna figure that out in today's episode. So last week, we wrapped up in member's club, the profit planning part. And if you've downloaded the profit lovers plan and track ultimate for 2022, you would have seen that there is in there a profit to sales goal calculator, it's a really cool way to set your profit goals. Profit being what you get to take from your business so that you know that you're going to be able to pay yourself a wage, cover your cost of goods, anything related to the cost of producing and delivering your product or your service. And you're going to be able to cover your expenses. With the profit to sales goal calculator, you can also figure out how much your average transaction or average purchase value needs to be. So that's on average how much each customer or client spends with you in any one transaction. So you can see if you can handle the number of clients or customers or orders, you need to reach your sales goals and then ultimately, your profit goal. This is important stuff to know. Because if you have a profit goal of say$100,000 per year, and when you add in your expenses and your cost of sales, you need to create, let's say $150,000 in sales per year, that's going to give you 100k in profit and 50k for your expenses, cost of goods cost of sales. But when you look at that number, you can't physically deliver that much of your product or service, right? Because there's only one of you, then it's a pointless, pointless task really, to set yourself up for disappointment and exhaustion. Right Right, if you figure out that the most you can possibly do yourself with your current business model, that is how you currently run your business is less than that 150k per year, then we've got some hurdles to jump or a few profit issues to solve write doesn't mean it's impossible, it means that we've got to change things up in your business, to ensure that you can handle the number of orders or customers or clients to help you reach your goals. It's really interesting to be able to see your business for its potential. You might realize in doing this exercise, that you've got space time and resources for many, many more clients or customers than you're currently seeing. That's a pretty great discovery to make. Alternatively, you might realize that if you increase your prices slightly, that you're more easily going to hit your profit goal. Or, if you increase your expenses a little bit more, you'll be able to outsource the non income generating tasks so you can free up space for more customers or clients. In a previous episode, I'll dig it out and link it in the show notes. I talked about my CEO plan and the plan that I use to work out all of the moving parts or elements of my business, and how it keeps the process of elevating me out of all of the doing in my business. So I'm always working towards being the CEO, in my business instead of an employee. Well, last week, or the week before, actually, two weeks ago, everyone started creating their own CEO maps in member's club, and they've been submitting them to me for feedback and review. And it's been so cool to see the realization of, oh, wow, no wonder I'm exhausted. There is so much going on in my business, or, Oh, wow, I have some huge big missing chunks of things that should be happening in my business but aren't No wonder I'm kind of stuck where I am. I've even had one member take a look at her SEO map and see her profit to sales plan. And let me know that she is actually going to triple her goals, because she can see exactly where she needs to outsource and what the real potential is in her business. If she focuses on revenue generating the value of that CEO map when you're figuring out your profit goals, and you're using your profit goals to figure out your sales goals is that if you're not able to fit in the number of customers, or clients or orders that you need to meet your goals, you can go back to your CEO map and adjust it, you can identify where you could outsource where you could automate, or where you need to put your prices up. And then if you have identified that you need to outsource or pay for somebody to automate, you can add that into your estimated monthly expenses, and work towards that small stepping stone of hitting your profit goals. I really love all of these small but highly effective profit revealers. We'll call them these little tools, these little tricks that help you uncover where profit is hiding in your business, or where it's slipping through the cracks and where you need to pay attention. So what we're doing next in members club is taking our profit goals. And then we're using those to create sales goals. And with those sales goals, we're actually using the hose to figure out what our marketing goals need to look like to hit our sales goals. And ultimately, that will generate the profit goal. So these are all interconnected. And no, this is not an exact science. There is no 100% perfect number to work towards here. But it will put you in the ballpark. So think about your profit goal, your sales goal and your marketing goal, all kind of working together, right? They're a little ecosystem of their own. So if we're thinking about the marketing goals in your business, right now, are your marketing goals directly related to or aligned with your sales goals? Do you know that you need for example 1000 sets of eyeballs on your website each month to generate 10 product or offer inquiries and that you will convert 30% of those 10 leads into a sale. That's the kind of detail that we are heading towards right. And while this might all sound like a lot of work, or too much bother. It's not because it totally frees you up in your business. A few Two years ago, I had this heavy magnetic pinboard on the floor of my office, and I promise you, I'm going somewhere with this story, every week, I would need to lift it up and move it to get into the drawers behind it, I kicked it on a regular basis. And that hurt a lot. It was very heavy. And I hated looking at it and annoyed me. It took up space in Melanie's mental to do list it was a task that I kept thinking, like schmuck and bells, I need to put that flipping thing on the wall. And then one day, I was like, I've got to get this done today. And I just went to the garage, I grabbed the drill, I grabbed the wall hanging bits, and I attach that bad boy to the wall. And it took me 10 minutes 10 minutes to free up floor space to free up headspace to get a task off my list that had been there for months and months, probably years if I'm honest. And to save my toes from battery. So what I'm talking about with investing the time to discover the important numbers in your business. It's that right? If you just take the time to figure out what these numbers look like, it will save you so much time, so much headspace. And it'll save you from stubbing your toes, you know what I mean? We need to figure out what your traffic looks like how many leads or how many adds to cart you get each week or each month? How many sales you get each week or each month. And then what does that equate to as an average sale value? It's not as complicated as it seems. I get it when you're hearing me talk about it, it's like far out. That's a lot of numbers to be paying attention to. But honestly, it isn't as complicated as it seems when you get into that headspace. Now, you might not be able to access the right information right now, you might need to start from today in recording the information so that in three to six months, you've got enough information to have a really solid set of data points to create the perfect map protect marketing plan from and not just any random marketing plan, a plan that actually hits your sales goals, your marketing plan that's built for you to hit your sales goals. Another storytime. I've been working with a very clever client who has grown, very impressive business. And when she first spoke to me about coaching, I asked her if she had sales goals. And she said, like many business owners do, I can't create sales goals in my business because of X, Y, Zed. My sales are very unpredictable, I don't have any real influence over them. All of this stuff that I hear quite a lot. And all I said to her was, if we work together, I'm going to ask you to have an open mind around sales goals. If you're not willing to do that we can't work together. And she said, I'm going to open my mind. And I could see she was hesitant, but she did. Now fast forward. We're only I think really about five or six sessions into coaching. And we're setting concrete sales goals. And she can see exactly what metrics to pay attention to. And she's excited. She's super excited about those goals being in place. And an interesting thing she said in one of our most recent sessions was, she said, I feel really stupid, I should have been able to figure all of this out. And of course, she shouldn't have been able to figure this out because looking at your own business is tough. I'm sure many of us have seen like a photo right and thought sweet baby cheeses look like a chubby old corpse, or Wow Who photoshopped that huge ass on to this photo of me. We are so used to looking at ourselves day after day after day that we don't see those. Those changes, right? We know ourselves inside out, but we don't see ourselves outside in and your business is the same. I see your business from the outside in. But the way you see it is from the inside out until you do member's club of course. And then I make you step outside and have a peek. See, your business has many interconnected moving parts or wheels that turn. And often when your business is lagging, it's heavy, it's unenjoyable, it's not profitable. You don't have enough sales coming in, you're not finding enough new customers or clients. It's because one of those moving parts is stuck. You might have the best product or offer on the market. But you haven't figured out your marketing metrics or goals. And you're not doing great because you just don't have enough eyeballs on your offers. You might be selling out every single month, but not hitting any of your sales goals. And that's not because you suck at business but just because you haven't figured out The sales and profit potential of your business, and your current pricing strategy just doesn't fit your goals. Maybe you're hitting bigger and bigger sales goals each month, but your profits aren't getting any better. Not because your business isn't worth pursuing, but because you're absorbing that profit into expenses without noticing. Alright, let me give you a question to ask yourself as your final takeaway from today's episode. Do you have a set of connected goals in your business so that your business runs as a set of cogs or wheels that spin to create profit? If the answer is no then members club then you can start working on finding those numbers. Track the important metrics in your business, start taking note of the profit that you make each month, track your sales every week. There are so many things that you can start doing today to connect these goals together. And when a wheel stops spinning or a cog gets stuck, you'll know exactly where to find the issue. You'll be able to grease it up, get it moving again, and start your profit machine running. That's it for today. Talk to you all very soon with some great content coming up on sales conversations and how to be choosable. In your industry. We've got cool stuff coming up. So I'll talk to you in the next profit loving episode.