As small business owners often responsible for ALL aspects of the business, it may be easy to “forget” to review the business’ financial figures. You may have a feeling things are not going as well as you’d hoped – who wants to see that? Or – the money is rolling in and checking the actual numbers doesn’t seem as important because you see the frequent deposits and have a sense that all is well.
All too often while reviewing the five key categories of a business with my new clients, when we get to the financial pillar, I find one or more of the following key financial metrics either not tracked or not reviewed on a regular (i.e. monthly) basis.
How about you? As a small business owner, how would you rate your diligence when it comes to reviewing the following?
The Pareto Principle states that roughly 80% of outcomes come from 20% of inputs. In business, this natural principle often applies. In this case, 80% of business typically comes from 20% of marketing activities.
If you have been in business for a while, you’ll often see that there are one or two (occasionally three) marketing activities you perform that result in most of your business. Figure out what those activities are and focus your time, energy, and money here. It’s such a basic principle, yet I often see people spreading themselves way too thin.
How about the S2S Equation? 😄 (you know I’m all about Streamlining!)
The “Right” 1-2 Activities* + Consistent Application + Data Collection & Adjustment = Sales Success
March 1 – Officially on the home stretch of Q1, 2021, with one month left to complete what you planned for the first quarter of the year! I know you wanted to kick off your entire 2021 in the best way possible so let’s check in –
How are you feeling? Accomplished? Proud? Hopeful? Unsure? Disappointed? Frustrated?
Maybe you think with the current pandemic and resulting limitations to in-person interactions that there is not much formal networking occurring these days. Think again!
There actually may be more networking occurring than ever before with virtual meetings allowing us to connect with anybody, anywhere. There truly is something for everyone when you are looking for a networking group.
Have you ever walked into a room filled with strangers at a networking event with the intention of meeting just three people and then giving yourself permission to leave? That was me when I first started out in business. My introvert self wanted to be anywhere but in that room, but I could rev myself up to the task if I knew I could leave as soon as I met three new people. How effective do you think those connections were? First person, check! Second person, check! Third person, yes – I am OUT OF HERE! 😰 (not very effective, in case there was any doubt)