All entrepreneurs want to increase their income each year and 2023 is no exception. We are bombarded with all kinds of magic formulas, new software, new social media platforms that you must be on, and a whole bunch of BS.
On today’s Black Entrepreneur Blueprint podcast episode # 437, Jay gives you nine practical ways to triple your income that doesn’t rely on magic and BS, but on tried-and-true strategies and systems.
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BLACK ENTREPRENEUR BLUEPRINT SHOW NOTES – EPISODE # 437
On today’s show, I want to share with you several tips that I use every year to help my business grow exponentially. Here are some of the things that I do each year to grow my business that may help you do the same. My personal goal is to triple my income each year, sometimes I may fall a little short, but the beauty of this is that you have a workable plan.
WE’RE GOING TO BREAK THIS DOWN INTO 3 PARTS
- Where is your business currently
- What are your new revenue and profitability goals for 2023
- How do you triple your revenues
HERE ARE THE STEPS I USE EACH YEAR WHEN I PLAN FOR THE FOLLOWING YEAR
Where Is Your Business Currently?
1 – KNOW WHAT YOUR PROJECTED REVENUE IS FOR 2022 – look at your year-to-date sales numbers and project your final numbers for 2022 so you know your starting point.
2 – CALCULATE YOUR PROFITABILITY FOR 2022 – how much profit did you make in 2022? Sales and revenues are great, but if you aren’t making a profit, you’re wasting your time. Use software like Quickbooks to help you do this
3 – IDENTIFY HOW YOU REALLY MAKE MONEY – I know this sounds silly, but many companies don’t understand how they make money.
Example: I have a coaching client that is an accountant and helps entrepreneurs negotiate tax issues with the IRS and he makes more money from his initial consultation fees than he does negotiatING taxes or preparing taxes. He calls himself a tax accountant/negotiator, but he really makes his money by giving advice. His revenue model is charging $200 for an assessment where he reviews your documents and does a 1 on 1 meeting, and his other revenue comes from getting a percentage of the tax savings he negotiates with the IRS (like 30% commission), and tax preparation fees which are $350 per company.
- What products or services are most profitable?
- What products or services are the easiest to deliver
- What are the key drivers/activities that make you money?
What Are Your New Revenue Goals For 2023?
4 – IDENTIFY WHAT YOUR REVENUE GOALS ARE FOR 2023 – I always try to triple my revenue from the previous year. If I don’t hit it, at least I’ll be better off than not having a true goal.
5 – CREATE BENCHMARKS AND KEY PERFORMANCE INDICATORS TO REACH THOSE GOALS – What are the benchmarks and KPIs that will help you reach your goals?
- What is your new monthly revenue goal to triple your annual revenues
- What is your average revenue per customer?
- How many new clients will you need to accomplish this?
Steps To Triple Your Revenues
6 – CREATE A TRUE LEAD GENERATION SYSTEM THAT CONSISTENTLY GENERATES LEADS DAILY – No leads = no sales = no business. The only way to scale your business is to consistently generate QUALIFIED leads daily. The biggest reason most companies can’t scale is this. Your lead generation system will vary based on your business.
Example: If you sell insurance, you want pre-qualified people to raise their hand that are ready, willing, and able to purchase your product or service. Your system could be a free automated life insurance quote.
Example: If you sell mortgages, you could have a free mini book about how to get mortgage ready as a first-time homebuyer. People order the book and now they are in your lead generation system.
7 – CREATE A SALES SYSTEM – After you generate your leads, you must have a sales system in place to convert those leads into sales. This system will look different based on your product or service. You may need live salespeople, or you may be able to use an automated system. Your sales system could also be an automated email campaign that moves your leads along via emails, videos, tutorials, case studies, or other content to familiarize them with the benefits of your product or services.
8 – CREATE A FULFILLMENT SYSTEM TO FULFILL YOUR PRODUCTS OR SERVICES – After you convert your leads into sales, now you have to deliver the product or the service. So if you sell a physical product, you’re going to need a fulfillment system like Amazon FBA or a fulfillment house if you can’t handle the orders in-house. If you sell a digital product your fulfillment is as simple as creating a download link. If you sell services like consulting, you need to create a fulfillment process for your services such as a scheduling application to set up your consulting appointments.
9 – CREATE ANCILLARY PRODUCTS OR SERVICES TO INCREASE REVENUES – This concept will allow you to increase your average order size by providing ancillary products or services that align with your primary products or services.
Example: when I had my mortgage business, I created a credit repair business to help my mortgage customers who weren’t quite mortgage-ready to get mortgage ready. I made additional revenues while moving them along my sales process where I made the most money from the mortgage loan commissions.
- Look at what you currently offer and see if there is a product or service you can align with your main product or service
- What additional things do your customers ask you for and can you provide them (CPA may also sell insurance or investment services because they see your finances)
- Is there another business that makes sense to collaborate with? (If you sell alarm systems you may want to collaborate with real estate agents and pass on business to each other)
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