Maximizing Your Business Revenue: 4 Simple Steps to Start Now.
If you've landed here, I’m guessing that you aren't completely satisfied with the money your business has generated to date. You want more.
Congratulations! Simply acting on this desire by doing some research is further than so many of the women entrepreneurs I've met with go on their journey to a financially healthier business.
It's time for us to stop feeling guilty about wanting more money and start working toward the best kind of growth: financial growth.
So, while you're feeling brave, let's declare it right now, together:
"2023 will be the year that my business becomes financially stronger and serves me in building the life I want to live!"
If you’re thinking - “Sure, this sounds great but, I have no idea how to make it happen”, you’re in the right place!
I'm a big believer that pretty much everything we do is because of a desire we have to feel something. So, our first job is to get really clear about the connection between the money we earn in our business and how we want to feel because of it.
Once you’ve shifted your money mindset into a healthier, purposeful space you can let go of all the guilt and icky feelings and start creating consistent, aligned actions that will create real momentum toward your goal of “More Money”.
Here are 4 steps to take in creating your “Make More Money Strategy” for 2023:
Step One: Understand Where You’re Coming From
The first step toward financial health is knowing where you’re coming from. Whether you’ve been in business for a month, a year, or a decade, there is important financial information that you need to have absolute visibility on.
What was your revenue last year?
Which revenue streams contributed to the growth of your business last year?
What was your profit last year?
How much money/salary did you receive from your business last year?
If you don't already know these numbers, it's time to make a date with your accounting software and cozy up to all of those reports waiting for you.
🧠Money Mindset Shift:
How do I feel when I see these numbers?
Are you surprised? Disappointed? Thrilled?
What did you do to make this money?
Does the effort you put in equal the financial results above?
Step Two: Know Where You Want To Go
Financial health goes beyond the numbers. It’s about making sure that you have a business that supports your lifestyle, helps you live out your deepest purpose, and provides for the people who depend on you.
What do you want from your business this year that wasn't an option this past year?
Don't hold back! If your business was serving you optimally, what would it be providing to you?
Step Three: Define Your Number for 2023.
When I ask people about their revenue and profit goals for the upcoming year, more often than not, it seems like they pull a number thin air. I've come to realize that it's because they haven't completed steps 1 or 2 from above and so, the number they come up with is arbitrary or ego-driven.
Unfortunately, the hit of dopamine that comes from an ego boost is usually short-lived.
So, when you define your target for the coming year, consider exactly how much money you need in order to make changes in your business so that it can thrive and grow and fuel the life you desire, as illustrated in step 2 above.
My revenue goal for this year:
My profit goal for this year:
🧠Money Mindset Shift:
When you compare the revenue and profit number from last year to the goals you've defined for this year, what feelings are showing up?
When you connect these money goals to the vision for your business and yourself in the future, what feelings show up?
Does the desire to achieve this next level outweigh the feelings of discomfort that show up when you consider what needs to change in order to achieve it?
Step Four: Put Your Money Where Your Mouth Is
Once you've identified your money goals and connected them to how they will impact your life, it's time to put your money where your mouth is. You must take action to achieve the results that you desire.
What do you need to START, STOP, CHANGE, and CONTINUE doing in order to generate more revenue and fulfill your desires?
It's easy (and common) to get stuck in this place because it usually means that you're pushing yourself out of your comfort zone - trying new strategies and taking new risks.
You may feel fear, doubt, or resistance. You may find yourself creating excuses for why you can't do what needs to be done - heck, you may feel all of these things bundled up into one! You’re not alone!
One of the best things you can do is simply take a step forward each and every day. It doesn't have to be the big step; it could be as simple as making one new connection with someone who can support you or reading through the vision you outlined in step 2 to remind yourself of how these actions are connected to something much greater.
🧠Challenge Your Thinking:
Who's winning today - my desire to feel more (independent/freedom/wealth/generosity/etc.) or my desire for comfort?
Before the feelings of fear showed up, who did I want to show up as in my business?
What’s the worst that could happen?
Who could support me in pushing through this block?
The most powerful way to make more money in your business is simple: change how you see money. Value what really matters and then see opportunities for making more money as ways of bringing those values into the real world.