This tip is sweeter than chocolate

Happy Valentine’s Day! Sending my love and support to you and instead of a box of chocolates, I’d like to send a tip that will make your entire year sweeter.

Identify your number ONE source of income.

Think about it, right now. Write it down.

This is the part of your business making you the most money, the quickest.

You have various streams of income. You sell programs and services, you participate in speaking gigs or conferences, you receive money from book sales, etc.

Once you’ve identified number one, I want you do some work in that area. Focus on what actions you can take daily to increase that income further.

Example. If you run a sales program every March and it makes you the most money all year, break down the process and analyze why.

Are you targeting a more ideal client?
Is the program length the same, shorter or longer than your other programs?
Is the copy and message really on point?
Do you use affiliates in promotion?
Is the time of year making a difference?

Also, analyze the numbers around that program.

Are you spending the most money in advertising for this program?
Do you get a great ROI from social media ads?
Are the payment options different than what you offer elsewhere?
Is this the best breakdown of time spent versus income made?

With all the facts in place, you can form action plans to increase revenue. Maybe this program can run twice a year. Maybe you can increase the cost of this program, due to its popularity. Maybe you can collect new testimonials and create an even better sales page.

Identify your number ONE source of income. Do the work. Make more money.

If you’re ready to work on your business and you need support, feel free to reach out anytime to support@slatersuccesscoaching.com

Scared to be alone with them?

Welcome to the month of love! My life is full of things I love. My husband, my children, my family, my friends, my clients and colleagues.

And of course, my business. And along with that, the numbers in my business. When you give more love, you receive more love. And taking the time to get along with my numbers opens up the opportunity for a lot more of it to come my way. I invite you to try it.

If you aren’t in love with your numbers yet, if you’re still a little scared to be alone with them, try these icebreakers to get started on a path to love:

1) Simply, write down on a piece of paper, a financial goal at the beginning of the month. Let’s say it’s $3,000. Support that goal with your actions. Anytime you make money, write down the amount on that sheet and celebrate your way to the goal. Money becomes fun this way.

2) Look at your overhead, bills, invoices, upcoming events. Knowing your numbers is empowering and gives you the knowledge to make decisions for growth. If you have a huge tax bill due on your house in a certain month, it might not be the best time to plan a pleasure trip or invest in a new training. If three months out of the year, you don’t pay car insurance, use the extra money to invest in your business by attending a conference you know will net a great ROI or put more money into advertising. When you truly know and understand your finances, they become easier to manage.

If you’re struggling to find love surrounding your numbers, let’s chat. You can always reach out to me at support@slatersuccesscoaching.com. Or head on over to the SSC FB or LinkedIn page and send me a note there.

It’s Your Responsibility

Some things are best left to the experts…

A gourmet meal prepared by an experienced chef.

A fashion shoot styled by a professional stylist.

A living room designed by an interior decorator.

If you aren’t a chef there isn’t much worry if you never learn how to cook. Same with the other scenarios. These are specific jobs, talents and skills.

The one area you MUST understand, the one thing you NEED to know, the one responsibility you better take on, no matter what kind of business you run is your NUMBERS.

I talk a lot about money. You’ve heard me say, “It’s only money.” It’s a tool, an energy source, to get you to that ultimate desire or goal. It’s what you need to make it happen. And if you aren’t immersed in those numbers every week, you are in very, big trouble.

Every Monday is money Monday for me. I come into the office early to look at finances. And yes, I do have experts around me (accountants, etc) that help me understand and analyze, but I have made it a point to know everything that is happening in my business with respect to finances. And you should, too. I learned early on from my father to take out a piece of paper and run the numbers. Whether my business was small or whether it was well over a million dollars in sales annually, I could, and I do, take out one piece of paper and run my numbers. I understand where my business is financially.  

I’ve spoken to many women business owners who don’t handle their own money. They let their husbands, partners, professionals handle it. Because for some reason men and money seems like the right thing. I’ve heard excuses like, “he’s better at math,” or “he handles our household finances, so I figured it made sense.” There is of course also, “my bookkeeper or accountant handles it, I will check with them.”

Or, they pass it off to a VA or other support team member to handle and before they know it, they have distanced themselves from one of the major components of their business.

Listen, there is no problem asking for help. You should. But you need to be as involved in your financial processes as possible. Know your pricing, your expenses, know what you pay your team, know who owes money and who is paid in full.

If I’m on a call with someone, and they mention they are sorry they are late on this month’s payment and how much do they owe again, and I have no clue, how does that make me look? Like a very disinterested and out-of-touch owner.

You don’t need to be the one at the bank or online paying the bills, but you better know exactly what is happening with the people who are. It’s your responsibility.

Tell me on the SSC Facebook or LinkedIn page how you’ll commit to financial education this week?