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?

We can’t accept this any longer

Women. We’ve been in the news and on the news a lot lately. There’s so much going on in the world and no matter your political views, one thing is certain…we all should be treated equally in the workplace.

Think about your own life.

Have you accepted a position at a lower pay grade than you expected because you feared confrontation?

Have you taken on a client at a lesser rate because you didn’t want to negotiate?

Have you decreased your prices because you weren’t confident in your value and worth?

We earn less and we accept it. And that has to stop. It has been said that women entrepreneurs even pay themselves less than male entrepreneurs. It is time to step up and charge our value, pay ourselves our worth and negotiate jobs at what we deserve.

Confidence is usually the factor holding us back. We have a little voice inside of us that tells us not to be dramatic or not to take things too personally. We need to tune that voice out and instead start using our real voice and be heard.

As women, we are natural nurturers, which sometimes leads to us giving more than expected and not stepping up and asking for what we are worth.

We own our responsibilities.

Our work ethic is strong.

Our dedication to what we do is fierce.

We control our own destiny.

As we stand up individually, we will be standing up together. Understand and ask for your value. You are worth it.

If you’re struggling with value or finding your way as you navigate changes in your business, reach out to me at support@slatersuccesscoaching.com. Let’s have a conversation and talk about it.

Head on over to the SSC Facebook or LinkedIn page and tell me something you commit to doing in 2017 to stand up and get paid!

$100 For A Bottle Of This?!

People invest and pay for value! It’s true. During my retreats last Slater Success Coaching Ivy Slaterweek, one of the activities we did was take a private tour of a five-year old distillery, Hillrock Estate. It was interesting and exciting to learn about the development of the business, the marketing and sales strategies, as well as how they’ve grown since their inception in 2012.

One of the facts we found most interesting was that their first bottle was not put out to market at a low price point. In fact, it cost $100! And five years later, their products consistently range from $80 to $100 per bottle, including Bourbon, Rye and Single Malt.

The SSC retreat ladies had a lot of questions…

Your first bottle at such a high price?

Don’t you start low and build up?

Did people actually pay that?

Slater Success Coaching Ivy Slater 2I sat back listening to this and realized it’s such a common thought amongst business owners. That a low price point is the only way to start.

I don’t agree with this thinking at all, by the way. Why do we always want to start small? Do you really want to play small?

Hillrock had a lot to say in response to those questions…

They told us they knew from the beginning they were going to enter the market with a product that had value and wanted to set themselves apart from the little guys. They felt they had too much integrity to put out a product that was not high-quality, and they consulted with the best people in their industry to make sure their standards were exceeding the average.

I got to thinking about the beginning of SSC. I came into this business with little self esteem and hence did not see my value.

I was running a seven-figure printing business and didn’t see the correlation in the experience I brought as a business coach. I invested in training in one of the top international coach certification programs, yet still didn’t see the value I brought to the table.

I was new, so I felt I had to price as a newbie. I hear this so often, especially at retreats when we really dig into things like rates and value.

I grew and learned that the value is in the results in which the client receives. Once I figured that out, I stepped into my value. I now guide my clients to step into their value and shift their business perspective.

Here’s a great example: Just a couple of years ago, I had a client who launched a line of young girl’s clothes with a specific niche market. Yes, I love and endorse a niche market. The price point when launched was approximately $100 per dress for a 2-6 year old.

I can hear some of you saying “WOW, who puts their little girls in a $100 dress?”

They were so well received that it was picked up within the year by some of the top department stores. The buyers of this line as well as Hillrock, value high quality, something that is special and important to them.  

How do you price and ask for your value?

  • First, identity the pain points of your client and what the problem is you are solving.
  • Next, see the value in the results for the client.  
  • Step out of the “am I worth it”  – “am I good enough” emotion and see the importance to the clients in the investment.

This was a game changer for me when I struggled with this in the early days. Then I started seeing the results. Clients doubling their income and a client who went from $25 per hour to $20,000 per month. Get out of your own way!

If you’re struggling with this, STOP, click right here and schedule some time to chat with me.

Business Clarity… What Does It Really Mean?

Remember when we had to actually take a camera with us on vacation? I
 took my Nikon. Remember when we had to wait to see our photos and hope that they turned out alright? Seems like a distant memory. With cell phones and the amazing technology we have right in our pockets or purses today, we can take high-quality photos right from our personal device.

The only problem is sometimes photos aren’t as clear as we’d like them.A grain of sand gets into our case or our hand shakes during a selfie and it comes out blurry. But, we can review and modify instantly and even retake if necessary. We can send it via email to a friend, text it to a family member, or even post to our social networks mere minutes after taking it.

So what does this have to do with business, Ivy?

Well, this week I’m talking about clarity. Clarity in your business.

You can start a business today almost as quickly as you can snap a photo and post it online. With online resources to create business entities and printers that can have your business cards ready in an hour, it’s business in a box.

And that’s all well and good, but just because you’re up and running, I want you to know that slow and steady wins the race. Clarity, plans, decisions, knowing why you are doing what you are doing and how you are going to do it is so important.

Clarity can be compared to using filters on your cell phone pictures. You may take what you think is a beautiful shot, but notice the lighting was off, so you go through those filters and you find the one that lightens everything up. Then you see that a part of your finger was in the shot, so you crop it out. And lastly, you find the perfect part to highlight, so you focus on that and blur everything else out. You took an imperfect shot and made it perfect because you were clear on what you wanted in the end result. You took the steps. You put in the effort. You made the time.

You knew exactly how you wanted that photo to look when you sent it off, so you did what you needed to do to make that happen. It’s the same thing in business. You create a product, you sell a service, you offer a course, whatever the case – it will need work before it’s ready for the world. Your idea (your photo) is beautiful even with all its imperfections, but getting clear (adding filters) on what you really want it to look like, what it really can and should look like, will change everything.

Clarity in your business means many things. It means clarity with respect to your goals, clarity with respect to your timeframes and deadlines, clarity on how you delegate tasks and manage your staff and clarity on your marketing, sales and money plans.

Be clear in every aspect of your business, and the end result will be one perfect business snapshot.


Tell me what you will get clear on this week and post it to our SSC Facebook Page or LinkedIn page. Looking forward to your answers.

 Photo Source: Janeadsheadgrant.com

 

Cheers to your Success.

Ivy

Plan For Your Business & Your Life

We’re switching it up this week. Ivy is bringing you the SSC newsletter via video!

Watch below as Ivy discusses planning for both your business and your life.

Watch Video Here 

If you have this working already why don’t you celebrate with us on the SSC Facebook Page and LinkedIn page.

If you are struggling with one of these, share it. The support you need is here for you and all you have to do is take control of your business and your life. STOP the struggle. The SSC community is support for everyone. You’ll be amazed at your results, when you just share and become a part of it all. Have a great week! 

 

Cheers to your Success.

Ivy 

Cookin’ Up A Business

Over the weekend I was cooking my great aunt’s Date Nut Bread. Making a recipe from a family member, especially a recipe that has been passed down and has been a staple in the family, always feels quite special to me.

It’s as if I was given a secret. Given a part of a past generation, given the opportunity to continue a tradition for years to come. It’s a great responsibility and an honor.

I was following along the recipe, adding layers and layers of ingredients, when I realized that cooking is a lot like building a business.So many layers that must fit together to create something wonderful.

 I was boiling the dates on the stove, measuring out the dry ingredients into a bowl, preparing the wet ingredients, and then combining it all into old-fashioned coffee cans.

Each layer was such an integral part of that recipe. And I started thinking about the three layers that really make up a business.

– Marketing

– Sales

– Money

A short list, right? Easy recipe, yes? Not exactly. Just like a pinch of salt could mean a variety of things to different people, those three ingredients must go into your business recipe to satisfy your tastes. Just like any recipe, it won’t please everyone. Not every Date Nut Bread suits all, but if it’s the right fit for you, you’ll find clients that want to join your table.

 Marketing and Sales make up the bulk of the recipe, the foundation for everything. The wrong consistency can spell disaster. You need a lot of mixing (networking); secret ingredients (creativity); tried and true baking methods (follow-up); and a great presentation (innovation and idea execution).

Money is the spice, in my opinion. Spices are very important, so know which ones taste right, just as you need to know the numbers in your business. I have said many times that money is not the end goal in your business, it’s just an energy source to get you to the places you want to be in your life. Spices add a lot of flavor to your dish, make them that much sweeter. And that is exactly what money does in your business. It gives you that added sweetness so you can pay off that debt, or take that vacation, or build that house.

So if you find yourself cookin’ up a business in the near future, take your time. Don’t rush. Pre-heat that oven, get your ingredients together, and then bake away!


Do you have a favorite family recipe? Share it with me on the SSC Facebook Page and LinkedIn page! And also tell me what ingredient(s) you are struggling with in your business: marketing, sales or money? 

Get caught up on last week’s SSC Minute Video!

Cheers to your Success.

Ivy

It’s Only Money, What’s The Big Deal?

I had the honor and privilege to speak at the first iPEC COR.E Retreat this past weekend.

iPEC is the school I went to when I received my Certification as a Professional Coach back in 2008 and this was their first retreat. It was filled with 150 incredible coaches, trainers and leaders from all over the country, as well as a few who flew in from various places abroad.

The topics included: Happiness (I loved that this was a topic); Health; Wealth; as well as activities like yoga; sound healing; and massage. I am sure you can guess the topic I spoke on…Wealth.

It’s so important for coaches, as well as any entrepreneur, to speak openly about the topic of Money or Wealth. I believe it is vitally imperative to realize that Money is not the end all be all of life.

I recently said to someone, “It’s only money, stop obsessing about it.”  Are you scratching your head saying, “What is she talking about? Ivy is always supporting women to grow their businesses and build their lives, and that is all about money.”

I want you to understand that Money is the conduit between where you are and what you are looking for in your life. It is not what you truly want.We want to focus on a goal, something specific.

For the past several years, I have focused on paying for college for my two children. My daughter has graduated and I am halfway through with my son. The end of the line of energy was college, the conduit was the money to pay for it. I am now focusing on my next goal for my life. Money is a provider, we no longer exchange or barter for what we need as we did hundreds of years ago.

We used to exchange meat for bolts of cloth and now we use money as the exchange. Realize that the key takeaway here is that it’s an exchange, not the ultimate goal.

What is your ultimate goal today, what you are working towards? I referred to it in my presentation as your WHY. I like a simple expression, “What do you want? and Why do you want it?”

Please share with me on the SSC Facebook Page what you want and why you want it. I can’t wait to read your answers!

Cheers to your Success.

 

Ivy