Any of you who know me, have heard me say this dozens of times,”businesses run on cash, not just hard work and enthusiasm.” But as an entrepreneur, it’s easy to forget that. You get pulled in so many different ; newsletters, blogs, videos, new marketing gimmicks, fancy new products … well, you get the idea. So if cash is King or Queen in business-land, you need to be crystal clear on where you’re spending your time and your energy to maximize your impact so you can bring in more of that all important life-blood. In business speak this is known as “profit clarity”. A few minutes spent on this one thing can save you hours and even weeks or months of wasted time, while also helping you to strategically grow your business.
WHO. Yes, this is the big one; also known as your “niche”. Who exactly is your ? Who are your ideal customers? This is probably the one thing that entrepreneurs have more resistance to than anything else; choosing your niche. I get it, you don’t want to leave anyone out, but trust me, you are NOT the best ___________________________ for everyone on the planet. Often times your niche will choose you; people will self-select. Some won’t like your style, your branding, prices or location – and that’s perfect! They are not your ideal customers or clients. If you can’t decide who you DO best serve, get honest about who you don’t and take it from there.
WHAT. What is your business model? Are you selling services, products, programs, or a combination of these? And where is the opportunity for the most growth? Can you add one of these to the mix to bring in more revenue? Or, do you need to change HOW you’re doing this to generate more sales.
WHERE. Where isn’t just about your geographic location, it’s about WHERE the money is coming from? Whether your selling products or services, which ones are the most profitable? Which ones ‘sell themselves’? And which ones require a lot of time and effort, or have lower margins? Profitability is definitely about the money, but also the time and energy you have to invest to make it. Consider also the spiritual or energetic reward. Chances are, if something fills you up emotionally, it may be an easier sell in the long run.
See if you can answer each one of those areas above in just1-2 sentences. Remember, this is NOT engraved in stone; you can change it at any time. But for now, just for today, getting clear on these 3 keys can pave the way to a faster path to cash.