I HATE math.
I remember crying and shaking after my first math test in college, because as a homeschooled kid, the only standardized test I’d ever taken was the SATs – and I had some serious math anxiety.
So when I tell you I still despise math – but I LOVE knowing the numbers in my business – you might be confused.
But what if I told you this was the #1 tip I have to grow your revenue in your business over the coming months?
Would you be curious to know how you can fall in love with your numbers too?
I thought you might… 🙂
This article is the first of a 3-part series I’ll be sharing with you over the next couple of weeks.
I’ll be breaking this topic down into bite-size pieces so you can take it step-by-step.
- Part 1: How Knowing Your Numbers Can 3X Your Business
- Part 2: How to Stop Spreading Yourself Too Thin & Start Charging Your Worth
- Part 3: The #1 Way to Ease Your Path to $5K-$10K Months (versus the HARD Way to Get to $100K)
If you are an entrepreneur (or thinking of becoming one), this series is a must-read.
Read it, apply it, and let us know how us goes! We’d love to hear from you.
Without further ado, let’s dive in…
Part 1: How Knowing ONE
Number Can 3X Your Business
Do you know your numbers?
I’m not talking about your profit & loss, or even a detailed budget.
Those are great, but let’s start even simpler than that…
Without having to do a bunch of math or look at your bank accounts:
Do you know exactly how much revenue you
brought in last month – and where it came from?
For most of you, the answer is probably no. (And if it’s a yes, you are way ahead of the curve!)
Most of the entrepreneurs we work with avoid looking at their numbers because:
- They feel like they are lower than they would like – so they would rather just not know
- They hate math and bookkeeping – and they lump this into the same category
- They’re just so busy with the day-to-day that they haven’t stopped to think about it
To illustrate why, let me tell you a story about Isabelle…
Isabelle is a client who started working with us when she was relatively new to running her PR agency. She wanted to grow her business, and she enrolled in one of our coaching programs.
Early on, we encouraged her to start tracking her monthly revenue.
“This can be as simple as writing every penny that comes in on a piece of paper,” we told her.
She said she would do it, yet months went by, and she kept putting it off.
She was busy… she felt like it would take a long time… she didn’t want to look. (The reason doesn’t matter. What matters is that it she avoided doing it – and we see this ALL the time!)
As we continued her coaching, she overcame her resistance and started writing everything down. Every time a client would pay her, she wrote it on a piece of paper. She tracked the date of the payment, where it came from, and the amount. That’s it!
At the end of the month, she tallied up her total… $5,476
Wow – that was more than she thought!
A little seed of desire was planted… if she could make this much without even paying attention, what else was possible?!
Isabelle started to get strategic:
“If I’m only able to pay myself $2000 per month right now, what could I do to make more revenue – or make more of profit – so I can pay myself more?”
“Right now I’m working with 5 different clients… how could I work with fewer people and earn the same amount or more?”
“Maybe I could sell 3 packages per month at $3,000 – then I could surpass 6 figures in the next 12 months!”
Over the coming months, Isabelle’s business grew steadily. She surpassed her six figure goal within a year – and went on to triple her business.
Not only has her revenue increased, she is also working smarter.
- Earning more per client than ever before (so she can work with fewer people and deliver a higher quality of work, because she is no longer spread half a dozen directions)
- Creating retainer packages so she has consistent monthly revenue
- Making more of a profit because she realized her expenses were too high in certain areas and she was able to streamline and keep more of what she makes
Today, Isabelle LOVES her numbers. And when we ask her during a coaching session what she made last month, she can tell us without hesitation.
What happened here is simple – yet incredibly powerful.
Your revenue is the lifeblood of your business. Yes, the other numbers are important. But it all starts here.
When Isabelle started to track her numbers, her desire to earn increased. She stopped treating her business like a hobby, and started acting like a true businesswoman. When she had a month that was lower than expected, she was able to look strategically at what wasn’t working.
As a result, her confidence grew. Her revenue increased. And the rest is history…
This is one example, but we’ve seen it happen again and again. When you pair this exercise with powerful business coaching, the results are incredible.
Many of our clients 3X-5X their businesses within 12-24 months.
Are you ready to know your numbers?
Here’s what to do:
- Write down everything you earn over the next 30 days. Keep track of 3 things: the date the money came in, where it came from, and how much. You can use a piece of paper, a document on your computer or a spreadsheet – whatever works best for you.
- At the end of the month, add up how much you earned.
- Then start over again!
It’s usually best if you do this by the calendar month (e.g. February, March, April). So if you start in the middle of the month, you may want to go back and add up anything that’s come in so far.
If you have a job and your own business, track all of your numbers! Though you may want to do a separate calculation for income that came in specifically through your business.
What you focus on, grows.
Try this out for the next 6 months, and you’ll be amazed at what happens.
Write back to us and let us know how it goes! We’d love to hear from you.
P.S. Whenever you’re ready, here are 3 ways we can support you…
- Are you a coach or aspiring coach ready to get results in business & achieve coaching mastery? Join our free Facebook group for weekly LIVE trainings here.
- Looking for clarity about your unique gifts – or what’s next for you? Take our free World Changer Quiz to find out what kind of world changer you are.
- Ready to get REAL results in your coaching or consulting business? Email us at [email protected] with the word “RESULTS” to find out more about our upcoming Business Bootcamp!