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February 17, 2011
Dear Business Owner,
I have some questions for you? How quickly can you answer this:
Do you know your numbers?
Sales, expenses, the hours you work? How about how much you'd like to earn this year?
If you said 'no', you're not alone.
The act of measuring the growth of your business is a very large contributor to actual growth. Put another way:
If you want to grow your business, don't just try to grow it. Measure it. Because measuring will make it grow too.
If you find yourself resisting the idea of measuring, ask yourself if you want to be in business 10 years from now. Then ask in what way you'd like to be in business 10 years from now - in the same place you're in now, or further along, earning more and enjoying more?
This is our focus in today's issue of Money, Meaning and Beyond. I'm hoping with a little bit of help, I can turn measuring into a fun task for you - in a mad scientist kind of way.
Enjoy!
Best, a
Andrea J. Lee
Author, Money, Meaning & Beyond and Multiple Streams of Coaching Income
Founder, The Wealthy Thought Leader
The Power of Three | The Entrepreneur Equation by Carol Roth
Introducing a brand new book that creates a framework for entrepreneurs who are starting a business, overwhelmed, overworked or even evaluating the future of their business model.
The fun part about this? One action on your part this week can accomplish three important things.
For every copy of the Entrepreneur Equation that is pre-ordered through February 18th, 2011, you will:
(1) help yourself (or perhaps a client, colleague, friend or family member) stack the odds of success in your or their favor;
(2) help small business succeed, as Carol Roth will match your purchase by donating a copy to her non-profit partner SCORE to give their volunteers another tool to help them grow successful small businesses; and
(3) help Carol achieve her personal goal of spreading this important message and seeing this book succeed.
Entrepreneurship isn't one size fits all. Your success is dependent upon your own circumstances, goals and objectives at any given time. Get the framework to maximize your own personal success
Mad Science | Excerpted from 'Money Meaning & Beyond' Chapter 9 
Do you balk at the idea of measuring specific pieces of your business?
Let me share a little secret with you:
The business owners that stick around are the ones that grow from balking to accepting and then to relishing the measuring processes. It's sort of a barometer of the owner's commitment to being around in the long term.
Business owners who have really started to dig into the idea of a long-term abundant livelihood and get past the initial honeymoon stage of being in business measure.
Here's the quick and dirty version of 7 things we recommend you measure in your business each week. If each week seems too big a leap for now, go with each month:
1. The number of people in your customer databank, or your newsletter subscriber list. Or any other 'group' of people you keep track of that's pertinent.
2. The number of things you are selling them, including their price points. Do you have 3 core services? Or 1 core service and 5 complimentary products? Maybe you have 100 products in your store. Keep track. When you add or take away, make note.
3. How much of each thing are you selling? Did you sell 100 of widget A and 3 returns of widget B? Have you had 10 new clients each week for three months and then all of a sudden 23? Quick, what did you do, and how will you repeat it.
4. How many times do you communicate directly with your current clients, and with what promotional offer? Did you send out a coupon to 25 of your best clients this week? Good, mark it down.
5. How much money do you want to earn this year? What does that break out to per month?
6. How much money did you earn this week and is that going to add up to your goal for the year?
7. How much money do you spend in your business each week, and what can you reduce? If you choose not to reduce your spending right now, what could you, if you had to?
Of course, just measuring isn't where the exciting part comes in. Figuring out what the numbers you is. So as you build your data, stretch yourself with just two basic questions:
"What worked this week and do I want to do more of it?"
"What isn't working and should I stop doing it right away? If not, how do I improve it and try again?"
That's really it when it comes to an overview about Mad Science.
How will you implement measuring in to your business? I'd like to hear the specific action steps you will take to ensure you'll be around for years to come. Please leave your comments here.
Quote of the Month | Think of Layering Revenue Streams Like a Layer of Cake
'Think of layering revenue streams like a layer of cake. If you can fathom building a 6-figure revenue stream, you have your first layer. Calmly and methodically look to add layers each year.
Even in cake lingo, the math is the same. It works out to ten layers of 6-figures revenue to make a million dollar business."
~ Andrea J. Lee, WealthyThoughtLeader.com (Now booked for May 26-28, 2011 in beautiful Vancouver, BC. Save the date ...)
Is the Wealthy Thought Leader Noted in Your Calendar? | May 26-28
I can barely handle the excitement! We have fantastic
speakers confirmed as well as other great details related to the upcoming Wealthy Thought Leader.. but we can't share, quite yet.
It won't be long now.. and I'll be able to send you all the goods and let you know about what we're working on behind the scenes.
It's the only Wealthy Thought Leader event for 2011 and it's all happening May 26-28 in beautiful Vancouver, BC.
Making Money & Meaning...Sustainability! | A Street Smart 'How To' For Your Small Business
The very best way to create a strong relationship is to give first and receive later.
Building a magnificent business does NOT have to be hard. In fact, most successful businesses have an un-complicated and rock solid business model at its core.
Many businesses of all kinds have the Pink Spoon Marketing at the core of their business. This Marketing Multimedia kit includes a 189-page workbook and 7 audios CDs. It is a must for the successful future of your business.
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"I've used just a smidge of this book and my business has exploded!
Andrea and Tina pull back the curtain behind what really works for today's successful business with a complete and comprehensive blueprint for success. Clueless? Get this book! Think you're not clueless? You still need to get this book!"
~Andy Wibbels, Author of BlogWild!
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Purchase by February 20th and use coupon code ICECREAM on the order page to access this offer.
If you already have this multimedia kit, I'd like to hear how you implemented this model into your business and the results you've seen in your business. Please shoot me a quick email at andrea@andreajlee.com.
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