if you’re like most business
owners i speak with,
you would love a more
predictable path when
it comes to the flow of
customers and the flow of
money into your business.
In fact, I would have to say that eight out of
ten businesses today, especially service based
businesses, feel like they just can’t seem to get
that breakthrough they’ve been looking for.
You started in business because you wanted
to make more money, and you wanted to
have more time to do the things you love but
instead you’re probably working harder than
ever before, perhaps your staff get more time
off than you do and sometimes getting a JOB
seems a much more attractive option.
This not only describes the many business
owners I speak with before they dive into one
of our business growth programs, but this
describes how my business used to be. That
was until I learnt how to control eight key
metrics in my business and turn my Money
Tap On.
So, how do you bust through the invisible
barrier in your business in regards to
your income and everything you want to
accomplish and more specifically, how do you
turn the money tap on so you have a constant
stream of leads and customers coming into
your business?
In short, I’ve discovered there are eight
essential elements or key metrics you’ve got to
have in your business to ensure the money tap
is flowing. These are critical to ensuring the
pipeline feeding the tap is not blocked.
When you turn your money tap on, you will
put an end to the ‘feast and famine’ cycle in
your business and have customers search you
out rather than you operating in hunter-
gatherer mode. You will also have more
consistency of income, create leverage through
automating the many repetitive processes and
tasks in your business and you will maximise
your time so you are in complete control to do
what you want, when you want.
Imagine having a business where you will
have a dependable consistent flow of leads and
clients and where marketing and automation
takes care of all the heavy lifting for you. No
matter how far along your entrepreneurial
path you are, one of the things we all want
and dream of is an automated way for money
to come in.
When there is a system to automate your
income and to make sure money is coming in
consistently, it gives you a degree of confidence
and certainty.
Most business owners don’t know what it’s
like to have a consistent stream of clients and
income coming into their business, and if they
do they seem to be leaking profits all over the
place and leaving money on the table.
This is the critical key - ensure you have a
clear pipeline to your tap, and you know how
to turn the tap on and off when you need it.
Also, ensure there is a solid bucket to capture
what comes through that tap so that nothing
falls through the cracks.
Let’s explore these eight key metrics and how
you can make incremental shifts in each area.
This will literally take your business to the
next level with less stress, overwhelm and
more clarity and confidence.
My personal business journey has been a very
interesting one and over the period of time
building my own and other six, seven and
eight figure businesses, I’ve discovered that
implementing a few metrics consistently can
help you build momentum faster.
The first metric is ATTENTION. Essentially
this is the number of people coming to your
website, walking into your store or engaging
with you on social media. They may not be
opting in with you, or becoming a prospect,
they are simply in your community but not
yet a customer.
You know you have someone’s attention when
they take an action toward you. They walk
into your store or office; they call you or have
a conversation with you or they click an ad, a
link or engage with you in a Facebook group.
The second metric is lEAdS. Someone moves
to becoming a lead when they raise their hand
and express an interest in your offer. The third
metric is CONVERSION R ATES. In order
to acquire a new customer, you must first
capture a lead and then convert that lead into
a customer.
The next two metrics that you must be aware
of are TR ANSACTION VAlUE and theFREQUENCY OF PURCHASE - in other
words the number of times a customer will
buy from you throughout the course of one
month or one year. It’s also important to look
at your PROFIT MARGINS and the two
most overlooked areas: REFERRAlS and
lIFETIME VAlUE OF A CUSTOMER.
These metrics are relevant for all businesses
regardless of whether you operate offline or
online. To be honest, if you are not using these
metrics online you are missing out. Whatever
business you are in, it’s impossible to only
have offline leads. Regardless of how you are
getting leads today, an online component
of being there when the customer is looking
for you is going to increase your chances of
building momentum and being successful.
Take a look at your current business right
now. What element are you more focused on
in your business? Is it sales? Is it profit margins
or is it your pricing? Some people want more
leads, some want more sales, some are focusing
on just doubling sales, which can put a lot of
unnecessary pressure on you and make your
efforts feel like a constant uphill battle.
When I look at most businesses they say “we
need to make more money, we need to make
more sales or we need to get our customers
to buy more”. It’s a common theme and if
you were to choose to double one area, most
business owners would want to double sales.
Let’s face it we only want to double leads
because ultimately we want to double our
revenue.
The challenge however is many businesses
rely on just one method of generating income
and doubling just one element is incredibility
hard, especially when it comes to doubling
sales. What enables businesses to double their
business consistently with less effort is having
a consistent focus on all key elements and not
just one. When you focus on all key areas,
doubling your business becomes an easier
and more systematic process because you are
focusing on increasing all elements of the
business.
Let’s explore the scenario above and see how
you can influence growth in your business“You started in business because you wanted
to make more money, and you wanted to have
more time to do the things you love but instead
you’re probably working harder than ever
before.”tania Allen | Founder | vision alliance