Are you still on track for your annual revenue goals? Or do you find that the bright shiny objects keep overwhelming and distracting you?
When I ask this question, I usually get a blank stare. By now, most people are wondering what their revenue goals are.
And worse than that, they might be struggling with the fact that they haven’t made much progress toward meeting those goals… is that you?
Believe me, I get it. Bright shiny objects are a natural for entrepreneurs. We are curious by nature. We are always looking for a bigger better way of doing it. We even have a name for it – SOS – Shiny Object Syndrome.
The question becomes how long are we going to let those shiny objects derail us.
I still remember that awkward moment about a year into my coaching business when I had to tell my parents (both accomplished entrepreneurs) that my coaching business was losing so much money.
My Dad said something to me that almost made me cry,
“Michele – do you actually have a plan for this business? It doesn’t seem like a viable business! Why don’t you quit doing this and we can start another family business?”
As a lifelong entrepreneur, that stung… after all, I wanted to build something of my own, but it was the best thing he could have said to me.
I made changes the very next day.
In short, I started giving my coaching business the respect it deserved.
And… it grew… I am on track for my first 7 figure year this year.
I used the system I developed with my clients… and their businesses grew too. They were getting better results, so they happily renewed each year even while I increased my rates.
In the meanwhile, here is a quick list of the things I did to turn my business around:
- I spent time getting very clear on my ideal client. The only way to compete with big companies is to tightly target your audience. That way the time and money you spend are focused. Plus, your copy, offers and content can be created so that your ideal client knows that you are reading their minds. (Read more about how to choose your ideal client here)
- I made a plan for how much revenue I needed for this business to grow (and support my family!) It is really easy to get caught up in what you want to do – rather than why you are doing it. Yes, your goal is to help people – but also the goal of every business is to make money. If you start with how much you need and then work backwards, you can begin to create a business plan that will work for your business.
- I worked with a coach to create a solid marketing plan. At this point in my business, I had a lot of business savvy, but less experience in the online world. It made a lot of sense to me to get help from a coach who had created a successful online business. My clients now benefit from my experience as I help them create successful businesses. You can get a sneak peek of the plan I use with them here.
- I started getting serious about my systems and business operations. Growing up in several family businesses, especially my trucking companies, I intuitively understood the need for systems and processes to make things go smoothly. This is always a work in progress, but every system I develop with my team frees up more of my time. The goal is to have the day to day operations of the business run themselves so you can spend more time growing your business.
Is this going to be the year where you finally “get it together” and create a scalable, growing business? What are your big plans? Leave a comment and we’ll help each other.