How My Small Business Clients Tripled Their Revenue In Four MonthsJan 10, 2024
I've always known the power of effective financial coaching, but even I am blownaway by the recent successes of my clients. What's so powerful is how quickly the transformation occurs. Picture this: one client goes from earning $40,000 a year to $100,000 in revenue. Insane! Another goes from a modest $1,000 monthly to a robust $3,000. She essentially transitions from running a business that is a hobby to fully supporting herself. These aren't mere statistics but testimonies to the life-altering power of financial strategy and guidance.
Here's how I guide them through a journey of financial self-discovery and empowerment:
Step 1: Identifying Money Wounds
It all starts with the mindset 🧠. In this phase, we meticulously explore the subconscious beliefs about money that sabotage their financial success. This involves probing questions and reflective exercises designed to reveal deep-seated notions such as "I don't deserve wealth," "Money is the root of all evil," or "Once I make more money THEN I can X,Y,Z." By bringing these stories to light, we can challenge and replace them with empowering beliefs, like "I am worthy of financial success" and "Money is a tool for good in my hands." This mindset shift is critical, as it lays the foundation for all the practical steps that follow.
Step 2: Analyzing Business Revenue Streams
Next, we scrutinize their business models with a fine-tooth comb. This involves analyzing their business operations, marketing strategies, customer feedback, and financial statements to identify inefficiencies and unprofitable practices. One of my clients was spending two hours speaking to prospective clients! It was taking up too much time, and sometimes, prospects didn't even sign up! Immediate red flag. So we figure out how to keep the personalization while cutting the time to 1/4 and adding a $40 investment from prospects. This frees up so much time for other roles, and she sees a return immediately on changing the process. What was amazing to see was by changing one process in her business, it opened up her mind to changing more.
Step 3: Personal and Business Budgets
In this step, we conduct a thorough examination of both personal and business budgets. We call this Historical Expenses. This isn't just about tracking expenses; it involves understanding the flow of money, identifying spending patterns like emotional spending, and recognizing areas where money can be saved or invested more wisely. It's also about caring about your personal expenses as much, if not more, than the business. We find so many businesses just focus on dumping money back into their business and wonder why they're in cc debt and can't pay their own rent. We make your business work for YOUR lifestyle. We use tools like budget spreadsheets and financial software to get a clear picture of income, expenses, debts, and savings. This analysis is eye-opening. 99% of my clients are blown away by how they spend and can now see the overspending and financial mismanagement clearly.
Step 4: Service/Product Makeover
Here, we strategically reevaluate and reshape their service offerings. This involves assessing the profitability of each service, understanding market demand, and identifying their unique value proposition. We then make calculated decisions to introduce new, high-demand services while phasing out those less profitable or not aligned with their business goals. For instance, one client realized that she does not have enough hours to take on more clients. So she brings on a teacher to take on some of her beginner students. Not only is she bringing more money into the business but she's also feeling fulfilled getting to mentor and manage someone else. Another client said goodbye to services she offers that are not serving her or the business. It's amazing what happens when we stop coming from a place of "but there's a need for it" vs "My business is not benefiting from this and therefore it's time to let go." I always notice a massive shift when clients are willing to trust in the numbers.
Step 5: Financial Forecasting
Finally, we look ahead by creating a financial forecast for the coming year. This IS the STEP!! This step is about setting realistic financial goals - REPEAT AFTER ME - realistic financial goals!! This is the map to achieve them. We consider various scenarios, historical revenue and expenses, AND personal life events like a wedding/honeymoon, long vacation, month off, baby - to build a flexible yet robust financial plan. This forecast includes detailed revenue targets, projected expenses, and a plan for investment and growth. It serves as a roadmap, providing clear financial direction and helping clients stay focused on their long-term goals.
Each of these steps is customized to my clients' specific needs and circumstances, ensuring that the strategies implemented are effective and sustainable. Through this comprehensive approach, my clients are able to transform their financial situations and set themselves on a path to continued growth and success. Triple success to be exact.
Key Insights from These Success Stories
The journey of these clients underscores two crucial insights. First, you can't hit a target you haven't set. Knowing what 'enough' money looks like is the first step towards achieving it. Second, if your business isn’t making enough money to support your lifestyle, it's time for a serious strategy overhaul.
My Final Thoughts
These transformations are not just about figures but about breaking through barriers and redefining possibilities. They demonstrate that when you're willing to approach your finances differently, the results can be nothing short of extraordinary.
Ready to chart your course toward financial success? The path to change begins with a decision to view your finances through a new lens, and I'm here to guide you every step of the way. Apply for our Small Business Mastermind TODAY.
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