It's that time of year when everyone starts thinking about how to end the year strong, but also what you actually want to do next year. So you probably do what most do: think of 17 new projects, products, or new things to create that will be "the thing that sticks". Then, get instantly overwhelmed because it feels like so much work, and start to question how you are going to pull this off and actually make money. Am I right?
You Don't Have to Create Anything New
As a business strategist for female entrepreneurs, I am going to make it really easy. You don't have to create anything new.
In fact, if you have been on any of my community calls lately either in the mastermind, Club
, or Anti-Social school, I have probably been quoted saying, "You don't need to change it. Just change the cover." Think of your business as a magazine. You know that what is inside is amazing and sometimes you just need to give the cover a refresh. Big corporations do it all the time. Does anyone else's iPhone feel completely different right now? I downloaded an update last night and this morning my phone had an entirely new font. I didn't get a new phone, it's just new to me.
So with that philosophy, here are 3 things you can do right now as in today to have your most profitable year yet.
3 Things to Do Right Now To Have Your Most Profitable Year Yet
- Do a look-back analysis. I am going to talk about this more in next week's blog, but I want you to take some time this week to do this one simple exercise. Write down every month of the year. Write down how much money you made. (Estimated). Then write down what went really well each month and what you learned. It might take you an hour or so. I usually sit down and pull out my Google Calendar and QuickBooks to do this and summarize everything.
The outcome: You have your own trends.
As an example, May was a great month for us this year. What happened? Why? Can you repeat it? If it worked, why change it?
- Streamline your expenses. Without creating or selling anything new, we went from having a profit margin of 40% to a profit margin of 60%. Everyone throws around "oh, I have a bajillion dollar business", but what are they actually making? This year we took a closer look at where the money was going and what it was producing and are still doing that.
- Can you pay in full for the year for savings?
- Do you actually need all the apps you are paying for? (Hint - make a list as to what you use and what you don't).
- If you are paying someone to help you, are they actually doing what you asked?
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- Keep it simple with smooth operations. Let's dive into the nitty-gritty of making your business run like a well-oiled machine.
Streamlining Your Business
First up, we've got the Pareto Principle, or the 80/20 rule. It's like finding that sweet spot – identify the 20% of the stuff you do that brings in 80% of the results. How do you do this? Write it out. I did this this summer and now do it once a quarter. Write down everything you do in a week. Do you need to do it? Can someone else do it? You have heard me say this before: do, delegate, delete, defer. Categorize it and then focus on those needle movers. That way, you're not drowning in unnecessary complexity.
Now, let's talk tech. Don't be shy to embrace the wonders of automation and technology. Think of it as having your own superhero sidekick. Invest in tools that can handle those routine, mundane tasks, freeing up your team to tackle the heavy hitters. It's like having more brainpower without hiring a legion of new employees.
The big winners for me:
- My paper planner (ps the new winter covers are SO fun!). See how you can bundle and save with The Club!
- ClickUp: (I write down every single thing I do and my team does. Everything).
- Planoly: We are embracing some of the new automations to help organize all of our social accounts.
- Many Chat: This is definitely going to be a trend for 2024, but its automations are SO easy. Even if you have one person DM you a day, it will save you five minutes PLUS stop you from scrolling.
To sum it up, find your magic 20%, make it shine, and let technology be your trusty sidekick in this business adventure!
If you have been reading my blogs for a while, you know I like to keep things simple. So in this crazy busy season focus on these three things. And without changing a thing, you can increase your profit. Today.
- Look back to see what worked this year.
- Streamline your expenses.
- That 80/20 rule. Make your business work for you.
How's that for simple strategy? I am so curious, when you do your lookback analysis, what did you learn? DM me
and let me know. Can't wait to hear from you!
Looking for more on this topic and your High-Level Action items? Check out the Strategy Lab in the Crush the Rush Club!