Regardless of the business or your role within that business, I’ve found that increasing profit boils down to effectively using the following three tactics.
1. Focus on your ideal clients.
Although what an ideal client looks like will change from industry to industry, there is no doubt that every type of business or individual has a type of client that is ideal to them. These are the clients that are the most fulfilling and the most rewarding—personally, professionally, and financially. Many people fear they must work with anyone interested in their services or products. But by focusing on ideal clients, you’ll actually find yourself with more time, and with relationships that are stronger and more productive.
2. Focus on your ideal team members.
It’s easy to get distracted by your more demanding (i.e., “less productive”) team members, and leave your best people to their own devices. But it is imperative for you to focus on your ideal team members. They are the ones who will strengthen your team culture and create positive energy flow. And just like focusing on ideal clients, when given the proper attention ideal team members become even more productive.
3. Focus on strategic initiatives.
Every week, I try to spend 3 hours on 3 strategic initiatives that are designed to create new business and increase my profit. Don’t get discouraged if some of your initiatives don’t work. Consistency counts! Over time, you will learn which strategies are working and which ones aren’t, and as you refine them and add to them, you’ll see your success increase. Persistence pays off!
Be warned! A good week and a week that feels good are not the same thing. Just because you feel good about your week doesn’t mean you’ve had a truly successful week. You can feel good about your accomplishments in a given week, but if you’re not focusing on your sweet spots for ideal clients, ideal team members, and strategic initiatives, then your week was not a productive one.
For me, it’s 7 coaches, 12 clients, and 3 strategic initiatives. Those are my sweet spots—the highest revenue-producing activities I can spend time on. They’re also the places I’m super passionate about and super purposeful about. So I’m excited about doing it, I’m great at doing it, and it drives revenue.
As you look back upon your week, you should be able to know in 10 seconds or less if you’re winning or losing. It’s not just about feeling good, it’s about really measuring your sweet spots, and they’re extremely measurable once you figure them out.
To help you track your time against your sweet spots, we’ve developed a Time Tracker that’s free. Simply fill out the form below and we’ll send it to you so you can get started focusing on those 3 tactics to drive more profit!
COMING NEXT MONTH…
How to WOW your Ideal Relationships to Build Strong Relational Currency.