Are you a business owner who wants to bring in more profit? (Um, of course you do!)
Well then today’s blog post was made for you.
A lot of business owners have great intentions and think they have a focus on money-making tasks. Think about it this way by asking yourself these questions:
Am I constantly trying to build my social media following?
Do I care too much if a post doesn’t get enough likes?
Is increasing my email newsletter subscriber list a top goal?
If you answered “yes” to these questions, you’re focusing on the wrong things if you want to make more money for your business.
So if your goal is to increase your business profits, read on!
How to Focus on Money Making Tasks for Your Business
But first—What are money making tasks?
It’s hard to focus on money making tasks when you aren’t really sure what they are. And to be totally honest, it sounds more complicated than it actually is.
The good news is, there are a lot of money making tasks you have at your disposal.
To increase your leads, you can: network, follow up with potential clients and ask current clients to be referrals/affiliates for your product or service.
To increase your offers, you can: create or refine your products or services, opt-in to your webinar and send out an email with a promotion attached to it.
To increase your sales, you can: take on more sales calls, create a sales web page and open a booth at a trade show.
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Don’t focus on what you want, focus on what you need
If you want to focus on money making tasks, then don’t get caught in the weeds.
That means putting flashy, glam ideas of what it means to be a business success aside, like followers, mentions and likes.
Instead, it’s being really clear on what you need in order for your business to make money. You can categorize them into three different buckets.
1. Leads. This is a potential buyer of your product or service—what we insiders call “new business.” If you have 100 leads, your chances of making money are so much greater than if you only have 10 leads. The more potential buyers or leads you have, the more money you can potentially make.
2. Offers. This attracts potential customers to your business with proposals. Otherwise known as a sales offer, it’s often a special with limited time or availability that makes people want to act now (or they’ll fear missing out).
3. Sales. In other words, the revenue you earn from selling your goods or services. To increase your sales, you can either drive up the price of what you’re selling or sell more volume.
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Think about You
Not every money-making task was meant for every type of business. For example, you would approach these tasks differently if you have a service-based business versus a product-based business.
Not to mention, when your goal is All. The. Things. you’re not focusing enough to make an impact. You need to set priorities for your business and your priority right now? Make. Profits!
So here is your homework: Focus on three money-making tasks to implement today. That’s right, just three. And to get there, ask yourself these questions:
Who is my target audience? Where are they and how can I find more of them?
What type of offer could get my target audience engaged?
Is there anything about my product or service that is a roadblock in getting more leads?
What networking opportunities are available to me?
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The life of a business owner gets crazy, but prioritizing money making tasks as part of the everyday health of your business is essential.
Start each day fresh with a to-do list where you outline the money making tasks you’re going to work toward that day.
For example, if your goal is to network more, think of five ways where you can make that happen—whether that’s joining a local business group for female entrepreneurs or researching conferences in your field where you can find other like-minded business owners.
Reach out and guest post for someone who has a similar audience to yours or use Instagram as a way to network with other people. The options are endless!
While you’re at it, cut away any non-essential tasks that are getting in the way of you reaching your money goals. By avoiding distractions, you will reach your desired outcome faster and with more purpose.
Here are some great ways to avoid distractions:
1. Take purposeful breaks. For example, for every hour of hard work, reward yourself with five minutes of mindlessly scrolling cat videos (or whatever it is you enjoy). If you know there is a reward coming, you’ll work that much harder.
2. Put your phone on airplane mode when you really need to get stuff done. All the noisy notifications will have you checking your phone more often, which makes it harder to complete a task.
3. Set up a calm environment where you want to work. That means making it noise-free and comfortable.
Related Post: Here’s how to stop researching and start doing
Don’t get Stuck
Even with the best of intentions, many business owners can get tripped up with fear or self-doubt.
We get it. Putting yourself out there to sell is intimidating.
But when you put so much attention on the what-ifs or self-limiting beliefs, you’re taking your focus off money-making tasks.
Keep positive momentum going by focusing on small wins (like a new lead or scoring your first $1,000 in business). Just like negativity breeds negativity, positivity leads to more positivity.
As a business owner who wants to increase profits, you need to shift your focus away from the things that aren’t making you money.
X, Y and Z ideas might be great for your business, but they may not lead to sales (and sales equal money!).
By shifting your strategy and your mindset to push money-making tasks into your everyday business goals, you’ll be setting yourself up for long-term success.
If you’re ready to learn more about how you can take your profits to the next level, be sure to join our email list! We share all the behind-the-scenes of what it’s like to run our business.