Does this sound like someone you know? “I’ve been doing a LOT of activity to drive my business but my income isn’t increasing and I’m running out of people to talk to and events to attend.”
It’s not that unusual for business owners to have this experience, especially when they don’t have a documented system for review and a plan to follow.
I’m a systems and process person. I LOVE a good spreadsheet and I love “gamifying” my business so I compete with myself each week, month, quarter and year.
"Your business success is directly proportionate to the quality of time you spend measuring what matters in your business."
Too many entrepreneurs do their goal setting in a “set it and forget it” process. One BIG dealio near the end of the year - maybe one large session. And then toss their plan in a file in their office, and by now, can’t recall what big rocks they wanted to move this year, let alone how they were going to move those same rocks.
Last year I shared with a group who came together to do goal setting that I spend 20-25 hours planning each year's business activities and then dedicate another 10-15 hours throughout the year of measuring my progress and activities to my results. They were blown away.
When you spend that much time in the plan and review process of running your business, you can NOT get results if you review and measure each step along the way.
Many business owners spend a lot of time working small tasks in their business, and don’t pause to see how those tasks/activities work together to move you closer to your goals, if it does at all.
It’s important to look big picture and granularly with regularity.
It’s easier to adjust and course correct if you are reviewing activities and results on a consistent basis.
By doing a “quick” review each quarter, you will create awareness of trends and can adjust the smalls and biggest of things to yield the greatest results.
Where Do You Start a Quarterly Review?
You start with WHAT to measure. I have 5 main things I am constantly measuring inside by coaching business. They are likely the same for you, with perhaps some minor adjustments for your industry.
Block the time on your calendar - it’s the dedicated time you are the CEO of your enterprise.
Planning and reviewing isn’t something you squeeze in between appointments or errands.
Planning and reviewing requires your full attention and the focus of your brain.
Go through and block an hour each month for review. The time dedicated to slowing down and reviewing with regularity will increase your efficiency, your outcomes and your ability to pivot or course correct without waisting unnecessary resources of time and money.
Here are 7 Things To Review
and How to Review for Maximum Momentum:
Your biggest goals are made up of smaller goals. While keeping your eye on the prize of the big one - you need to evaluate the progress of the littler one too.
Big and Little If you are a speaker and your big goal is to hit 6 stages this year with audiences of 500 or more. Your little goals to get you there will include building your platform. Smaller speaking opportunities. One:one conversations. Creating a list of events and organizations that meet your criteria. Pitching for those opportunities.
Each major goal has minor goals to get you there. Are you measuring the minors that will get you to the major goals?
Adjust Activities and Benchmarks By evaluating each month and doing a deeper dive each quarter you’ll never be fuzzy about what is really driving results. If you know your inquiries are coming from networking, what are the best source for those referrals. Deepen those relationships and increase your visibility with those organizations
Less Can Be More What’s not working? What is working? What needs to change? Do you need to add some things to the STOP doing list.
Get a Clear Vision What do you want to accomplish in the coming 90 days that will move you closer to that big goal for the year?
Review the Data You need to know your numbers. How many inquiries did you get for services last quarter? Where did they come from? What was your conversion? Do you know which of those should be adjusted going forward? How much revenue did you bring in? What is your average sale amount? What was your profit? You must do this by each revenue channel. How much time are your spending in each channel? What about expenses? Anything need to be trimmed? Any subscriptions you aren’t using that could be cancelled?
Networking Results Where were you meeting people? What one:many events yielded your greatest results? Did you meet people who invited you to be a guest on their podcast? Did you get someone who works with your clients to, but in a different way and they want to make sure they keep you close to help their clients. Drill in to see what worked, what could be increased and what could be eliminated.
Content Are you measuring your results from blogging, posting and other activities? Social media reach? Website visits? Email subscribers? Where do you get the biggest result? You may not need to do all of them for the next quarter - if 80% of your subscribers are coming 20% of your activities, what could happen if you increased those activities and let some others go. It’s not necessary to be everywhere if it doesn’t get results.
If you read this and recognize you want to do a better job of measuring what matters in your business - then sign up to get my quarterly checklist.
It’s what I use for myself and my valued clients. If you measure what matters and make changes accordingly your business WILL grow.
If you think you are ready for more accountability and structure with me as your coach, then let’s talk. Schedule your discovery conversation today.