Step 1: Create a revenue model for your next level.

The first step is to create a crystal-clear revenue model that projects your elevated monthly revenue for the next 12 months. Unlike vague wishes for revenue growth, a well-planned revenue model sets the stage for a phenomenal year. This involves projecting monthly sales, factoring in the cost of sales and monthly expenses, and ultimately determining your net profit. 

Your revenue model becomes the roadmap for success, and then you can reverse engineer exactly how to make it happen. 

Step 2: Make the decision and go all in.

Making the decision to go all-in is critical to making revenue leaps in your business. I can’t stress enough the need to commit wholeheartedly to your business’ growth and that being “all in” means deciding to take the necessary steps even when you’re faced with challenges or you are feeling way outside of your comfort zone.

The decision-making and growth process within your business is like a serious relationship– continuous, evolving, and requires dedication and commitment. You have to be willing to do the things that most other people aren’t willing to do– the hard things– in order to ensure the success of your business. 

Step 3: Reverse engineer your goals.

Imagine, for a moment, that it’s New Year’s Eve of this year, and you’ve just reached or exceeded your annual revenue goal. Ask yourself,  “As I look back, what needed to be true to reach or exceed my goal for this year?” Did you hire team members? Did you expand your offers for different services or add products? Did you raise your prices? By stepping into the end of the year and looking back, you can identify the specific metrics and conditions required for your business revenue expansion. 

It’s the same concept as “Begin With The End In Mind, ” the second habit from The Seven Habits of Highly Effective People by Stephen Covey. By understanding the result you desire, the steps almost automatically begin to reveal themselves.

Step 4: Get a coach or accountability partner.

Coaching is incredibly beneficial, and business owners should definitely seek guidance from experienced coaches or mentors who have helped others achieve similar desired results. Coaching is a powerful tool for achieving success, and it’s important to recognize that,  according to a study by the American Society of Training and Development, you are 95 percent more likely to reach your goals while working with a coach, mentor, or accountability partner. I find that hiring a coach and investing in coaching services motivates me to get the most out of the coaching relationship. Someone once said that you definitely pay attention to what you pay for, and I wholeheartedly agree!  

Step 5: Keep going, no matter what.  

The final step requires resilience. Entrepreneurship is not without its challenges; it’s not for the faint of heart. You must face each new challenge with a belief that you can figure it out and keep going. The entrepreneurial journey is a profound personal development course, constantly presenting opportunities for growth and transformation. So when you feel like quitting, just remember, you are not alone. It’s important to ask for help when you need it so you can stay on your path toward your best year in business.  

Ready for your best year yet?

By implementing these five steps, you can set the stage for your best year yet! Success lies in creating a clear revenue model, making unwavering decisions, reverse engineering your goals, seeking coaching support, and, most importantly, persisting through challenges. In the ever-evolving landscape of business, these steps serve as a roadmap for those ready to make a quantum leap toward success. 

In the latest edition of The Small Business Show on asbn.com, host Jim Fitzpatrick sits down with Victor Antonio, best-selling author, sales consultant, and motivational speaker. In his first in-studio appearance, Antonio discusses effective strategies for business growth and increasing sales in 2024. The conversation focuses on practical methods for acquiring new clients, retaining and upselling to existing ones, and re-engaging former customers. They also delve into the impact of technological advancements, such as AI, on business processes.

Key takeaways:

1.The interview tackles the complexities of expanding a business during times of economic uncertainty. It addresses the impact of factors like stable yet high interest rates and the general increase in prices on business operations. The discussion is geared towards understanding how these market conditions affect business growth and what strategies can be implemented to thrive despite these challenges.

2. Antonio outlines a straightforward approach to business growth, focusing on four primary strategies. The first is acquiring new customers, which, while increasingly challenging, remains essential. The second is retaining existing clients, as a slight improvement in retention can significantly boost profits. The third strategy involves upselling or cross-selling to the existing customer base, a method shown to considerably increase revenue. The fourth strategy is reactivating past clients, exploring ways to re-engage those who have stopped purchasing.

3. It is critical to examine and optimize the sales process for better business performance. The discussion suggests that companies should scrutinize their existing sales and operational processes, looking for ways to combine, automate, replace, or eliminate steps to achieve greater efficiency. This approach can lead to a more effective use of resources and better alignment of staff requirements with business needs.

4. The conversation highlights the necessity for businesses to embrace technological advancements, particularly AI, to remain competitive. Resistance to adopting new technologies can hinder a company’s growth and efficiency. The interview suggests starting small with AI integration, focusing on areas of the sales process that can be enhanced by technology, thereby gradually transitioning to more advanced systems and methods.

5.  As products and services become increasingly similar, the differentiation often lies in how they are sold. Salespeople are encouraged to position themselves as subject matter experts, guiding customers through the decision-making process. The focus is on advocacy and helping buyers make informed decisions, rather than aggressive selling techniques. The discussion also touches on the importance of understanding customer hesitation and how to effectively address it to close sales.

1. Tech tools: allies, not oppressors

Embrace technology not as a cost center but as a powerful ally. Leverage free and low-cost tools like project management software, social media platforms, and cloud-based services to streamline operations, connect with customers, and analyze data like never before. A basic email campaign platform can launch targeted marketing initiatives, while free design tools like Canva can help you create professional-looking visuals for your brand. Remember, it’s not about the bells and whistles; it’s about using technology strategically to amplify your existing strengths and unlock new possibilities.

2. Think outside the (budgetary) box

Innovation thrives on creativity, not cash. Challenge conventional wisdom, encourage out-of-the-box thinking within your team, and reward innovative ideas. Host brainstorming sessions, hackathons, or even “innovation days” where employees can break free from routine and explore new possibilities. Remember, sometimes the most ingenious solutions can emerge from unexpected corners – like the janitor who revolutionized your inventory system or the intern who cracked your marketing strategy. Foster a culture of curiosity and experimentation, and you’ll be surprised at the hidden gems your team can unearth.

3. From challenges, opportunities bloom

Turn limitations into launch pads. Resource constraints fuel creative problem-solving. Instead of lamenting what you don’t have, focus on what you do. Repurpose existing resources, explore partnerships with like-minded businesses, and leverage free or open-source resources. For example, a local bakery could collaborate with a nearby coffee shop to offer themed pastries and drinks, creating a unique customer experience without needing a new storefront. Remember, limitations can breed ingenuity, forcing you to find unconventional solutions that differentiate you from the pack.

4. Small-scale success stories

Let’s step out of the theoretical and into the real world. Look at how these small businesses have thrived through budget-friendly innovation:

• Dollar Shave Club: This razor subscription service disrupted the industry with a simple, direct-to-consumer model and humorous video marketing campaign executed on a shoestring budget.
• Patagonia: This outdoor apparel company champions environmental sustainability, turning it into a brand differentiator and attracting customers who value conscious consumerism. Their activism isn’t just PR; it’s woven into their core values.
• Airbnb: This hospitality giant transformed the travel landscape by leveraging existing resources – people’s homes – and building a peer-to-peer network, disrupting the traditional hotel industry without needing massive infrastructure.

5. Embracing the journey

Remember, innovation on a budget is a journey, not a destination. It’s about embracing a continuous improvement mindset and a relentless pursuit of better, smarter ways to do things. Feel free to experiment, fail fast, and learn from your mistakes. Celebrate the small wins, reward progress, and keep the fires of curiosity burning bright. With limited resourcefulness, unrestricted creativity, and a dash of courage, your small business can become a beacon of innovation, proving that big ideas can bloom even in the most fertile budgetary soil.

Conclusion

Innovation is not solely a privilege of those with vast resources. Small businesses can foster innovation by leveraging technology, embracing creativity, fostering a culture conducive to new ideas, and learning from successful case studies. By encouraging a mindset of continuous improvement and embracing adaptive strategies, small enterprises can carve a path toward sustained competitiveness. Embracing innovation on a budget isn’t just about cutting costs; it’s about maximizing value through resourcefulness and strategic thinking, enabling small businesses to stay agile and competitive in today’s ever-evolving market landscape.

Mastering your mindset as an entrepreneur is crucial as it serves as the foundation for resilience and adaptability. Joining us in the latest episode of The Small Business Show is Will Polston, keynote speaker, author, executive coach, and host of the “Make it Happen with Will Polston” podcast. Poleston’s newest book, North Star Thinking: Master Your Mindset and Live a Life You Love, gives readers insights on approaching work and life in a different way.

Key Takeaways:

1. Polston believes that everyone has the potential to achieve their full potential. By doing so, they can benefit those around them. The main takeaway from Polston’s book is to provide readers with practical ways to apply the information and transform their lives. 

2. The North Star thinking approach is about setting a life goal that is so big that it cannot be achieved, which allows people to detach from the outcome and focus on the process. Polston outlines several pillars in the book that teach how to master time and gratitude, create habits that stick, and bring the process together.

3. Entrepreneurs can align themselves with their North Star by asking the following four questions and identifying the core center of these questions:

• What do you love? 
• What are you good at? 
• What can you be paid for? 
• What does the world need?

4. Entrepreneurs with a clear vision who manage their time effectively, think critically, and maintain consistency can achieve a positive mindset. Polston asserts, “Combining these principles in the book will give you a framework to apply daily.”

5. In more recent years, we’ve been more conditioned than ever to focus on short-term objectives, which the North Star condenses to simplify the process.

Being an entrepreneur or small business owner involves selling, but the question remains: how do you handle the obstacle of sales resistance? Victor Antonio, a motivational speaker with Sellinger Group, joins us on the latest episode of The Small Business Show to further discuss how salespeople can restore buyers’ confidence. 

Antonio is the host of the Sales Influence Podcast and a keynote speaker who has given speeches worldwide. He has shared the stage with several top business speakers and continues to consult other entrepreneurs throughout his three novels: Sales Ex Machina, Sales Models, and The Greatest Gift.  

Key Takeaways:

1. A survey conducted in 2011 by the CEB firm, which is now known as Gartner, revealed that consumers are 57% into the purchasing process when they make a decision. Leaving 43% for buyers to be resistant. 

2. Today, more consumers have access to information, but they lack confidence because they are confused, so it’s the salesperson’s responsibility to help in their “last mile.”

3. Antonio suggests that understanding the notion of trust is the first step towards restoring consumer confidence. Antonio further divides trust into three components: POV, SME, and BIIM.

4. First and foremost, salespeople need to consider their buyers’ point of view (POV). Here is where the caliber of the questions is essential.

5. Secondly, become a subject matter expert (SME). Salespeople need to establish their expertise and to do so, they need to offer insight—knowledge that goes beyond the obvious. 

6. Thirdly, salespeople should keep their buyers’ best interests in mind (BIIM), which suggests making recommendations. Data indicates customers want salespeople to advocate for them when they offer recommendations. “The most powerful recommendation has a because..,” asserts Antonio. 

7. When customers are in the last stretch of a buying decision, they’ll gravitate toward their salesperson for clarification, confirmation, and confidence. 

2024 is right around the corner, and that means it could be time for business owners to “retool” their business strategies. On the latest episode of The Small Business Show, we’re welcoming America’s number one small business expert, CEO of Quintessence Group, and Best-selling Author, Melinda Emerson. 

Emerson, also referred to as “SmallBizLady,” is experienced in bringing in and retaining small business clients. She specializes in helping Fortune 500 clients and SMBs effectively utilize digital marketing, guides them through crucial stages of development, and offers advice on advertising to small businesses. With less than 60 days away from the new year, there are a few considerations business owners should evaluate before retooling their organization. 

Key Takeaway:

1. First and foremost, business owners must assess their sales figures. Things like what worked, what didn’t, and which product or service ended up being the most profitable. Next, decide which marketing initiatives will help the company grow and how to increase sales. To do that, owners can create a ‘targeted 65 list’ that outlines the 65 companies their business plans to target for the upcoming year, along with details on how to get there.

2. Then, consider whether it’s also time to reorganize your team. “Now, this is an ideal opportunity to review your job description,” believes Emerson. Next, look at your subscriptions, such as what you’re paying for that you’re not using. Lastly, arrange a meeting with your tax accountant, certified public accountant, or CPA before the year ends. You’ll be able to discuss future employment plans, tax planning, and your next sale strategies.

3. It’s crucial to meet with your sales team every day for at least 10 to 15 minutes to ensure they are well-equipped with the necessary tools to succeed. However, it’s up to the owner to determine whether they have the adequate skills required to get their team where it needs to be. “If not, hire someone to help you,” Emerson says. 

4. Emerson outlines the coaching techniques she provides to entrepreneurs that help her clients expand. Coaching strategies include her books, an hour-long one-on-one laser focus phone call, a VIP coaching day where you fly in and spend six hours together analyzing your business, or a three/six-month coaching program. 

5. For more information, you can reach out to Emerson via smallbizlady@gmail.com

We will dive into the importance of creating goals for you and your small business. Goals are not only motivating, but they are also great progress trackers. You cannot have success without at least a general plan.

Why are Goals Important?

Goals are essential because they are the foundation for longer-term growth plans. There is no clear direction when there are no goals in place. Experts agree that goals are vital to a company’s success because they keep the owners, managers, leaders, and other employees in check.

But what should goals contain? All goals and objectives should have a date and a way to measure them. The date is to keep you on track for the aim. Keeping the same timeframe for multiple purposes is also recommended since it is easier to compare the results when it is met and complete.

5 Steps to Creating Great Actionable Goals

Below is a five-step guide to creating the best measurable, attainable, and accurate goals!

1. Find Your Purpose

The first step to writing a solid goal is to find the purpose. Why do you need a goal? What is the next phase for your company? It is usually easier to create micro-goals with smaller deadlines since they are easier to measure, and in small companies and start-ups, many plans are subject to change. Remember, it is all a learning curve!

2. Pick a Specific and Clear Statement

Once you have a general purpose, you can write a clear statement that addresses what you want to accomplish. The accomplishable factor, though, must be something you can measure. For example, a measurable goal is that by May 2023, my shop will grow by 50%. You can calculate your growth and determine if it matches or exceeds 50% by the end of May. However, how you will be doing this does not have to be included in the goal.

Are you trying to break through 6 or 7 figures in your business but feeling stuck in your revenue cycle and unable to grow? 

My FREE guide will help you reach your goals, whether you want to 3x your monthly income, obliterate the limiting beliefs that might be holding you back, or only work with ideal clients.    

It’s time for you to make the kind of money you were destined for while living a great life and making the impact that you want to make! Download my free guide: 

Multi 6 and 7 Figure Scaling Roadmap: 7 Simple Steps to Breakthrough Now! www.ursulainc.co/free-guide

3. Determine the Length

We touched on this topic during the second step, but it is essential to think it through. Research similar goals and your competitor’s objectives and timeframe. How long did it take them to grow? When do you want to measure and see results? Determine the length, but try and start small for your first few goals.

4. What Will You Be Measuring?

The measurement is the most important thing. Are you measuring sales, growth, or views? Do you want to measure more than one thing at a time? State these objectives and key points as clearly as possible in your goals.

5. Monitor and Record Everything 

During the fifth step, your goal is written, and a plan is in action. Take a journal and write down what is going well and what is not going well. This way, in the future, you can reflect and make changes to the plan to meet new goals again.

Overall, having a clear and straightforward goal while running a business is healthy. You are more likely to succeed if there is a determined goal. Many small business owners fear creating plans because they do not want to fail. However, you cannot succeed if you do not try something new and concrete. Whatever you decide to do and plan, always take notes and pay special attention to the strengths and weaknesses during the timeframe.

Are you interested in discovering the strategies to successfully launch your startup? We’re joined by serial entrepreneur and author Colin C. Campbell on today’s episode of The Small Business Show. Colin’s latest book, “Start. Scale. Exit. Repeat.: Serial Entrepreneurs’ Secrets Revealed!” is a reader’s guide toward entrepreneurial success. Colin’s book recently hit #1 on Amazon’s New Releases for ‘Starting a Business.’

Following college graduation, Campbell began working on his family’s Canadian farm. From there, he and his brother started an internet business that quickly became Canada’s fastest-growing corporation. However, after a merger with a cable firm that resulted in Campbell’s company shares exceeding $8 billion, the dot com crash occurred in March of 2000.

Key Takeaways:

1. Campbell asserts that there is a formula when starting a business, and his recent novel outlines those equations. 

2. In his book, Campbell explores the process entrepreneurs must go through to pinpoint their ideas. For example, he advises aspiring entrepreneurs, “The best way to launch a business is to get a job in the industry you love and look for the bottleneck to either avoid or solve for the industry.”

3. Ideas are worthless to Campbell, but it’s the action that matters. These include registering your domain name and checking the database of trademarks. 

4. Additionally, he highlights that a significant portion of his book is devoted to the “start,” concluding with the four sticky-note business plan, which consists of:

1. What is your story/ purpose/ why/ stage gate?
2. Who are the people you need to get to the first stage gate?
3. How much money do you need to get to the first stage gate? Campbell notes, “82% of startups fail because they don’t have enough money to continue.” 
4. Write down your KPIs, key performance indicators. 

Overall, Campbell’s novel is a conversational collection of anecdotes from 50 other serial entrepreneurs and himself. The audiobook is currently available for purchase on Apple and other platforms.

Success in sales ultimately comes down to three things. On the latest episode of The Small Business Show, Matt Easton, Sales Coach, Consultant, and Founder of Easton University, breaks down these factors and highlights how business owners leverage them to excel in sales. 

Sales can be complex, but Easton makes it a whole lot easier, more predictable, less stressful, and more fun. Forget about making assumptions, experimenting, and the never-ending cycle of trying to figure everything out on your own. Instead, let Easton assist you in increasing sales by using a tried-and-true systematic approach to closing deals. 

Key Takeaways:

1. According to Easton, most salespeople fail in their endeavors because they do not follow the three-step component ladder to achieve success. The items on the ladder are: 

• • Your skill set,
  • Your belief system, and 
  • Your daily activities. 

2. Most entrepreneurs limit their belief system because it’s based on others’ negative experiences. Therefore, “It’s vital business owners take inventory of your current belief system,” says Easton.

3. Once entrepreneurs adjust their beliefs, they can concentrate on honing their skill set. Easton asserts there are 100 people who can help you with the tools and resources required to adjust your skills. Next, evaluate your daily activities that will work towards your next steps. 

4. Easton guarantees that all it takes for entrepreneurs to have a long and successful sales career is to alter their mindset, acquire new abilities, and move up the activity ladder. 

5. Easton claims entrepreneurs should put in writing the values they once bought into but no longer wish to subscribe to. “Make a list of the things you didn’t do that you need to start and the skills you need to improve.”

Coworking spaces are not just trendy; they offer a plethora of benefits that can propel your business to new heights. From affordability to fostering collaboration, these vibrant work environments have it all. They provide cost-effectiveness, networking opportunities, and a thriving community—essential ingredients for small business owners, startup founders, and professionals striving for rapid growth.

Yet, with a myriad of coworking space options available, navigating the choices can be a daunting task. To ensure your business thrives in its new home, it’s crucial to find the perfect fit—one that aligns with your goals, boosts productivity, and keeps your team content.

Seven Tips for Choosing the Best Coworking Space for Your Business

Consider Business Goals and Needs

All businesses have unique objectives, distinct cultures, and specific industry requirements. The first step to choosing a suitable coworking space for your business is reviewing all these essentials in contrast to how this workspace can help you achieve your business objectives.

What are you trying to achieve? Are you concerned about achieving rapid growth, innovation, collaboration, or establishing a professional network? Understanding your goals will help you identify a coworking space that aligns with your vision.

Next, consider your company’s culture. Coworking spaces have their vibe and atmosphere, attracting different types of businesses and professionals. If your company values creativity and collaboration, look for a coworking space that fosters a similar culture. On the other hand, if privacy and quiet workspaces are essential, seek out a coworking space that offers dedicated areas for focused work.

Define Expectations

When choosing a coworking space, defining your expectations and determining the benefits you hope to gain from the experience are essential. Start by considering the key benefits you seek. Are you looking to expand your professional network and forge valuable connections? In that case, prioritize a coworking space offering networking events, community meetups, or shared common areas encouraging member interaction.

If productivity is your primary focus, look for a coworking space with a conducive work environment. Consider factors such as noise levels, availability of private rooms for focused work, and the overall ambiance that promotes productivity. Some coworking spaces offer amenities like quiet zones, designated phone booths, or productivity-enhancing resources.

Choose a Convenient Location

The convenience and accessibility of the space can significantly impact the productivity and satisfaction of both your employees and clients. Evaluating the location based on transportation options and nearby amenities is crucial in making the right choice.

You should also consider the proximity to major transportation hubs, such as airports or train stations if you frequently meet clients traveling long distances.

Assess the amenities in the surrounding area as well. Look for coworking spaces near restaurants, cafes, or other food options, as it provides convenience for your team during lunch breaks or informal meetings.

Evaluate Amenities and Community

Start by considering the facilities provided by the coworking space. Take a close look at the workspace layout, including the availability of private offices, dedicated desks, and communal areas. Determine whether the space offers the necessary equipment and resources to support your business operations, such as high-speed internet, meeting rooms, printing facilities, and phone booths. Assess the quality and maintenance of these amenities to ensure they meet your standards.

In addition to physical facilities, examine the community aspect of the coworking space. Find out if the space organizes networking events, workshops, or seminars that promote collaboration and knowledge sharing among its members. These events can provide valuable opportunities to connect with like-minded professionals, expand your network, and gain insights from experts in various fields. A robust and supportive community can foster creativity, inspire innovation, and create potential business collaborations.

Determine Space Requirements

Consider the number of employees who will be working in the coworking space on a regular basis. Determine if you require private offices, dedicated desks, or a shared workspace. Take into account the need for collaboration areas, meeting rooms, or other specialized spaces based on the nature of your work and team dynamics.

Alongside your current team, consider your growth projections. Assess how your team may expand over the coming months or years. Will you be hiring more employees or freelancers? Will you need an additional workspace for project teams or departments? Anticipating growth will help you choose a coworking space that can accommodate your evolving needs without suddenly switching to a new location.

Prioritize Employee Satisfaction

When choosing a coworking space, it is crucial to prioritize employee satisfaction. Creating an environment where employees feel comfortable and motivated is essential for productivity, engagement, and job satisfaction.

Consider if the coworking space promotes employee well-being and recreation. Look for spaces with fitness centers, meditation rooms, or relaxing outdoor areas. Prioritizing employees’ physical and mental well-being contributes to their overall satisfaction and work-life balance.

Assess if the coworking space aligns with your company culture and values. The atmosphere, decor, and overall ambiance should resonate with your employees and reflect your business’s ethos. A positive work culture enhances employee satisfaction and engagement.

Take a tour and access

Taking a tour and assessing potential coworking spaces is crucial in choosing the right one for your business. During the visit, evaluate the physical layout, cleanliness, and overall atmosphere. Interact with the staff to gauge their responsiveness and professionalism. Observe the existing members and their level of engagement. Inquire about membership options, pricing plans, and amenities. Consider the location and proximity to transportation and amenities. Trust your instincts and envision your team working in the space. This process helps gather valuable information for an informed decision.

Conclusion

Choosing the right coworking space for your business is a crucial decision that can significantly impact your success. By following these seven essential tips, you can make an informed decision that aligns with your business goals, maximizes productivity, and ensures employee satisfaction. Consider your business needs, define your expectations, evaluate convenient locations, assess amenities and community, determine space requirements, prioritize employee satisfaction, and take the time to tour and assess potential spaces. Remember, a well-informed decision sets the stage for your business to thrive in a collaborative and productive coworking environment.