SU!: Three Questions For 2014 You Should Be Asking Now - Monthly SIMB/SUDSOL Article

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SU!: Three Questions For 2014 You Should Be Asking Now - Monthly SIMB/SUDSOL Article

John Sanpietro

 

Three Questions For 2014 You Need To Be Asking Now
by John Sanpietro, Certified Master Coach (IAC)

With the end of 2013 quickly approaching, now is the time to begin preparations for the new year.

January is a great month to recommit to your business, and if you want to give yourself the best possible chance of success in 2014, here are three questions you should be asking now, and the actions you should be taking on those answers.

1. What Worked This Year?

What were the revenue-generating things you did this year that paid you what you were worth?  In other words, take the amount of money you made (sales commissions, class fees, info product sales, etc.), minus the amount of money you spent (supplies, marketing and advertising, etc.) and divide that by the amount of time you invested.  The hourly wage you come up with should be enough to justify the effort, as well as the time you're not spending on other things or with other people.

Once you have this list, ask yourself, 'how can I grow this?  How can I scale it up next year?'


2. What Could Have Worked Better?
As you're working through your list for Question #1, there are going to be some endeavors you realize made you money... but not quite enough. 

In this case, you have to ask why it didn't work as well.  Was it a timing issue?  Did you have too many other things happening at the same time?  Or did you not build enough advance notice into your schedule? 

Did you not invest enough time or money into it?  Did whatever marketing or advertising you did do have good results, but you just didn't do enough?

What you're basically trying to do here is figure out how to take something that could have worked better... determine if human error was to blame... and settle on what you can do to fix it going forward.


3. What Didn't Work At All?
In every business, there are going to be things you do that simply don't work.  You may love the idea, but it just doesn't catch on with your customers and prospects.  It happens to all of us, and whgen it does, the important thing is to recognize a dud when you see it, eliminate it from your business and move on.

Too often, we fall in love with an idea and hang onto it for a lot longer than we should.  This not only costs us time and money, it delays getting something our customers and prospects are actually interested in to them. 

At the end of the day, no matter how much we like an idea, this business is about your customers and prospects.  If they don't like it, we have to cut our losses and give them something they do.


By asking (and answering) these questions now, you can begin making the adjustments and changes necessary to make your business more efficient, effective AND profitable in 2014.

Good luck!

Warmest regards,

John

 
John Sanpietro, CMC(IAC)
STAMPING IS MY BUSINESS!
 
THE BUSINESS STAMPERS COACHING GROUP
The Premier Online Community for BUSINESS-MINDED Stamping Business Owners!

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Warmest regards,

John

John Sanpietro
Certified Master Coach (Int'l Association of Coaches)
Stamping Is My Business!

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