Many busy entrepreneurs share the same unsettling secret: No matter how swamped they are they still get to the end of the month not knowing where their next $2,500 is coming from.
Their agendas are full, but their bank accounts are empty. And worse, they’re living paycheck to paycheck (or have no paycheck at all).
If this is you then you know how much it sucks.
After all, you likely left your corporate job to create the kind of career and income you always dreamed about. And now here you are pulling all-nighters, working weekends and forgoing personal and professional events just to keep your business afloat for another month.
You’re CEO – Chief “Everything” Officer, and your business — not to mention your dream — is slowly sinking.
The problem isn’t that you’re not making money; it’s that the revenue you’re bringing in is inconsistent. And inconsistent revenue eventually leads to business stagnation, burnout, or the harsh road back to cubicle nation.
But don’t throw in the towel just yet! Inconsistent revenue is actually a common problem with many of my clients.
And the good news? There are several strategies you can put in place right now to start your revenue rolling:
Get intimate with your numbers
Thinking about your finances might send you into a sweaty funk. But unless you know your numbers inside out you won’t be in a position to make clear decisions about your business.
So to start, here’s what you need to know:
- The amount of money you have to work with on a monthly basis;
- General expenses (including marketing and any business development expenses);
- Profit margins;
- Real and projected monthly, quarterly and annual sales numbers.
These numbers tell you your business’s financial story and the more you know, the likelier you’ll reach a “happily-ever-after” ending!
Get with the system
The best businesses are those built on systems.
By systems, I simply mean a series of procedures and processes that together achieve consistent, calculated results.
Systems include checklists, calendars, inventory accounts and more, which, when used together, can tell you important things like –
- how much money your business is making each month;
- when client contracts are due to finish;
- and at what stage in your business month or quarter do you need to implement your marketing plan to bring in new clients.
There are lots of available online tools, software programs and organizational tools that have been specifically designed to help you handle your workload. Use them.
Having systems frees you up from working in your business to working on your business. And when that happens you are better able to manage your money.
Give up the work
No, I’m not recommending that you bail on your business.
But I am suggesting you stop doing absolutely everything – and then some.
If you’re creating your own graphics, processing your own payments and writing your own copy, you’re not leaving yourself time to do the most important work of all – serving current clients and finding new ones.
So once you have your systems in place – get someone to manage them.
But isn’t that going to cost, you cry? Yes, but it’s a cost that will save you a lot of money in the long-run.
And, remember, it’s OK to start small. Chances are you can actually afford to pay someone $25 an hour for 5 hours per week to handle admin, chase slow payments or update your social media accounts.
Start with these three strategies and, I promise you, you’ll start to see consistent revenue rolling in much sooner than you expect.
If inconsistent revenue is a problem for you, then join me in a free training that I’m giving next on this topic this month. Get the details at www.BecomeAnOnlineCEO.com