Six financial actions that can SAVE your business!
Six Financial Actions that can SAVE your business!
1. Price with Purpose.
What is the intention behind the product you are creating. Often we think everything should make money, but I don't always thing that way. I am strategic about every product I offer. I like to mix and max my purpose this way : 1. EXPOSURE - this is a low cost, high quantity item to get people in the door. 2. DAILY BREAD - this is my bread and butter, this pays the bills. Still moderately priced so attainable to more, but not priced too low for feeling underpaid. 3. MARGIN - These are your "passive income", builder items. These may be coaching services or products. For those of you in the wedding industry something that takes less manual labor, albums or a floral books.
2. Create a spending plan.
Tell your money where to go instead of wondering where I went. I think about putting our money into three buckets : salary + taxes, general expense, job costs (expenses incurred in producing our goods - labor, materials costs, flowers, film, etc).
3. Plan for tax liabilities.
Understand what you owe, and save for it! Need a good CPA? email me : firstname.lastname@example.org
4. Get knowledgeable about your product costs.
Until you know the COST of producing your goods or services (this includes time & labor) pricing is just a guessing game. Review your last three projects and figure out exactly how much the cost you down to the penny. Then and only then, ask yourself "did I price this right?"
5. Plan :)
Make a plan.. Your plan needs to include your sales goal + then break that down into a revenue plan. The "how" you are going to hit it plan.
6. Give yourself a year and track data!
Not sure where to even begin?! I hear you! Next week I'll be sharing my "numbers to know" and data to track!
These six actions may seem hard. I might relate it to someone trying to tell me to integrate my mailchimp newsletter with my Kajabi sales page. What someone else could probably do in an ten minutes would definitely take me three + hours, lots of tears and frustration. But the amazing thing is, once you learn it no one can take that away from you!
My friend Sara wrote, "It was hard for me to learn how to read. I remember crying and fighting my dad as he patiently helped me learn the words. I can't imagine not reading now. Each night at the end of the day, regardless of it being wonderful or hard, I unwind with a book. Its a small thing but feels like a celebration of me and a reminder that with hard work comes wonderful rewards!"
With hard work comes wonderful rewards!
In 2015 I set out to create a step-by-step formula that would take the six reasons businesses fail and replace them with six habits that allow businesses to succeed. That formula became my online consulting program, THE BLUEPRINT MODEL. I cannot promise it will be easy, but I promise learning these things yourself is worth it!
Here is a quote from my friend Jessica, "I did have the luxury of having Shanna one-on-one for six months, BUT I also did the program and the biggest compliment I can give it is that a) it genuinely feels the exact same - like she’s right there with you guiding you each step of the way. b) I actually think it’s BETTER than a one-on-one because she teaches you through the program how to think for yourself and how to figure out problems yourself. Before doing the actual program myself, there were things I didn’t know how to do for myself and I so wish that I did. If I knew how to make my own projection - I wouldn’t have to wait for Shanna’s availability and pay for it - I could just do it for myself."