#3 Simple but Effective Ways to Elevate Your Business
If you're an early-stage entrepreneur or a creative solopreneur, you know that building a successful business isn't just about flashy branding and a huge social media following. It's about ensuring you build something sustainable and profitable, knowing clarity on your numbers and growing as an entrepreneur. In this blog post, we'll dive into three major key points that can help you elevate your business to new heights today!
Know Yourself as an Entrepreneur: The 3 Business Geniuses
One of the most critical skills you can develop as an entrepreneur is deep self-awareness. It's not just about what you do; it's about how you operate and where your unique gifts lie. In our Untapped Reset to Scale Challenge we share the concept of the "3 Business Geniuses" – Entrepreneur, Operator, and Creator – three distinct hats that entrepreneurs often wear. Each type has its strengths and blind spots:
The Entrepreneur: Visionary and growth-oriented, this type focuses on innovation and big ideas. However, they may struggle with implementing systems and operations.
The Operator: A system creator, this type excels at planning, execution, and creating efficient processes. They may find it challenging to think outside the box and innovate.
The Creator: This type is deeply connected to the artistic aspect of the business, crafting products and services that resonate with clients. However, they may need support with sales, scalability, and operational aspects.
The key is to recognize your primary identity and develop the skills associated with the other two geniuses.
Whether you're an Entrepreneur, Operator, or Creator, the early stages of your business may require you to wear all these hats. Over time, you can either strengthen those skills or surround yourself with mentors and team members who complement your strengths and weaknesses.
2. Harness the Power of Data to Drive Growth
In the world of business, decisions should be based on facts, not just feelings. This is where the importance of data comes into play. Many entrepreneurs make whiplash decisions on a whim, but there's much more to consider. Data helps you make informed decisions and understand what's truly driving growth.
Dive into analytics to understand what's resonating with your audience, which platforms are performing best, and how to optimize your content strategy. Monitor open rates, click-through rates, and conversion rates for emails to assess the effectiveness of your email marketing campaigns. If you host events or workshops, track attendance, engagement, and conversion rates to gauge their impact on your business.
By consistently tracking these metrics, you'll be better equipped to refine your strategies, focus on what's working, and pivot from what's not. Remember, what you measure, you can manage, and what you manage, you can improve.
3. Prioritize Profit First: Shift from Revenue-Centric Thinking
While revenue is important, the true success of your business lies in profit. The Profit First by Mike Michalowicz concept encourages entrepreneurs to prioritize profit over revenue. Instead of waiting until the end of your financial calculations to consider profit, allocate a specific percentage of income to profit from the start. Here's how to implement it:
Set Profit Margin: Decide what percentage of your income you want to designate as profit before calculating expenses.
Separate Accounts: Open a separate bank account for your designated profit. Transfer the allocated percentage of income into this account before distributing funds to cover expenses.
Make Decisions with Clarity: When you focus on profit first, your financial decisions become more informed. You'll also have a clear view of what's available for business growth and personal income.
Prioritizing profit ensures that you're building a sustainable business, not just chasing revenue numbers. It empowers you to make strategic decisions, invest in your growth, and create a healthy financial future for yourself and your business.
These three key strategies from the Untapped Reset-to-Scale Challenge can help you build a resilient and profitable business that aligns with your unique strengths and values. By focusing on self-awareness, data-driven insights, and profit-first thinking, you'll be well on your way to achieving your entrepreneurial dreams.
