Question: Dear Ali, Do you have suggestions on where to start when your business needs an immediate financial turnaround? I have analyzed extensively but prioritizing is difficult when it’s urgent.
-Leslie Sturgeon, Women Inspiring Women
Ali’s Answer: “Hi Leslie, I have many clients who come to me in this state, so first of all, don’t feel alone. It’s very common. Being a business owner is often more art than science, and it’s quite a dance to keep up with matching your offerings to what your prospects want to pay for — and making sure it’s all something you enjoy doing at the same time!
Let’s say I was to mentor you as a client in this situation, the first thing we would do is map out all of your current and potential income streams — what they are and how much they are worth to you. Then we’d look at how much time you are spending on each. Then do the same with your marketing efforts. Then we’d have a margarita, because you’ll likely need it. (OK just kidding, but only kind of ; )) From there, it should be pretty obvious which income streams will make you the most money fastest. THOSE are the ones you need to focus on ASAP in order to get back up to speed. This is a variation on the old 80/20 rule, otherwise known as Pareto’s Principle. There is likely 20% of your efforts that are producing 80% of your results. Growing your business fast is making a continual effort to identify your 20% and focus your efforts on that. Oh, and this is often bewildering to do alone — I have always needed to go through the process with my team, a partner, or better yet a mentor.”
Love and success,
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