Building wealth starts long before you get a check in your hand. Many business owners and entrepreneurs figure they will build wealth with what is left over at the end of the month, or worse yet, what is left over at the end of the year. The excuses for this range from any of the following:
- You don’t understand my business is different
- My sales cycle is long, so it’s hard to know the profit each week
- My business is seasonal, it’s not possible to make money all year long
- And on and on…
Having a great net income starts long before looking at your profit and loss statement. A focus on building serious wealth starts long before that meeting with your accountant each year as well. When you want to seriously build a business, that generates a NET income for you (far beyond a paycheck), then it takes knowing the numbers that will help you get you to your goal.
Now, before I share with you the questions to ask, I invite you to consider having a BIG goal for net income. Set a goal that really gets you excited, something that may even make those you tell it to say something like “that’s not realistic”…then you know you are on the right track.
To get to the core of what will help you hit your big goal, ask yourself the following questions.
- What is an average client/product sale worth to me?
- How much does each lead cost me?
- How many leads do I need to generate to make a sale?
- What is my most profitable product/solution?
- What type of marketing is bringing me my best clients?
- How can I get the most out of my best type of marketing?
You might not have the answers to these questions immediately. The important part is to dig deep within your business to uncover these answers. You might even need to bounce the answers off of a business partner, coach, mentor, or mastermind group to insure the answers match up to your net income goal.
Todd Bates has been an entrepreneur from the day he graduated from college.
As a pioneer in the marketing field Todd has created 47 different companies that have helped small businesses put strategies into action that quickly increase their sales. Specializing in direct response marketing, sales conversion methods, and social marketing strategies, Todd has a passion for helping individuals and business improve their bottom line.
Click here to discover how you can build your wealth through marketing systems that won’t rely on you to succeed.
