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Last fall, I shared an epiphany I had on Instagram and it kinda blew up! I had just scaled to $20K+ months and had way more time freedom than I did at $10K months because I was able to afford a team to support me. So many business owners have a goal to hit $8K to $10K months to hit the elusive six-figure mark, but it can actually be way more challenging to run your business at that level than at the $20K+ mark.
In this episode, I’m sharing how my exact 2021 Profit Strategy and how it helped me transition from a burned out service provider to a blissed out CEO with a full team. If you’re feeling more stuck in your business despite hitting those glamorized revenue targets, this episode is for you!
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Some key takeaways on how my Profit Strategy helped me scale for more financial and time freedom:
When I hit the $20K+ per month level, I was able to hire a team, including someone to manage my other team members and client relationships, which freed up way more time and energy for me to work on my business.
When I was ready to scale my business, I first took three months to stabilize my business by revamping my offers, raising my pricing on certain offers, and making the decision to discontinue certain offers. Stabilizing before you scale is so important, otherwise things can fall apart when you do start seeing that revenue increase.
When it comes to the sales and marketing activities needed to bring in clients or customers to help you scale, evaluate your current marketing and sales spending and figure out which things are worth continuing to invest in. What brings in the most leads? What are your conversion rates from sales calls to closed leads? Identify where you can improve your numbers.
Click here to listen to this week's episode!
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Check out my IG post about running your business at $20K months
Profit First: Transform Your Business from a Cash-Eating Monster to a Money-Making Machine by Michael Michalowicz
Download our free Year-End Financial Review Workbook to help you get clear on your financials and identify your 2022 money moves! Get the workbook here.
I’m Sarah Young - a CPA, Virtual CFO, and the Owner of Young + Co! I have over a decade of experience in helping entrepreneurs scale their businesses and build wealth at the 6- and 7-figure levels, and I started the Profit + Prosper podcast to help you do the same. Profit + Prosper is a business finance podcast created to help entrepreneurs build their wealth in a way that’s fun and empowering. This is NOT a boring numbers podcast - I will share tactical tips to increase your profit so you can truly prosper in your business and in life. I hope you’ll subscribe so we can Profit + Prosper together!
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