Spring cleaning and this transitional season as a whole has a lot of people wondering: what’s the next big move I should make in my business? You might be looking at your sales goals from Q1 and wondering how to increase revenue this quarter, or you might be over capacity and wondering how you’re going to manage your business with summer travel coming up. In this episode, I’m sharing the four major areas where you may need to invest more time or money - sales, systems, support, and self - and how to know which move to make first.
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Some key takeaways on the next investment you should make in your business:
First, identify where there are roadblocks in your business preventing you from pocketing more profit. Pay attention to the BIG roadblocks, and ignore the tiny ones for now. We want the biggest ROI we can possibly get from our investments.
Bringing in new leads to your business and converting those leads into customers are two totally different activities. A lot of us jump to invest into ads and marketing to attract new leads when we should actually invest into increasing our lead to customer conversion rate. If your conversion rate is between 50-75%, then you can invest into bringing in more leads.
Your business is only going to be as successful as you allow it to be. If there is a skill or mindset block you need to master to get to the next level in your business, your next investment might be in a coach or course to walk you through that.
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!