The Most Uncomfortable Thing You’ll Have to Do to Make More Money
The worst thing you can do for your health is to skip any sort of medical check-up. Similarly, the worst thing you can do for your business is to skip all assessments of your input and output.
Well, I can’t let you fall in this trap, and this is exactly what we’re gonna chat about in the comments section of this post and what my latest episode of the 7 Figure Furnace podcast was about – getting ourselves ready for the confrontation.
If you’d rather listen to the episode than read about in, go ahead. I won’t mind. You can always come back later to check out the resources and links we talk about here later
Confronting Your Current Situation is the Path to More Profitable Business Practices
You see, something we should learn as early as possible in our entrepreneurial journey (and in life, in general) is that the better life you seek is on the other side of the confrontation you’re avoiding and there’s no other way to reach it. If you want that life you’ve always dreamt about or those big profits in your business, you need to confront your current situation. And I know it’s uncomfortable – it’s one of the (if not the) most uncomfortable things you’ll have to do in life, but listen up, mate:
If you don’t know where you are, how are you going to steer your ship towards the treasure?
You need to confront your reality to figure out what you’re dealing with and what your own strengths are and in the following paragraphs, you’ll get a few pointers as to how to do it as quick and easy as possible.
3 Simple Tools to Assess Your Business
The fact that you decided to not further ignore a problem is a big step forward and you should use this momentum to your advantage. Some of the tools helping you do that are probably already part of your online marketing arsenal:
1) The Almighty Google Doc or Spreadsheet
Ah, Google Docs – free, powerful, highly customizable.
You can use them for almost anything you can think of, and they’re great for keeping you organised. They’re also perfect for sharing your lists and guides and assessments with members of your team or independent contractors.
Here is how you should use Google Docs to get a clearer picture of where your business is right now:
1. Keep track of your assets
- What domain names do you currently own?
- How many websites are up and running and where are they hosted?
- How much are you paying for all of those websites?
- What sales pages did you put up?
- How many of them are currently active?
- What social media channels do you use?
- How many people are on your email list?
These are all things you should know at any time. Open a Google Sheet and fill in all of these things. You can use separate sheets or just one.
2. Keep track of your most productive hours
- When are you usually working for your business?
- What campaigns, ideas, social media posts, newsletters or new products are coming out in that time?
- When are you the most productive?
- Are you spending time in front of your computer without actually working?
- Can you move your leisure and work hours around to optimise your productivity?
3. Track your key metrics
With a 9 to 5 job it’s clear: if you don’t receive your salary when it’s due, something’s definitely wrong. With a business, things are more complicated, depending on what your goals for success were. Money is part of the equation, but when you’re an entrepreneur there are so many more things to check off before getting money to pour in: what was your traffic for this month, how many leads did you get, how many conversions, how many refunds? You should know these stats because they’re the vital signs of your business.
4. Keep track of bought products and paid services
Do you know what subscriptions you’re paying for every single month? Do you know what is their todal value? It might shock you. You should keep track of all of these $5 to $10 to $100 monthly expenses and you should also know what other products and services you bought for your business. Add them all in a Google Spreadsheet.
Next time you see a product that sparks your interest, make sure you take a look at your list before paying for it. Maybe you already have the product or something similar in your arsenal but just forgot about it.
2) Google Analytics
You can’t run an online business without using Google Analytics at least at a basic level. There is so much you can learn about the people visiting your websites and sales pages. One of the simplest things you can do is go to Behaviour > Site Content > Landing Pages. This is telling you where people land on your website. What content are they looking at when they first visit your business? How is that helping your business?
Another simple thing to find out is how are people getting to your website or sales page. Go to Acquisition > Overview > All Traffic to see it. If just 4% of your traffic is coming from Twitter or Facebook, why on Earth would you invest 80% of your time on those platforms? Always invest your time in what works.
Something that’s a bit more difficult is setting up split tests. You can do this by going to Behaviour > Experiments > Create Experiments and follow the instructions there or use Google Optimize. If you’re not that familiar with Google Analytics, that’s OK, just hire a freelancer to help you out. Split test can help you make sure you’re doing all you can to convert your leads, that there aren’t ways you could convert more people and make more money that you’re just not using. If your current sales page copy isn’t the most effective one, you should know so you could change it to what works.
3) Bank Statements
Don’t let bank statements scare you. It can be uncomfortable but you really need to know what is going into your accounts and what is coming out. It can make you uncomfortable because there can be a difference between what we think we spend our money on and what we actually spend money on. Find out where you’re at and use this moment as fuel to further expand your business.
So, Are You on the Right Track?
The trouble with confronting the reality of how your business is actually doing is that you need to do it every once in a while. Once you know where your business is at and where you want it to be, you need to track your key metrics (what drives your business forward) so you could make sure you’re making progress. Is your ship sailing towards the treasure or away from it?
And listen up, mate, progress is HARD. If today you’re in even a slightly better place than 6 months ago, that’s progress, so don’t be too demanding of yourself. You’re doing a good job.
I hope you’ll use these simple tools to face your reality and track your success, and I’d love to hear about what obstacles you’re dealing with and what did you learn when you first did an assessment of your business.
Let me know in the comments section!