635. 10 Biz Q's That Will Make You Money

So are you even asking yourself questions in your business? I ask myself personal questions all the time in my life and in my business. And if we're avoiding them, it's because there's something that we know that we don't want to be doing. And this is not how successful people think or grow.

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Project, 3 Time Fitness World champion, fitness.

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Here we go. Hey everyone. Welcome back to the show. And it's time for another quickie because there's always time to fit in inspiration. And I was just reading an article that I found on the American Express site and I literally was looking for the most crucial business questions to ask yourself. And I came across this article and I thought that these were some of the most epic questions. So I wanted to share them with you and I wanted to make sure that you guys are asking yourselves these questions because I think that in 2021, if we're not asking ourselves questions that we have never asked before and getting the answers that we need, that we're not going to create the change that we want. So if you guys want to see this article, this absolutely was not an article written by me. This is an article that I am quoting these questions from on the American Express site. They are not paying me, but they probably should. But I just thought these questions were so perfect that I actually did not want to change them or add any of to it. So the first question is what problem does your business solve? And Chris and I do a mastermind and he also does, you know, we do fast foundations mastermind which works with over a hundred early stage entrepreneurs, 500,000 down. And then he does his elite level mastermind which is going to be enrolling after January where that is $500,000 and up. A lot of seven figure earners in there. And I can tell you that there are a lot of these questions that I'm going to share with you that either come up people have never asked themselves and that's Totally okay. Right. But at the same time, if you haven't asked yourself these questions, I know that you're probably struggling or stuck. So with that said, one of the first questions that we talk about a lot is what problem does your business solve? So really getting into the meat of that and understanding what pain point are you solving for people? Number two, how does your business generate income? What parts of your business actually drive the biggest pieces of revenue? Right. So sometimes we don't realize that maybe we're focusing on parts of our business that actually aren't gonna create a large payoff. Maybe we're spending a lot of time in parts of our business that actually are in phase two and three when we should be focused on phase one. What do I mean by that? So sometimes, you know, I just got this question, one of our masterminds, and it was, which one do I do first? What do I focus on? Do I focus on, you know, creating a course, finishing my book, my podcast, what do I do? And I said, well, do you, you know, do you have an audience to sell these things to? Are you nurturing your audience right now? And the answer was no. And it was like, well then you don't need to be focused on focusing on hardly any of those. You actually need to be focusing on audience acquisition and building an audience and a loyal following and getting that trust factor. Or when you do release that book, you won't have anybody who's going to purchase. When you do release that course, you won't have anyone who's going to purchase. So maybe you are looking at phase two and three things in your business when really you need to be focusing on phase one, or maybe you're focusing on phase five things when you need to be focusing on phase three. So how does your business generate income? What's the biggest revenue driver and where do you get your people from? Which parts of your business are not profitable is question number three. Listen up ladies. I'm talking to you because it is time to get rid of that old nasty bra. If you're anything like me, I had a bra that I would always go to because it was just old, comfortable and totally reliable, except it looked like crap. 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That's third love.come y h for 10% off today. Question number four, is your cash flow positive each month? Question number five, what is your pricing strategy and why? Sometimes we just pick prices out of thin air because someone else is charging them or because we think that's what we're worth, when really our audience would pay more or our audience isn't ready to pay more. Maybe our audience is still a very beginner, entry level audience and they need a beginner, entry level product and you're trying to charge them for a product that they're not ready for. That doesn't mean that you'll make less money. It may mean that, but what it does mean is that you might have more people at a lower number, because that's typically how it goes, right? You have a higher ticket offer, you have less people, you have a lower ticket offer, you usually have more people. Number six, how much time do you and your management team spend on generating revenue? So how much time do you, if you're a solopreneur, spend on generating revenue? And how much time do you spend on things that are not generating revenue items? This is all very important to be in touch with in your business. What is your client retention rate? Is number seven? Number eight, will your customers refer other people they know to your company? If so, why not? If so, why not? And are you willing to ask your client that? And if you're not willing to ask your client that, then you're not willing to grow. Because the answer to that question is the keys to what you need to change and what you need to do in order to grow your business? Number nine, who are your most valuable customers and which are the most costly? So who's actually costing you the most? Whether that be in constant customer service, really looking at where are your most valuable customers? Who are those people? And how can you get more of them? What are they responding to? Why do they respond? How can you survey those people? And number 10, what is your social media strategy? So I think it's so important to be asking these 10 questions. And again, if you want to read the entire article, it is at American Express. It's 10 crucial business questions to ask yourself. And I just thought these questions were so good that I didn't want to change them. So are you even asking yourself questions in your business? I ask myself personal questions all the time in my life and in my business. And if we're avoiding them, it's because there's something that we know that we don't want to be doing. And this is not how successful people think or grow. It's like you look at the problem, you go for the problem and you go for it head on. And if you want to know what's stopping you, if you are not there yet, you need to work on becoming the person who will be there. So, you guys, I hope that this helped you because 2021 is coming up.

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I know there's so many things that you guys are facing with wanting to grow businesses or online businesses or thinking about doing something online. And I can tell you that you definitely want to start looking at these different questions within your business. So you guys, as always, if you guys have any questions, feel free to DM me. Let me know your biggest aha moments. Let me me know your biggest takeaways. Let me know the questions that you'll be asking yourself this year. Or maybe there was a question that really solved something for you. Or you're like, oh my God, I never even realized that that is where I was holding myself back. And you know that I love to see it. So make sure you do a story, tag me and let me know what it is that you are going to be confronting in your business, what question you're going to be answering head on. So you guys, I love you so much. Thank you so much for listening. And until next time, Earn you're happy. Bye everyone.

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