MBA1941 Are You Spending Enough Time on Making Revenue?

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So are you spending enough time on making revenue as the CEO, as the leader, as the leadership of your business? This is my rule of thumb. In any given week, I should be spending any 80% of my time on tasks that bring in revenue. Yes, that much time. Why? Because if you don't, who will? That's a good question. Who on your team, who outside of yourself is going to take the responsibility and make sure they are working towards bringing in more revenue every single day? You might have a sales team, you might have maybe a marketer, and that's good and all. But ultimately it's your responsibility as a leader to make sure not only are you paying all your bills for the business and paying everybody, but that you're bringing in the money so that you can continue to grow. And in a lot of ways, you need to be a little obsessive about this. I know this sounds a little bit crazy, but it takes that kind of laser focus because it's very easy to sit back and take your foot off, off the gas pedal. But that's not how business works. Business rewards people that do things consistently and do them regularly. Right. They just continue to go at it. So let's talk a little bit about what are some activities that bring in revenue for a business? Business partnerships with other companies or other brands so that you can cross market and cross sell your products and services. These are discussions, these are negotiations, these are agreements that have to happen between you and other companies working on your pricing or your pricing model. There's a lot of business that don't spend enough time, enough strategic time working on their pricing and their business model. To be honest, they're not really sure how they're supposed to be earning money. For example, you might have a business that teaches how to run paid ads like Facebook ads and Google Ads. You create courses and you sell them. This is fantastic. But this means you're only making money every time you put your course on sale. When you open up the doors and you're only targeting one type of customer that is interested in doing the ads themselves or hiring somebody in their team to do it for them, you're leaving money on the table. You can expand your business model by adding streams of revenue. For example, in this example, you can offer ad management services. Let's say, hey, you can learn how to do this and do it yourself, or you can just pay more and I will have one of my team members manage your ads for you. There's a lot of business owners that I know personally that would prefer this, that would say, hey, I love this course. It looks very insightful. It definitely looks like you know what you're doing. I like this philosophy, but I really don't have the time to consume this course and implement it and learn the hard way by making mistakes. You know, do you have a service that you could just do it for me? At the end of the day, they want a job to be done. They want their marketing, their paid marketing taken care of. So this is just an example. But adding revenue streams, tweaking your business model to bring in more revenue is a huge investment in your business. This is a huge investment in your company. A good use of your time, right? Looking at your offerings, say, is there anything else we can offer? Any other revenue streams, Any other things that our customers need, want would be interested in that we can sell? For example, we sell webinar software, but we don't sell just webinar software. We sell different types of webinars. We sell series and summits, and we sell hybrid webinars. We also sell some training. Sometimes we do challenges, paid challenges, paid courses, rerun live events. The point here is that we know that a lot of our customers love our software, but they love the community and they also want to up their game on how to use the software. So this is kind of the reverse of the example I gave. A lot of people don't spend time on experimenting on their pricing. Maybe they can increase their prices, do some split testing. Maybe they can offer different packages. This will bring in more. What about doing a webinar for an audience that is underserved? For example, I try to do webinars in different markets that don't typically get cared for. For example, I can deliver a webinar to accountants and show them, hey, you can teach your accounting services or your skills, or maybe you're doing some sort of certification program for others. Let me show how you can use our software. A lot of these smaller niches are underserved. No one's really helping them out. Everybody's going for the business coaches and the bloggers and the YouTubers and the influencers. Well, there's a lot of other niches that don't get that attention. And if you can put your hand out and say, hey, I'm here to help, they'll be happy to sign up for your services, for your product, for whatever you offer. Believe it or not, one of the things that really brings in revenue is just getting to know people in the industry. One of the things I try to do is I like to schedule a lunch every Friday with somebody new, another entrepreneur, somebody that's pretty well connected. Why? Because I want to make friends in the industry. I want to make friends that are successful, that know lots of people, because they might recommend me, somebody that I might need, they might say, hey, I know somebody who can help you run your ads. I know somebody who would be great as a customer service agent. I know the software company that is looking for an expert when it comes to webinars. Why don't you give them a call? Here's their number. So getting to know people and networking is actually a good use of your time because they open up doors to so many opportunities and these opportunities bring in revenue. Branding activities. A lot of people don't understand the power of a personal brand. Even if you have a company and a company name like I do, Webinar Ninja. I'm sort of the face of the brand. So is Nicole, my other co founder. And I like to associate myself with great advice, information, just being helpful. And that's why I try to be on other podcasts, be on interviews, be interviewed for magazines. Any kind of PR activity is going to help you get that exposure and build that brand awareness and build that brand equity with your audience. Now notice I'm not saying, like spend three hours on Facebook and scroll and tweet and all that kind of stuff. This is really not effective unless you have millions of followers. This is why I like to leverage other followings, other audiences. I get on other people's podcasts, I get on other people's blogs that have, you know, hundreds and thousands of people that are listening, that are watching, that are reading. And I don't worry too much about my own social media. I post when I feel like it's relevant, but I'm trying to reach new audiences. And that's why I go to other people's audiences and try to spend as much time as possible giving great value. Another great revenue making activity is really looking at how can you help your existing customers. You might have existing customers, your users, clients, whatever you call them, you've helped them in some way, you've solved some of their problems. But guess what? They have more problems, okay? They have Other things that need solving and you can help them. You need to identify what those things are. This means getting on customer interviews. This means looking at the behavior of your customer. If you have the ability to look inside of your data, of your, of your company, their traffic, how they answer surveys, things like that. And you can learn, hey, my customers are saying they really like this, this, this about our service or product, but they wish they had a way to do xyz. Why don't you offer to them? One of the easiest ways to make revenue is from your existing customers. If you offer something they already want and need, they already trust you, they already got a result from you. They're going to say, hell yeah, I wanna buy this product or service that you're offering me. So any work that you can do to improve the quality of the lives or the work of your existing customers is going to be a slam dunk project. It's going to be easy for you to make more revenue because you're a known entity, you're a proven entity and you're providing more value to your customers. This is nothing new, okay? Apple is the king of this, okay? They thrive on their ecosystem. Most people that buy Apple products are not first time Apple buyers. They have bought an Apple product before. Whether it's a phone or a watch or a laptop. They know you have other things, other needs that need fulfilling and they serve you as an existing customer. So how do you organize this? How do you make sure you're spending enough time on these types of tasks? Well, it's literally looking at your to do list every morning and asking yourself, is the majority of these tasks bringing in revenue? If not, I literally do this. I look at my list and I say, if not, I just push it aside. I say I will work on this later. This is not important. I will work on the revenue making stuff first. All in all, like I said, at the end of the week, 80% of my activity has to be revenue generating. The other 20% is leadership. It's communicating with my team, syncing up with them, it's management, it's collaborating. All that is important. But it comes second to making revenue for the business.

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I know I really stressed the importance of spending as much time as possible on tasks that bring in revenue, but all of this is irrelevant if you don't track it. You need to track your numbers. Like Peter Drucker says, the godfather of marketing, what gets measured gets managed. So I highly recommend you use some sort of tracking software, even a spreadsheet, to know how much revenue you're making every single month. Okay? So you know if you're on track. If you have something automated like Profitwell that plugs into Stripe, like your payment processor, that's even better because you can see by the hour, right, how much money you're making, how much revenue you're bringing in. But even if you're just manually plugging in the numbers at the end of the day in a spreadsheet, that is good. You just need to know, are you moving the needle? Are these efforts helping? Because I'll tell you something. When I started tracking, when I started focusing on my revenue making, it was really rewarding because I saw my efforts paying off. I saw, okay, things are starting to move along. This is great. I can now make another hire. I can now invest in the business in this way. We can have a little bit of breathing room this month, all that kind of stuff. And it's important to see that and celebrate that one because it encourages you to continue to go at it and to be disciplined. With this 80% rule, you start to realize I'm doing the best thing I can do for my business, for my team, for my customers, because I'm able to continue to improve the product, product through the revenue I make. Thanks so much for listening to the $100 me a show. If you love what you hear, hit subscribe, hit follow whatever it says on your favorite podcast app. In tomorrow's episode, we talk about what to ask to find the best hires in an interview. A lot of people are not really sure how to really dig deep and really find out if this person in front of me is really going to help my company or is just really BSing me. We get into it in tomorrow's episode, so make sure you hit subscribe before I go. I want to leave you with this. Of course, tasks that don't revolve around making revenue can be important and are important, but it doesn't mean those tasks are going to be neglected. You can give them to somebody else, you can assign them to somebody else. As well as the revenue tasks, you need to make sure that it's being taken care of. This is your responsibility as a leader, because at the end of the day, if money is not coming in and money continues to go out, it's going to be really hard for you to sustain your business long term. Thanks so much for listening and I'll check you in tomorrow's episode. Until then, take care. Of foreign.

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