Unlock Your Earning Potential with the Revenue Optimization Canvas

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As an entrepreneur, you're good at solving problems. That's the key to increasing your efficiency and unblocking revenue. But you can't fix problems that you're not aware of. So today we're going to remove those blind spots and you're going to learn how to analyze and optimize your business model. This is the Launch your business podcast because we know starting a business is challenging, but it doesn't have to be confusing. Each week we'll give you the tactical advice and the necessary tools to scale your business without feeling burnt out. Terry I'm Terry Rice, business development consultant and staff writer here at Entrepreneur Magazine. Let's dive in. I'm going to share a quick story and this might sound familiar to you. I was recently speaking with a new client and they were concerned about their lack of revenue growth. In fact, they were so low on leads they were considering getting a 9 to 5 to support themselves until they could figure things out. So I asked a simple but revealing question. What are you currently doing to generate leads? And they told me all the familiar activities. Posting on LinkedIn, making videos on Instagram, even writing blogs for their website. I then asked them another simple question. When is the last time you reached out to someone and pitched your services? And they let me know that that's something they did originally when they first started their business. They reached out to their network and said, I have this new thing. Can you spread the word for me? But since then, they've been relying on word of mouth and people seeing content online. They figured that would be enough to attract leads. So I said, well, you are wrong, because that clearly did not work. You know I'm joking here. Obviously I said it in a more polite way, and that's because I can relate. I told them they just need to address one critical initiative that was missing from their current business model, and that is business development. And by that I mean straight up asking prospects if they would like to buy their services. What followed was a deep dive into their current business model. And they reviewed a few small but correctable mistakes that were having a huge negative impact on their revenue. And by the end of the engagement, they were able to consistently generate leads. And I knew I was onto something that would help other entrepreneurs who also felt stuck or stagnant. So that's what we're talking about today. I call it the 360 Revenue Optimization Canvas. It's a visual and tactical solution to help you identify and remove revenue roadblocks. And that's what we're going to walk through today. And after listing, you'll be able to pinpoint exactly what's holding you back from making more money and walk away with a clear understanding of the actions you must take to achieve your full revenue potential. And like I said, there's a visual aspect to this. So after listening, I highly recommend going to my website so you can see exactly what I'm referring to and download a template that will allow you to immediately apply what you've learned. Just head to TerryRice Co backslash optimize. Okay, let's go ahead and get started. The first step in optimizing your revenue is making sure you have a good offer for your audience. What are you literally providing them in exchange for their money? And we covered this in detail during episode 22. It's called Alex Hormozi's Blueprint for Entrepreneurial the Irresistible Offer. So please do check that out, but I'll give you an overview now as well. Your offer consists of a few parts. First, you want to identify your audience's dream outcome. How do you specifically help them solve a problem or achieve a goal? Unfortunately, that's where many entrepreneurs stop and that's why they don't make as much money as they could. The next part involves maximizing your prospect's perceived likelihood of achievement, meaning will they actually be able to achieve their desired outcome by partnering with you? You can do this through guarantees, testimonials or other examples of successful outcomes. After that part, and this is very important, minimize time to success how can you help them make progress faster or quickly show results? And I'll give you an example. I have a LinkedIn training program for companies and one way I help them make progress faster is by giving them access to a pre recorded training ahead of a live workshop that I'll lead. This way they can make progress immediately as opposed to waiting for me to conduct the live masterclass. Lastly, you want to decrease effort and sacrifice. How can you make it easier or more convenient for them to work with you or accomplish their goal? And again, for my masterclass, I give clients templates and tools to help them create content faster. So again, this is a very brief overview. You should definitely listen to the full episode, but take note if you're missing any of these components in your current offer. Making adjustments here can be the key to unlocking your revenue Just Get Started if you've ever looked for tips on launching a business, just get started seems to come up a lot. And while that's vaguely motivational, it does not provide any real direction. Because the next logical question for anyone would be, well, how do I get started? What specifically should I do? Well, if you're looking to quickly start a business without the confusion, risk and pressure of doing something entirely new, I've got a solution for you. It's called the solopreneur's Fast Track, a step by step process on how to start a business using the skills you already have and actually enjoy using. So let's say your favorite part of a previous job was email marketing. You'll learn how to start a business offering other companies advice on how they can improve their email marketing. Or maybe you are really good at integrating complicated tech tools. You can help other organizations do the same thing without the need to bring on a full time hire. So the main point here is that everything you need to start a business is already within you. You don't need a cool website or fancy tools. And by completing the course, you'll also discover a simpler approach for attracting clients without using complicated funnels or cheesy sales tactics, you can finish it over a weekend and start making money in as little as 30 days. You'll gain the clarity and confidence you need to start your business and receive a one page business plan so you can immediately apply what you've learned. Get started today and receive a 20% discount by heading to terryrice co. Fast. That's terryrice co. Fast. The next step is your branding and marketing. And by the way, I notice most people already spend way too much time here, so we're going to keep this rather short. But if you do want more detailed guidance, be sure to check out episode six, where Shanae Marae explains how to build and monetize your personal brand. And that's important because as an entrepreneur, your personal brand is the only unique differentiator for your business. So how do you build that? By sharing content that demonstrates your expertise, worldview and personality. And one easy way to get started is to think of 10 topics your audience would like to learn more about, then create content that educates, entertains and engages them. And I'll stop here to say you don't necessarily have to entertain them. So if you're nervous about dancing in TikTok videos, don't sweat it. You can build your personal brand by posting on social media, speaking on stages in podcasts, and you can also write blogs or articles. So if you're not doing any of those things, that's another reason why you're not growing as much as you could. And the easiest way to get started is to post on social media three times a week. Okay, on to the next part. And this may be the most critical for you. Business development. And I know that term can be ambiguous, so here's a definition for you. Business development is the activity of pursuing strategic opportunities for a particular business or organization, for example, by cultivating partnerships or other commercial relationships, or identifying new markets for its products or services. So that's a lot. But the key word here is pursuing. You're actively doing something to land these strategic opportunities, in some cases leads and eventually clients. Now this is different from personal branding, which is a passive way to attract these opportunities. If you need more leads today, you cannot afford to be passive. You can't just hope that LinkedIn puts your post in front of a prospect who needs your help. And you should not be spending time creating a fancy Instagram video either. No, you need to boldly and proactively get in front of your prospects. And there are plenty of ways to do so. But my favorite is social media and you have two options. When you do it this way, you can slowly build a relationship with prospects by engaging with their content, then eventually messaging them and and then ultimately asking them to book a sales call with you. This will work, and if you want step by step guidance on how to do so, check out episode 21. The easiest way to get leads for your business. But if you want to move even faster, you need to be more direct. You need to directly pitch your business to prospects and I understand that may feel uncomfortable. I don't like it either. But when you pitch, one of three things will happen. They'll ignore you, they'll say they're not interested, or they'll ask you for more information. They're not going to screenshot your message and post it online the next day for everyone to laugh at. And if it's helpful, here's the message I sent prospects in regards to my LinkedIn training program. I'll try to read it in a non salesy way. So here it is. I'm coming out of the blue here, but I see you post on LinkedIn and I'm wondering if your company would be interested in a LinkedIn masterclass that I offer. In short, I teach team members how to create content on LinkedIn that attracts leads and boosts their company's presence as an industry thought leader. It's how I built my business and I can teach the process to anyone even if they're short on time or don't think they're creative. Is this something you'd be interested in hearing more about? So you can tweak this any way you want, but the moral of the story is just be very clear about what you have to offer, how it helps them, and then ask if they want that help. Once I made this script, I then identified 40 people to reach out to and again, I don't like being salesy but I was surprised at the results. I blocked off 50 minutes to do this outreach and during that time I reached out to 15 people. Here are the results. One person said thanks, but they just started their job six days ago so the timing was bad. Can't blame them for that one. Another person asked how much it was and how long the training lasts. I replied to her and I have not heard anything back. But again, that's a buying question. That's not a buzz off question. The last person booked a call with me which was great and they let me know that the link to book a call on my website was broken. So that was an unexpected bonus. But that's also the benefit of building up your brand when people already know, like and trust you. They'll forgive you for having a website that's a little janky, but you'll notice I didn't mention anyone heckling me. So again, if you're stuck or stagnant, this could easily be the missing piece in your business model. So identify 40 people that you can proactively reach out to so you can start bringing in business. Or at least get valuable feedback on how to improve your offer and approach. And by the way, if you need help with sales calls, you gotta Check out episode 7 Brian Christiano shares Sales tips for Introverts and How to Avoid getting Ghosted so check that one out so we've talked about your service offering. Now it's time to talk about your service delivery. And this is important because if you don't deliver on your promises, you won't be able to grow your business through referrals and testimonials. Plus, you just should not rip people off in general because it's not cool. Good service delivery starts with the onboarding process. What happens? As soon as someone buys from you, I highly recommend sending them a welcome email that details all the next steps on your end and theirs if applicable. You should also include information on how they can access the resources or systems you develop to help them make progress towards their goal. And then lastly, give them a heads up on how you'll stay in touch with them, as well as any ongoing meetings that might occur. And I'll stop to say these steps may not directly apply to your business. Maybe you have a product instead of a service, but hopefully you get the point. The overall goal is to set expectations and provide the information they'll need to get started. And once you get started, how will you keep track of the milestones and tasks related to the engagement? So essentially, project management. You can use tools such as Notion, Asana or Trello, or just set up a Google Drive folder. Pick whatever platform works best for you, but don't skip this step. It will save you and your client a lot of confusion going forward. And then beyond that, this organization and accountability is the key to delivering on your promises. So what happens when you deliver on those promises? You need to have a process in place to request testimonials and referrals. This is how you'll grow based on your reputation, and it makes it easier to get a yes out of the prospects that you proactively reach out to. For testimonials, I use a tool called Testimonials to, but you can also just send a quick email asking them to share their experience before, during and after working with you. And I know this might feel uncomfortable, so here's some information that may help According to a marketing survey by Texas Tech, 83% of satisfied customers are willing to refer products and services, but only 29% actually do. Do you want to take a guess on why they don't? Another study by Heinz Marketing found that only 30% of companies surveyed have a formalized referral program. So what does that mean to you? If you want to grow quicker and make more money, ask for referrals and testimonials. The last part of your model that has to be addressed is your workflow optimization. And by that I mean how can you increase efficiency, avoid burnout, and hit your revenue goals? As you may have guessed, it all starts with your goals. And the process I like to use is okrs, which stands for Objectives and Key Results. It's a goal setting methodology used by teams and individuals to set challenging, ambitious goals with measurable results. And I cover this in depth in episode 16 how to set and achieve your goals without burning out. So you should definitely check that out. But for now, let's just say you have to have a goal, and that's usually going to be on a quarterly level. Then identify all the actions that must be completed in order for you to achieve that goal. This will give you focus and help you avoid distractions. And anytime you come across an opportunity that does not directly align with these goals, you got to keep it moving. And these goals also give you more structure on a weekly basis as well. I normally suggest creating three big goals for the week and blocking off time to protect them. Every day you can review your list, make progress, and feel good about yourself at the end of the day. You also won't scratch your head wondering where all the time went since you're consistently making meaningful progress. But that's not to say every day is gonna be amazing. You'll still get frustrated and perhaps overwhelmed at times. And that's why it's helpful to do a weekly review in which you determine if any of your tasks can be automated, delegated or eliminated. Remember, you want to spend as much time as possible in your zone of genius. Focus on the critical activities that you're uniquely suited for and no one else can do. Then do your best to offload everything else. Okay, so we covered a lot today and here's your next step. Head to my website and download the 360 Revenue Optimization Canvas then identify which areas you need to develop and block off time to make these adjustments. Now's the time to work on your business, so so the time working in your business will be easier and more rewarding. Thanks for listening and I'll see you next time. Apply what you've learned on today's show. You'll find the show notes and more resources at. Terryrice Co. Podcast Again, that's Terryrice Co Podcast, and the best way to support this podcast is by subscribing, telling a friend, and leaving a review. Also, you can get more tips by following me on Instagram at it terryrice, or follow me on LinkedIn. This episode was produced by Josh Wilcox of Brooklyn Podcasting Studio and edited by Dan Lardy. Special thanks to my wife, Dominique, for keeping our kids relatively quiet as I recorded. Thanks again for listening. I'll see you next time.