THIS MONTH’S WEEKLY SPARK THEME: BUSINESS SUCCESS = MATH
In last week’s Weekly Spark: Do You Know Your Numbers? I discussed the importance of knowing your business numbers and introduced the concept of compound effect. Increasing a series of measurable components of your business by 10% to 15% will result in a compound effect of more than doubling your revenues. Yes, more than doubling your revenues.
Here the secret…
In order to double your revenues, you do not need to double anything. You do not need to do twice as much work. You need to focus on how your business makes money, how to break it down into specific elements and how to increase those elements by 10% to 15%
There are actually only 4 ways to increase your revenues in a business: sell to new customers, sell more frequently to existing customers, increase the value of each transaction, and increase your retention rate. Pretty simple when you think of it.
Breaking it down even further, there are 7 elements that apply to increasing revenues and 1 that applies to increase your profits. I call them “The 7 (plus 1) Accelerators”. Why Accelerators? If you focus on them, you can really accelerate your business growth; but if you don’t keep your eye on them they can actually become de-accelerators and your revenues will decrease.
Watch the short video below to see how increasing each of these Accelerators by 10% to 15% results in yearly revenue going from $100,000 to $177,000 – $231,000!
There is the magic in the math, the compound effect!
Do you know what your current Accelerator numbers are? Have you been tracking them in your business?
The 7 Accelerator to Double Your Income Workbook
The 7 Accelerators to Double Your Income workbook has been designed to be interactive, practical and have an immediate impact on your business. I recommend that you set aside time after watching the video series to work through the workbook. The goal is to create some real actions based on the 7 Accelerators and start making small changes in your business. Sign in below to have a free copy of the workbook delivered to your inbox.