0:00:03
There we are. Hello. Welcome. I am Briar Harvey, and this is the Neurodiversity Media Network. Today, we are joined by the spectacular operator who still hasn't updated her Facebook things. To tell you about I don't know. Last year, you're three months behind that, baby. I thought I deleted those, but it's okay. It's only it's only on your profile. It's fine. No. Okay. I'm really looking forward to this conversation y'all.
0:00:48
We are talking about profits -- Mhmm. -- revenue -- Mhmm. -- which are not the same fucking thing. They're not. They're not. And it's a problem for entrepreneurs, for starter for startups, anyone that's fairly new in business, there really seems to be a gap in the education around what it costs to run a business And how much you have to bring in, what your tax bracket is gonna be? Like, we're really We're avoiding having these conversations because we just wanna talk about our six figure launch. And is it a six figure launch where you have to pay six figures in expenses? Your guess is as good as mine, really. So, Stacy's got some stuff for us and I'm gonna be most muted because it's quite possible. It's gonna sound like my roof is coming in. Because in fact, my roof is being worked on and it's caving in. Mhmm. So we're gonna let Stacy run the show today. And take it away, my friend. Yeah. So we're gonna have, like, more of a technical conversation today than we normally do.
0:02:26
I know we start out with definitions, you know, sometimes with things or we try to clarify that. So for those people that are watching for the first time and seeing me for the first time, I am the operator, government named Stacey Moore, and I connect small business owners to the resources and relationships they need in order to generate more revenue. And that's supposed to allow you to relax. And we know just a little bit because then you have to get back and you have to generate more. But hopefully, you understand that in setting up your systems, in setting up your processes, in setting up your revenue, that you need to have different kind of revenue coming in so that you can actually enjoy some of that revenue or some of the profits. So we're gonna talk about the difference between revenue and profit. And I am going to go with the definitions as I found them because I don't want anybody to say, well, I know she's not an expert on revenue or I don't know her as being somebody that drives profits. But the truth is that I actually work with seven and eight figure business owners that are driving that. And my job is to either put them in front of their ideal audience or help them build their book of business So they have more people to actually be able to sell to or educate or to just drive in additional revenue that allows them to relax a little bit more or to create a legacy out of that stream of income.
0:03:58
So let's talk about revenue. And so according to this definition, and I don't have the source for this definition though. It's the revenue is refers to the total amount of money that a business generates from its sales, services or other activities during a specific period And it is a key financial metric used to gauge a company's performance and represents the income generated before. Before deducting any expenses such as Briar mentioned, the taxes other costs associated with running the business. Now the revenue is crucial because it serves as a primary source of cash flow in order to keep the business operating, of course, the maintaining operations, paying employees, covering the overhead costs, and then investing in growth. So we also know that we're supposed to take some of this money and we're supposed to put it back into our business or otherwise it won't grow especially against the cost of living, which is higher than it used to be. So we need to make sure that we're keeping up with that as well.
0:05:10
And can be gone overnight. I spoke with a woman this week who used to be in who used to work for the agency that did SVB's marketing campaign -- Mhmm. -- like just woke up and it was gone. Like, her entire career was just overnight. So revenue is really, really important to make stable and coal y'all? Absolutely. So, of course, tracking and analyzing the revenue is what helps those make informed decisions about how we're gonna price, what marketing strategies we're gonna use. And then, of course, resources that are available to us or that we need to obtain in order to retain financial stability. Now profit on the other hand is the amount of money that remains after all of the business expenses and costs and taxes have been deducted from the total revenue and it represents the financial gain or surplus earned by a company during a specific period and serves as the essential measure of business's financial success and viability.
0:06:39
So, as you were saying, Briar, many times you hear on the entrepreneurial side and not so much on the business side, but for entrepreneurs or solo partners, talking about the launches. Or how much money they made after they put an offering out or that they began to sell products. And so they're talking about how much revenue they brought in, but have they looked at these additional expenses? Did they take into consideration the taxes that need to be paid on that? And then have they paid the staff or team? Did they look at the programs, platforms, applications, did they purchase ads? All of those things go up against it.
0:07:26
So even out of the profit, when we're talking about profit, then there's two types of profit. So the first type of profit is the gross profit. That's the profit that's generated after deducting the direct costs associated with producing the goods or providing services, and it's normally known as the cost of goods sold or COGS for those people who've been on the other side for a while. And then from the total revenue, you know, you take that out. And so that gives you the gross profit And so that's what then most people are working with when they start looking at the pricing again, those strategies. And do I need to adjust that so that I have more gross profit.
0:08:07
But then let's get down to the nitty gritty, the net profit The net profit is known as the net income or net earnings in this amount is remaining after all of the operating expenses are taken out after you've actually paid the taxes and the other costs that are deducted from the gross profit And then the net profit indicates the overall financial health of the business. And if we were to go and look at that for most of the entrepreneurs, out here, we're gonna find that there isn't profit. There's not net profit. So then you're not running a healthy business. So you can't possibly have an exit strategy for those people that are looking to say, I wanna be able to go on vacation for two months out of the year. I wanna be able to leave this business for a child. I want to be able to do x. There it's not a healthy business. And so therefore, It's not something that you should be looking at doing anything extra with. Now are you in a good place to jump in there, Brian? Maybe. We have dogs. Oh, I can't hear anything. Okay. Well, then we'll just pretend that the apocalypse isn't happening around me right now.
0:09:39
I think one of the issues is that we aren't really clearly discussing what it costs to run a business. Mhmm. Right? Mhmm. We And I think most new businesses regardless of industry don't come in with a clear understanding of how much those costs will be what percentage of the business they should be. And while there are some frameworks, I mean, the most impactful for entrepreneurs and small businesses is probably profit first. Mhmm. But I even there, there's not a clear framework. There's there's numbers. Like your operating cost should be less than, say, thirty percent. But what that means is so variable.
0:10:50
And in the online space, the number of people who have most social support software stacks as my good friend Veronica Jens would say, hi. How how much money are you spending on a monthly and a yearly basis for software, for additional things that you think that you need, but are eating away your bottom line. Absolutely. So I know going into some conversations where we've done audits on businesses to determine scalability or the marketing strategy? The first question that we go in asking is about some of these initial things. Because you need to have that bottom line knowledge for you to be able to determine if I'm gonna come in and and implement a strategy. Or give you a strategy, we need to know what the bottom line is to know if there's any growth, if there's any increase in the net profits. And so let's go over a few of the standard terms that, again, on regular corporate side. These are common words, but to ask most entrepreneurs or solo promos, they're gonna say, I don't know what it is. I mean, we've talked about net profit already.
0:12:14
And we've mentioned the cost of goods sold. So that's the direct costs associated with producing the good or providing the service, including the raw materials, the labor, manufacturing and then the service delivery expenses. That goes back into the platform that you're using to hold the information on as a service provider that goes into what tools are you using to market. Whether you're using any ads to be able to promote. Do you have a team that's actually doing that? Did you hire a strategist to actually help you create that strategy and that's another cost. That's a cost of that. Do you have a onboarding process? Is there a tool that you're using for that onboarding process? So all of those things, your your email and your CRM, all of those. So all of that is, you know, your COGS.
0:13:11
Let's start at the top with the client acquisition cost or CAC. Now the total amount that you spend on the marketing and sales efforts to acquire No. They're like I I know no entrepreneur. That can off the top of their head say, my client acquisition cost is x. And Natalie Bolen can was shot out slowly Bolen can. You're right. I bet Natalie Bolen can tell us exactly what her client acquisition cost is. The rest of y'all, probably not. And it's because there are so many factors here. Right?
0:13:52
Like, part of what we want you to be clear on here is you don't have to know what you don't know. But you have to be able to define expenditures and cost. Like, it doesn't have to be it should be. You should know what your CAC is. But if you're not there yet, then you at least have to be able to define all of your outgo. Right. So you need to know the total marketing and sales expenses, and then you would divide that by the number of new clients. That you're bringing in, and then that will give you that that CAC.
0:14:37
So what's the next thing? People say that I wanna make ten thousand dollars on this launch And so then you have a product that you say is a thousand dollars. So I just have to make how many sales. Well, no. It's not ten, y'all. That's not ten. Right. And so that's just the stumper itself. So looking at previously, then how do you how do you get to a lot of people say, now I'm on a scale and I wanna have ten thousand dollar launch. I wanna have a thousand dollar product. But your last product that you've the highest product you've ever sold before is two hundred dollars. So there's a gap in that. So your marketing and all of the tools that you're using now have to reflect a difference in a two hundred dollar acquisition of a client and a thousand dollar client.
0:15:31
So what's your average revenue per client? That's another one. Most people don't know how many clients they even had in the previous year. Much less, what's the average revenue that they brought in per each client. So the average amount of money generated per each client during a specific period, and usually we do it on an annual, but sometimes it's monthly when you get to the point where you're really monitoring that. And, of course, then you're dividing that by the number of clients So again, knowing that there's this thing out here that helps you and all of these things lead to helping you with your pricing, so that we're not just throwing random numbers against the wall and seeing which ones stick, knowing the history before.
0:16:20
So if your average revenue per client right now over, let's say, a year's time or three years' time, is a certain dollar amount then you might be looking to increase that. So at the beginning of the year or at the beginning of the quarter, when you're talking about KPIs or key performance indicators, then this could be something that you use a tool to increase the average revenue per client because we've already said that the acquisition is another cost involved. So is it easier to make more money off of bringing somebody in new? Or is it cheaper to keep? Or which is my infamous line, and then to be able to increase the total amount that they're actually spending with you over a period of time. What's the the group? Got you too. Right. Yes.
0:17:11
And and I want y'all to know these numbers should get you to the lifetime value of a client, which she should know and be able to calculate Roughly, it's LTV is a little less exact, but knowing how much client should bring to you over the lifetime of your relationship is invaluable in understanding those longer term relationships. Right. And so this that is the next step. So we have the gross profit per client, and that's the profit generated by each client. After deducting the COGS or the cost of goods sold, per client and then the average revenue, which is the ARPC that we talked about.
0:18:02
Now if you're saying right now, like, These are too many terms. The object of us is to go ahead and throw up on you. And for you to inquire, whether it's to inquire from us because we're gonna have this glossary available for you. So you can get this information from us or you can look it up yourself But to make sure that you know the numbers, you know the calculations, prior talked about the lifetime value of the client, and that's a total revenue that a business can expect to generate for a client during the entire relationship with the company, and that's calculated by multiplying the GPC that we just talked about the gross profit client by the average lifetime and then measured in terms of transactions or months or years. You can determine whether I'm so sorry y'all. I'm I'm so sorry. We we gave the disclaimer at the top. We did. We did. We did say we're doing terms and numbers today. And this sucks and I want you to feel confident that when you're examining these things, you you're not out there in the cold. Right? There are places and resources that we can give you where you can go and and really dive into what this looks like for you. Right. Your accountant can't do this math for you. Let's just be very clear about that. So if you want I'm just gonna say now, if you've listened to this and you're overwhelmed or you want this glossary drop glossary in the comments, we'll make sure that this gets de into you so that you at least have this list of terms to start with.
0:19:51
Return on investment. We throw that around all of the time so loosely, but that's a metric used to evaluate the efficiency and profitability of an investment such as client acquisition efforts are calculated by subtracting the client acquisition costs from the lifetime value and then dividing by the result of the client acquisition cost. So we use return on investment and we just say, okay. Well, I paid ten thousand dollars to a coach and I need twenty five thousand dollars last year. So my ROI was fifteen thousand. Again, no, it wasn't. No, it wasn't. It was not. We just want you to think about it. Just think about it. And then we talked about the operating expenses and the net So those are just some terms that you need to know in order to make, you know, decisions for your own business that are crucial.
0:20:55
And when people are looking for investments or sponsorships or to partner up with someone else. Everybody's getting real knowledgeable out here. So these are some of the questions that they're asking. And if you're not prepared, then that's that's an issue. And then we always feel like, oh, well, you know, nobody helped me Nobody offered me anything, but we've gotta be ready. And being ready means that you need to know these things at basic in order to be able to look for somebody to be able to help you. Alright.
0:21:32
Now, Brianna started out giving you some of the the reasons that, you know, with the small business owners not being said, we've got newbies and we've got old timers. And so I'm gonna talk about or run through ten reasons why small business owners don't have profits. Yeah. Gotta get your skin on folks because I'm afraid this one's probably gonna hurt. It's that day. You know? It's -- Oh, wow. Nice. -- that day. Okay. It is that day. It is that day. It's time for We've spent a lot of time avoiding these things or we we don't say that we have the information or we didn't know and and we can't do that.
0:22:28
It's not your coach's job, you know, as much as we want to put it out there and be like, well, my coach never told me, But the question is did you did you ask your coach either? Did you look to see whether your coach had that type of information available to? So there are, you know, all of those factors that go with it. So let me shift around because I wanna make sure, like I said, I'm not making these up you all I did the research to look this stuff up because I want people to have the information. I want you to know because if you don't know, you can't fix it. Right? So and then you've gotta admit that you're in this in this pocket. That this is you. Alright.
0:23:14
So ten reasons why small business owners don't see the profits from the revenue. First is high operating costs. Small businesses may struggle with their overhead, such as the rent or utilities for a brick and mortar, or administrative expenses that I know with the project we had last year. We started out and we thought the project was going to be x amount of months. That went way x amount of months more, and so the administrative expenses surcombed in almost eight if not, did eat the project up.
0:23:47
The next, inadequate pricing strategies. Because we've gone out there and we've said I'm a noovie or I have an impostor syndrome. I don't know how much people are gonna be willing to pay. So I'm just gonna throw this amount out there forty seven dollars sounds good. And, really, when you if you go back and look at your client acquisition cost, if you look at your expenses, you look at all of those different numbers from before. If you figure that out first, you figure out that it's gonna take sixty one dollars just to be able to, you know, get this client in and get them what they want. So you're already at a deficit. But if you don't know the numbers, then you don't know that. And so pricing becomes important.
0:24:32
Poor inventory management for those people that have physical products and brick and mortars, that's another one. Ineffective marketing. Right? I'm gonna let you just talk about that way. In effective marketing. Listen.
0:24:49
We have, like, a whole show about marketing every other Monday with Ellis, you should you should come and listen to us talk. We're we're just dead. We just wrapped our first season. So it's gonna be it's gonna be great, but seriously, if you need marketing help, I got folks for you. Tell him, what series of your of your media network is that marketing actually on because that's really important. Because a lot of people will, they think that they are marketing properly because are on social media. Right. So is that is that the extent of marketing? No. No. No. So creating your connection capital with Alice Miriam, And that is, again, every other Monday. But I have several other shows coming. I've got one coming about branding. I have one coming directly about sales.
0:25:55
So, like, marketing is I think the thing that we leased understand about this process and it comes to encompass a bunch of terms that it isn't I mean, again, there's a difference between marketing and advertising. Do you know if you don't, it's fine. We're just saying marketing is really very specifically only about how you are getting new people into your audience. Everything else in that customer relationship is not marketing. Marketing is just saying hi to the new folks. And so The activities that you spend on marketing frequently are the most costly because you haven't identified what exactly is going to bring people pull in. Right. And you've just led in to the next one is actually high client acquisition costs. So the marketing is definitely about getting visibility. It's also about creating that integrity. In that trust with those people that have been seeing you before.
0:27:34
Now when you're actually getting them to say yes, What does that look like? What system is set up for that? That's when we really start getting into the platforms and get into the VA work. And then did you need a tech person in addition to the VA person? Did you need a copywriter in addition to that and all of those different things that go into that. And most of the time, we're not looking at all of that expense. And considering that in. What about retaining them? The next is low customer retention. We've mentioned before, it's cheaper to keep her. So we wanna make sure that we're getting feedback from your consumers, that we're answering questions, that we are nurturing them even after they've made that purchase. Or you've gone through that launch so that you can actually retain them and then have that higher lifetime value for each individual customer or client.
0:28:31
In a efficient cost management, Now that's some of the behind the scenes type of things with even looking at, are you keeping track of your expenses? Do you have the statements? Are you looking at the profits and the losses? Are you saying that this month we're going over budget with the ad spin. So therefore, we need to cut back somewhere else or overall for this project. Now we've gone over budget. So keeping track of that.
0:29:01
Cash flow issues. Where is the cash coming from? We also know that as newer entrepreneurs that we are co mingling funds. We are taking personal funds and using that to pay the VAs or not paying our actual selves out a salary, and then we're struggling with that and all of those things. So those cash flow issues, the employees, and are we paying them on time? Do we have a system set up with our accountant or through QuickBooks or whatever that we're making sure that we're notified it's time to pay taxes and that we've kept track of that and that those get paid on time. So that there's not additional fees because now we're late and that wasn't calculated into the numbers.
0:29:52
Slow adaptation to market changes. Means we're selling the same shit this year that we were selling five years ago, and expecting it to sell in the same way. We're selling it on the same platform that we were selling it on before, but the market has shifted. And so therefore, you can't sell the stuff on the same platform if those people on that platform aren't buying anymore. Are you bringing in new people? So not adapting, not doing the market research, not asking for feedback Afterwards, that's where that struggles.
0:30:30
And then insufficient financial planning as a whole. Did you even start out with a budget? Those are your top ten reasons why most entrepreneurs or small business owners don't have profits from revenue. Did you even have a budget currently not? And I think part of the problem for a lot of people comes in that Entrepreneurs are frequently freelancers first. Because We didn't know. We didn't know though. And we didn't know. We didn't know what running a business was going to entail versus selling services for a fee. And many of us, myself included get into this as freelance before we ever open a business and don't do the work to figure out what running a business actually looks like. Yeah. Because who does that? Where does that happen? Is that an additional expense? It seems so easy. There's so many people have businesses out here then I go into it saying I should be able to figure this out. Or what I've seen, or what I hear, or what I can ask somebody about, is going to make it okay for me to go into business and say that I'm running a business yet.
0:32:22
We still have businesses, quote unquote, that don't have that aren't entities, that are not legal entities. We still have businesses that we aren't paying our quarterly taxes on time. And even the businesses have been dissolved, we're still using the names out here because nobody else is using it. But businesses have been dissolved or we've had to go back in and, you know, put those entities back into place.
0:32:50
It's been difficult who told me that I needed the whole staff, that I needed, that I needed an attorney on retainer, that I needed an accountant, that I needed a that I needed a, that I needed all of those things. Nobody was talking about that. The people that were were already making good money. And so you figured, well, I don't need it until I get a certain place. We'll know that's part of the reason why you don't get to a certain place is because you don't have those people in place to protect you and to guide you. Through the standards. So Yeah. It's not your coach that's gonna save your ass. It's your accountant and your attorney. Just ask me how I know. Right. Right. So let's just talk about five best practices for a new small business owner. To help keep them out of that. Right?
0:33:40
So developing a solid business plan is the first thing. A comprehensive business plan acts as a roadmap for you And then everything has already laid out. You've got the objectives out there, the strategies, the target markets, and then your financial projections. And the plan just, you know, keeps you on track. And when you get off, you have something to go back to. You're not just saying, oh, well, Launch didn't go well, didn't make the money I want it. So what am I gonna do next?
0:34:10
Second thing is to implement a effective financial management and that some of these things that we're talking about, do you have a a budget do you have a system to keep track of all of the financial statements? And we'll talk about that the next go round. So we'll hit with the the financial statements and what are those kind of things that you wanna have in here? Do you have those in place? So you can keep control of, do you have somebody that's force balancing you when you do spend too much? Or do you have someone that is guiding you when you have not spent enough because you're trying to hold on to the money? But you've needed to put somebody in place. And putting that something somebody in place or that software in place is actually what's going to cause the business to run smoothly and be able to scale.
0:35:04
A focus on customer centric activity, prioritizing the consumer as opposed to what we want. Of course, we start out with I have this great idea. I'm passionate about this thing, but it's also about what do your consumers want. What does the audience want? And this is your existing audience. And if you wanna sell that that purple widget, then you now need to spend the money to do the market research and to market in the area where the purple widget lovers are. And not to push the purple widget on the pink widget letters. That's correct.
0:35:44
And then the last is continuously monitoring And so the ninety day process is what the system state, local, federal, system says, this is how we actually keep track. This is how you pay your taxes. So if you're monitoring all of these things as you go, your clients? How do you feel about the products and services that you're actually selling right now? Are you still passionate about it? The money, the finances? Is it looking good? Have you hit your goals? Do you need to make adjustments? Do you need to make adjustments to prices? All of these things are evaluated on a quarterly basis. So when you have the system set up to be able to do that and all of your key players that help you make those decisions and changes, then it makes for you to have a better projection to actually hit your goals and then that's what allows you to relax just a little bit. And, again, next week, we'll talk more about the specific documents and tools and providers that may help you along this journey But I want to spend a few minutes, I think, diving into the plan.
0:37:10
The operator has a planner for you. Yeah. And and I've been looking at this. So the, again, reevaluating, as I did this work, it was self work. It was self work definitely. There are components of this acronyms that I knew, terms that I knew, and not everything have I even applied to my own business. And so making sure that I backtrack now and follow my own plan, follow my own instructions, go through the glossary, really become familiar with the terms that, you know, we used. And so that will be added to the planner, you know, in version two point o.
0:37:49
But currently the planner is set up to be revenue focused. The path the passion to profit planner is about revenue in monitoring in ninety day cycles. So it has a breakdown of your revenue model. So how are you generating your income over this ninety day period? And we're focusing on three different revenues, not six, you can have them all. But let's go with the three that are supposed to, you know, generate the basis so that you have your operating expenses to you can pay your taxes and you can pay your team and all of the things. And everything else becomes additional. Net profit on all of it when you have the additional things. And those additional things should be low to manage. They should be the evergreen they should be reoccurring so that there's no additional cost involved in that.
0:38:48
The planner also gives you a monthly breakdown from there so that you can actually see what are the kinds of activity that I should actually be doing to drive this revenue in. What activities are there? To go on there? There's room for you to put in. Who are your new prospects? What appointments do you have? Who do you have to follow-up with specific sheets in there for cross promoting testimonials referrals because all of those things increase that LTV, that lifetime value by having that loyalty with your existing seeing customers or clients and getting their feedback. So that becomes very important because the more times you touch them, the more they become part of your brand and then become reading fans. And even if they're not reading fans at that point and they've got issues, You're touching them enough that they're actually willing to tell you if there's something wrong. They're also willing to overlook the spelling mistakes that you had on your website and all of the other little glitches because they're getting that nurturing and they feel like part of the brand. From there, we break it down to a weekly And I have two views for a weekly, and that's important because different people use different models to be able to keep track of their time. And then also during the lunch versus non lunch or while the kids are in school versus not in school, then those may be two different things. And so what do I mean?
0:40:20
Hourly breakdown for some people is important because they have a lot of appointments. And they also like to schedule in that activity. So it may be the prospecting time. It may be time to follow-up with my current clients and ask them for referrals or testimonials. But then also, sometimes you're working on projects that take more time. And so there's also an option to do time blocking. Where the morning, the midday, and the evening are blocked out. And if you're an MLM or if you're working off of you work nine to five or eight to four and your activities in the evening. That allows you to be able to block out that time And to see it blocked, don't be concerned about those hours, and just focus on the time frame that you're working or if you were somebody that are working in an industry like hotel, restaurant, or retail, it allows you to have that flexibility where it may be the mornings where you're actually able to work on your business and then the evenings are are family.
0:41:21
And then let's get to the day. The day act activity is important and what we've added to that is we want you to hit your personal goals as well because we know that self care personal development and personal awareness is just as important. So making sure that you can track habits such as if you're dieting, if you're not getting enough sleep, and you wanna track those things, if you need to drink more water that that's listed, There's also a section for you to put your affirmations and goals in the morning so that you can write those out and see those for the entire day. And at the bottom of it, is your kind of resolution or or what happened during that day? How did you feel about your day? What went right? Giving gratitude as well And then what is your area of opportunity, you know, that you may want to change?
0:42:13
And if you have written goals and for some people, they write those affirmations in the morning, and do them again in the evening. So those are the things that are covered in this planner. So if you will comment planner in the chat, we'll make sure that that planner gets to you as well at no charge right now. If you are right here part of the NeuroDiversity Media Network. It is out there for sale, but we are making sure that it's part of the education that you're getting that planner and you're getting a good start and a basis to be able to document because you can't continue to do those things that went right if you didn't track them. And then those things that went wrong, you wanna be able to change them so you need to know where they happened. We really don't care where you track things just that you are. And if you do not have an existing system yet, then this one will give you a foundation to build from. When it comes to planning, I think a lot of people really get stuck in the trying to find the perfect system, and that is more detrimental than using any system at all and making it work for you. So If you find yourself stuck, this is something you can print off you can take a look at the pages and build from there.
0:43:51
We talk a lot hear about the importance of assessing and reviewing and how often these things really should be happening in your life and daily y'all I I mean, truly, I review first thing in the morning. I review again at the end of my work day. Sometimes I document things before I go to bed. There's really the more that you are assessing and reviewing where you're at, the more progress you make, and that seems counterintuitive, a great deal of the time. But this is truly this is the magic. Is in the review and the assessment part. So if that is a place where you struggle, get this planner so that you can have a place to at least figure out what parameters are important to you to start with. Because that's all we're talking about. It's just starting. Absolutely.
0:44:59
And if you've already figured these things out, because there are people that figured them out at the beginning of the year and they've been tracking and tracking well, if the component of it is that, oh, yeah, I haven't been asking for testimonials or I haven't gone back to my clients and spoken to them at all since they actually made a purchase or, you know, have the service with me. Then utilize those pages of it to guide you to say, yeah, I need to do some cross promoting. Maybe I have a service now that I didn't have when this person purchase the product, and I need to go back and make sure. And whether it's through an email campaign or whether it's through direct contact, then, you know, making sure that those are taking care of the testimonials asking for them. If these people have a lifetime value with you and it's looking pretty good, then make sure you're asking for those testimonials because that's over a period of time. And it doesn't hurt to ask them for more than one, two. Because that first testimonial that you can get, and they said, yeah, I bought her Joe Blurb Plug ABC. And then now down the line, two years later, later, they're still with you, and they've bought your RSP, then make sure you get that testimonial too.
0:46:11
And again, that's where we get to the relationship component of this and how that's so important with the revenue because it's that connectivity, it's that asking for the feedback. It's when people give feedback to actually make sure that you're acting upon it. It's giving credit to them when possible. It's to shining a spotlight on them that they're making a purchase and whether it's the badges to say that they are part of your event or that they've actually become a member of your mastermind and that their face is shown and that you tag them. We know that there are other people that are like them that would be willing to purchase. So the more that you concentrate on the consumer, then the more opportunities you have to be able to reach other people like them that'll be willing to spend with you.
0:47:04
And I think what's key always when it comes to profits is your relationships. And we're just gonna keep talking about that over and over and over here. So, operator, what are we covering next week? It's it's specific documentation. Right? Four. We are going to get into financial statements. And what are the three core financial statements that you should be working on into having your business. And we're gonna give you a couple of examples so you can see how that works. And we're gonna have some resources as to who can help you or what tools can help you be able to calculate those out or keep track of them. We wanna get the money and keep the money. And we want you to spend appropriately so that you have more money to keep. It's just this whole functional wheel thing Alright, y'all.
0:48:15
So please leave us a note in the chat planner if you would like us to send that over. It will also be in the show notes available at neurodiversitymedia network dot com. That this recording will be available tomorrow with all of the juicy bonuses. If you are a paid subscriber, we will also be sending this one out in the email. And we would really love to see your support here. The neurodiversity media network is one hundred percent listener supported. At this time, we're getting ready to roll out advertisements. But y'all, we can't do this without you. So the work we're doing here, these master classes are designed to be available for you to consume in a content that works for you, whether it's watching these videos, whether it's listening to the audio, whether it's reading the transcripts. So if you find value in this work. We would love it if you would join us as a paid subscriber. That is twenty five dollars, among three hundred dollars a year. And again, you can find all of that at the neurodiversity media network dot com And you can find the operator where?
0:49:54
You can find me. I'm almost every platform and you see below, it's the o p e r, the number eight t o r. Also, if you wanna go to the web site. It is also my name, the operator dot com. And you can see who I am, who I serve, what kind of things I have going on. Additional services, and make sure, deen me. It is about relationships. So if you've deenned me in a established a relationship, then there may be some more things that I'll be able to give you because I do have some coffee chats that I do complimentary and using either myself or using a platform called Al. So make sure you connect and we'll keep you updated and connected. Yeah. Thank you so much for being here. We will be back next time with the worksheets to go along with this lesson, I'm already completely worksheet it out, it's gonna be great. It's gonna be great. Okay. Thank you so much for being here, and we will see you again next time. Have an amazing day, y'all. Bye.
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