One of the best ways to get more clients is to figure out what’s working and do more of that. You have to figure out where you are on the map before you can plot a route to where you want to go.
Sounds simple enough, doesn’t it? The problem is that you first have to know exactly what’s working and what isn’t. The best way to do that is track! From there you look at your data and make a plan for what you should and shouldn’t be doing going forward.
Your first step will be to decide what you want to track. A good place to start is to look at how you currently are attracting clients, your income and expenses, what services (and products, if you have them) that are contributing revenue, and of course where you spend most of your time.
Your first step will be to decide what you want to track. A good place to start is to look at how you currently are attracting clients, your income and expenses, what services (and products, if you have them) that are contributing revenue, and of course where you spend most of your time.
Exercise One:
How do you get your clients currently? Go back and review your records from the last month. (You should be asking clients how they found you. If you’re not doing that, start now!) Make a list or chart of how those clients found you. If you have the time, go back and look at the last 6-12 months of clients and collect that data.
Exercise Two:
How much money are you making currently? Look at your current year financial data. Here’s the metrics we want to know:
• How much do you make per client (on average)
• How much revenue are you bringing in each month (on average, and a total for each month)
• How much income have you brought in so far this year?
Exercise Three:
Which of your services or products are selling? Are you primarily selling resumes and cover letters? Resumes and LinkedIn profiles? Interview coaching? Salary negotiation coaching? How about products — do you sell ebooks? Online training? Do you receive affiliate commission payments?
Exercise Four:
Next you want to look at expenses. What “fixed” expenses do you have per month or per year (for example, website hosting or email list software)? Do you pay for your own health insurance?
What “variable” expenses do you have? For example, your estimated quarterly taxes vary with the income you earn. You may work with a resume proofreader/editor who charges you based on the number of projects you send her way.
Exercise Five:
Last but not least, look at the amount of time you’re spending to generate your income. If you’re not already tracking your time, you should be. In particular, you want to track the amount of time you‘re spending on each client project, in order to make sure you’re pricing your services appropriately.
Last but not least, look at the amount of time you’re spending to generate your income. If you’re not already tracking your time, you should be. In particular, you want to track the amount of time you‘re spending on each client project, in order to make sure you’re pricing your services appropriately.
With this information, it will be easier to decide what you should be doing more off, what you should be doing less off, and what you should stop doing. Focus most of your time and energy on the most profitable products and income sources.
We want to do more of what’s working, and less of what isn’t!
No comments:
Post a Comment