I have seen success in using these common sense tips and would like to share to help you in your journey…
- Just because you make $40k per month, doesn't mean you make $40k per month
- Margin is KING
- Look at your costs and accounting like a hawk. There are so many hidden fees I have seen that creep up on margin
- With the money you SAVE allocate that to MAKING new money. This means saving by doing X THEN allocating more budget to reach new customers by doing Y. In short, you are never saving money to save money. You are saving money to allocate a budget to GROW your business.
- Be able to tell anyone (investors, colleagues, your spouse, your pets, etc.) your cost per acquisition as well as your margin on the fly. You should never crunch those numbers in front of them. This is your bible.
- Know the top 6 items that your businesses spends most on. On average I see it like this: overhead/staff, fees, lead gen/advertising, insurance, legal, and ofc taxes. There's obviously more but make sure you hone in on the top 6.
- Know the top 2 channels that drive sales. If it's Google Shopping and TikTok, then KNOW that
- Pay your taxes
- Study all trends in your industry
- Any big competitors with lobbying power? Be alert
- Keep your CRM/customer database updated and write good notes in them. I have sold and been part of businesses that sold. This makes everyone smile in the exchange at the end.
- When it comes to buying ads, always test every idea. In growth hacking this is called a hypothesis. Be ready to crash and fail but double down on the winning strategy.
- No guru can help you. Take everything with a grain of salt. Take all advice you get and mix it with your discernment. Use bits and pieces of what people say. No one is God in this. For sure not me.
- Your main mission is to be lean and make green! Think of it like losing weights. Lower calorie intake. Increase exercise.
- Social media can be great if done within a funnel/flow. Don't simply do Instagram posts. Do it strategically and align it with DMs, influencer shoutouts, leave comments on potential customers, etc. This in itself could be a whole post. But be careful as social media CAN BE FLUFF if done wrong.
- Run contests if you can. Fill up your newsletter. This should be the start of your funnel.
There's probably more but this is what I can freestyle off the top of the dome without stopping. Good luck to you all!