The Top Three Things That Are Keeping Your Business Revenue Stagnant
We've all had those times where we have felt like our business has just hit a brick wall...
Being in business for ten+ years, I have definitely been there several times and learned so much each time. Had I known these things sooner, I probably would have reached a certain level of profit a lot faster.
"Am I not doing enough?" This is the question I've always asked myself anytime I was in a season where I felt like my business revenue was stagnant.
Each time I fell into that situation, I always discovered that there was a pattern of things that was causing my revenue to be stagnant.
1) Not Tracking My Marketing Each week when you set your sales goals, you should also be making note of what marketing tasks you will execute to accomplish those sales goals. Write it down in a planner, or some place where you can easily refer back to it if need me. That way if there is a slump in sales, you can check back to see what marketing strategies you did around that time and you'll be able to measure the success of them. Knowing your marketing metrics is critical because you want to do more of what is working and less of what is not working.
2) Lack Of Consistency If you are not being consistent, trust and believe your revenue will be stagnant and ultimately start declining. I always say that your business will only give you what you put into it. If you are consistent for one month and then flaky for two months, your business revenue will reflect that.
3) Your Focus Is Wrong
You should always know your numbers down to which product/service makes you the most money. Whichever one that is, that is where your focus should be. For example, let's say you own an event planning business and 70% of your revenue comes from selling party decor supplies but just 30% comes from full-service event planning then you probably should be focusing more marketing on the party decor since that gets the most sales.