Find Confidence in the Action Steps You’re Taking to Grow Your Business

When it comes to the best next steps to grow your business, there are a lot of options out there.  Everywhere you look there are advertisements trying to pull you in one direction or another and people trying to encourage you to give them your money with a promise that they will grow your business for you!  It can be daunting, overwhelming and extremely confusing.  How do you know that you’re taking the right steps?  How will you recognize which action steps are paying off and which were a waste of your valuable time and resources?  These are questions I get asked quite often, and so that’s what we are going to focus on today.  The best part?  It’s way easier than you think!  Read on to learn how you can, without any doubts, determine your next round of business decisions. 

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If crunching numbers isn’t your idea of a great time, the thought of tracking them for your business might feel exhausting.  There is, however, a way to make this concept a whole lot more appealing, by recognizing that it will make a huge difference in the growth of your business.  Why?  Numbers can provide you with real-time data that can actually lead to more inspiration and motivation to keep moving forward.  If you’re dedicated to your business, it’s imperative that you accept that tracking your numbers is an important part of the process of keeping it healthy and thriving.  You need to get clear on what you can expect income-wise, as well as planning for both expected and unexpected expenses.  This doesn’t have to be fancy.  You can use a simple notepad and pen to track these things when your business is still in its infantile stages, but there are also easy ways to use spreadsheets or software systems, such as Quickbooks, designed to help you see the bigger picture.   

How does tracking your expenses help you to determine your next steps?  Great question.  Once you have this bigger picture laid out in front of you in black and white, you’re going to be able to see any holes in your business model much more easily.  Where do your opportunities exist?  Numbers, after all, don’t lie (but our emotional investment in our business can most certainly lead us to make some impulsive decisions that we may later regret).  Let me give you an example.  One client that I’ve worked with wasn’t tracking any of her expenses when we first met.  She was incredibly busy working with multiple clients and long hours throughout the week.  Because she was busy, she assumed that her business was turning a great profit.  However, when we dug into the numbers, it became quickly apparent that many of her accounts were not making her money and some were even draining money from her business.  As we recognized this, we were able to course correct by focusing on her money-making clients, noticing what they had in common and seeking out more of them.  She knew where to put her time and energy, all from looking at the numbers a bit more closely.  This client is a great example to show that you can be the busiest business owner out there, but being busy doesn’t always equate to turning the best profit that you are capable of. 

Tracking numbers continues to provide valuable information over the years.  It can help you to see whether or not your action steps are paying off by giving you the opportunity to compare how your business is doing month-to-month, quarterly, this time of year compared to last year at the same time, or over the course of longer time spans.  It will help you to recognize when your busy and slower seasons are helping you to make sound financial decisions that could affect your bottom line.  It will help you, also, to determine when you might best benefit from marketing and networking and when you can hold back and cut costs on these things.  Lastly, it will allow you to determine when trends are normal for your business or if it’s something that you are or are not doing. 

The overall takeaway here is that tracking your income and expenses diligently will give you confidence in your business.  It makes it easier to see where you’re spending money, when it’s paying off, when it’s a waste, which clients are your best assets, and more.  It takes all of the guesswork out of growing your business by showing you which services and investments are profitable and which could be trimmed to save you time, money and energy.  So, grab a pen and a piece of paper and start tracking it today!  Armed with this info, you will always know which next steps to take to continue to grow your business!

Are you still not one hundred percent clear on your next steps?  There’s no need to embark on this journey alone!  I would love to support you in all of your entrepreneurial endeavors and help you to grow your business as big as you’d like to make it.   You can learn a little more about me by visiting my website and feel free to reach out if you want to set up a call.  You can also grab my 22-page guide on how to gain visibility for your business without using paid advertising and how to grow your client base for only $17.   Looking for  a little more peer support?  We’ve got you covered there, too.  You can always join our Facebook group, “Be a Confident Entrepreneur, Gain Confidence and Grow Your Business” to find support in a group setting.

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