You know I love marketing – its my thing – my jam, the thing I could talk about all day and underwater with marbles in my mouth.
I’m passionate and I want you to make marketing a priority in your business – that’s why I do what I do, to get that message to you!
Today I want to write a little less about marketing and a little more about money.
Specifically, your money-making activities.
What are the money-making activities in your business?
What do YOU DO inside your business that actually brings in the cashola into your biz bank account?
I’m about to go through an activity with you that will help you work this out!
This is something you will definitely want to block some time aside to concentrate on it too, with no distractions! So mark out some time in your planner.
- On a piece of paper or computer document add 3 columns.
- In the first column write your money-making activities down.
- Where does your money come from?
- What are your income streams?
List them all.
- Then in the second column, put a % next to each income stream or money-making activity that represents who much of your income that comes from that stream or activity so that this all totals up to 100% at the end.
For example, I might have something like:
- Social media 20%
- Keynote speaking 50%
- Private coaching 30%
- In the last column, put the percentage of time you spend doing these money-making activities each week.
My mentor has done this exercise with me many times over and each time I see and learn something new. It’s been a game-changer for me, so many times that I’m not prepared to admit just how many!
So, let’s break down what you may have written.
If you, for instance, have an income stream of building websites or coaching or selling menswear that makes up 50% of your overall income and you are spending less than 10% of your time working on this income stream – then you have your growth strategy staring you in the face.
A money-making activity that’s so important to your business, needs to be getting more of your time – it’s clearly where growth can come from.
And vice versa, if you have an income stream of social media – actually getting sales from social media, and you spend 80% of your time on social media but the income stream is only contributing 10% of your overall sales – then you need to be spending time elsewhere because you are NOT getting your return on investment for your effort and energy.
So many small business owners come to me and tell me they want to grow their businesses, that’s they feel like they have plateaued and just can’t get to the next level or can’t get the success that they dreamed of or planned when they first started their business.
The first two things I do with these clients is
- Have a look at their marketing strategy, and
- Get them to do this exercise around their money-making activities
But this strategy isn’t just about growth.
It’s about the fact that the biggest pressing issue for so many small business owners, and I have no doubt for you too, is time – not money.
Time is the new currency and how we spend it will ultimately determine the type of income and lifestyle we can expect to have.
If you take the time to identify your most important money-makers and seek to increasingly outsource the non-revenue producing activities to others, you will quickly see a rise in your income levels.
You see, many business owners simply have a HABIT of doing the tasks or activities that aren’t actually bringing them in the money.
If you begin to break these habits, you will start to create the wealth, freedom and the time that you hoped for, dreamed of, when you started your business.
So, take the time to do this simple exercise.
Have a look at where you are spending your most precious resource, time, and develop your marketing strategies, growth strategies and income strategies from there.
Knowledge is power and this exercise will give you so much power inside your business and you’ll be able to start protecting your time!
If you need some marketing or business help, book a discovery call with me!
We can have a chat about your goals, your struggles and roadblocks and what’s holding you back and how I can help!
Send me a message on any of my social platforms or book a call at: https://calendly.com/jenn-smm/discovery
I also have my brilliant Facebook Group dedicated to all things small business – Like Minded Business Owners. Please join if you aren’t already a member and become a part of such a wonderful community who are so supportive of others and sharing of their knowledge!
Or you can DM me on Instagram or send me an email email@example.com
I wish to acknowledge the Traditional Custodians of the land, the Yorta Yorta People, on which I conduct my business today and pay my respects to their Elders past and present. I extend that respect to Aboriginal and Torres Strait Islander peoples reading this blog post today.
About the Author:
Jenn Donovan of Social Media & Marketing Australia. Jenn’s a coach and mentor from rural NSW and is all about empowering business owners to earn what they’re worth so they can make a bigger difference in the world. The Founder of Buy From a Bush Business, Co-Founder of Spend With Us – Buy From a Bush Business Marketplace and host of the very popular podcast Small Business Made Simple, Jenn is all about community and humans interacting with humans! H2H Marketing – human to human marketing. Jenn talks the talk but importantly walks the walk! Jenn’s online community is over 320,000 with her famous Facebook Group currently at almost 320,000 members and still growing every day. She’s the major of her own little online city!
Get in touch – www.socialmediaandmarketing.com.au
On Instagram – @jenndonovan_
On Facebook – Social Media and Marketing AU
Or on LinkedIn as Jenn Donovan