Hey there, my fabulous listener, welcome to episode 135 of the Small Business Made Simple Podcast.
Thank you for lending me your ears today – I know you have lots of choices, so I sincerely appreciate me being one of them!
If you’re a first time listener, super super welcome, I am so pleased to have you here. I am your host Jenn Donovan, and it’s my job, via this podcast, social media and everywhere else actually, to make your business life simpler.
Business can be lonely and hard and complicated and it’s hardly ever easy, but it should be simple or at least simpler, so that’s my commitment you to on the Small Business Made Simple podcast!
One way I help to make your life simpler is by having a group of like-minded business owners all in one stop. To ask questions, get answers and enjoy the journey of business! If you haven’t joined the Like Minded Business Owners Facebook Group, then hope over there after this episode and join! Simply search Like Minded Business Owners in Facebook or come to the show notes for the like. Show notes are at www.socialmediaandmarketing.com.au/135
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 talk a little less about marketing and a little more about money.
Specifically, your money-making activities.
What are your money-making activities?
What do you do inside your business that actually brings in the cashola into the business?
So, today on the podcast we are going to do a little activity – if you’re driving or out walking, listen along and perhaps you’ll either need to make mental notes or listen again when you’ve got pen and paper in front of you.
Alrighty, let’s do this.
On a piece of paper (or if you want on your computer – up to you) I want you to put 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 – obviously adding up to 100% at the end.
So you might have
Social Media, keynote speaking, private coaching etc down as your activities and then 20%, 50% and 30% respectively next to each activity or income stream.
Take your time, this stuff is important.
Ok, the last column, here I want you to put the percentage of time you spend doing these money-making activities each week.
The penny should be starting to drop now.
You should be starting to see a pattern here.
In this really simple exercise, there’s so much to learn – so make sure you are looking for the lessons.
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 take some examples here.
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 ROI 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 isn’t about growth.
It’s about the fact that the biggest pressing issue for so many small business owners, and I have no doubt 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 simply have a HABIT of doing things. 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!
Come into the Like Minded Business Owners group and let me know, did you do the exercise? How’d you go? What did you learn?
So just a short one today – that6s all for episode 135, I’ll be back next Thursday with another great episode to help you simplify your business in 2021.
If you want some marketing or business help, don’t forget you can book a discovery chat with me here: https://calendly.com/jenn-smm/discovery
We can have a chat about your goals, your struggles and roadblocks and what’s holding you back and how I can help.
If you’re enjoying this podcast, which if you have listened to here – you hopefully are, don’t forget to subscribe, share this episode with another superstar business owner who’s doing the daily grind and would appreciate someone making their business simpler, and leave a rating or review to show how much you are loving this free weekly content.
Massive love coming your way if you do!
See you next week on the podcast for episode 136. But in the meantime, let’s hang out on social and get social on social – you’ll find me on Instagram, Facebook and my fav LinkedIn.
But whatever you do,
……..remember small business peeps, as my opening song says, there’s no point in dreaming small!