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Money Month 2.0 - Week 2


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What are the key terms and things you need to know to understand the financial present of your business.

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Money Month 2.0 - Week 2

  1. 1. Powered by Also brought to you by Regional Sponsor
  2. 2. • committed to focusing on our businesses • keeping an open mind – despite discomfort • willing to share our own experiences • keeping everything we’ve heard confidential Community Ground Rules WE ARE…
  3. 3. Making money: Know Your Worth Managing money: Understand what worked & what didn’t Internal money: Invest wisely today External money: Find capital for future growth
  4. 4. 84% of survey respondents intend to grow their business in the next 12 months Grow what? Why? How? #1 WHAT DO YOU WANT?
  5. 5. SMART Goal Methodology Specific – What do you want to accomplish? Measurable – How will you know when it is accomplished? Achievable - Is it in your power to accomplish it? Relevant – Does this seem worthwhile to the big picture of the business? Time Bound – When exactly should this be accomplished? #1 Goal Setting
  6. 6. *SMART GOAL* Create a scalable business with net profit after taxes greater than $100K by 2020 while working an average of 30 hours per week. By Oct’18 evaluate costs and net margin for each product and identify actions to achieve >20% net profit or eliminate from offering Grow Facebook likes by 20 people/month in next 6 months by offering a 2 for 1 admission fee as a “Thank you” as part of our weekly posts that are boosted. #1 Goal Setting *NOT A SMART GOAL* Make enough money to pay my bills and have fun time left over Increase my profitability Double the number of likes to our Facebook page.
  7. 7. 1) Baseline: Where are you now? 2) Goal: Where do you want to be? 3) Plan: Determine actions (path) to achieve goal 4) Measure: Track progress, identify problems, course correct, improve #2 Measuring Your Progress PHX Chicago
  8. 8. Lagging Indicators Revenue last month Orders last month Profit Leading Indicators Prospect calls made per day % client conversions Employee productivity Project Milestones Linked-In Lead Generation Sales team training Automated billing tool Past Performance *Odometer* Predict Future Progress *Speedometer* Improvement Project *Waze Traffic Avoidance* #2 Measuring Your Progress Behind Closing On Track Status
  9. 9. #3 Putting It To Work How do you eat an elephant? ONE BITE AT A TIME! Plan for success by taking your action steps one at a time
  10. 10. Prioritize your goals, focusing on your top three goals first For each goal, define three action steps which you can commit to TODAY! Identify: • What you need to take each step • Who needs to be involved • When, TODAY! • Possible obstacles and how to overcome these obstacles • Define success (aka: result of completing this step) #3 Putting It To Work
  11. 11. What Did We Learn? • “The problem with American businesses is not the lack of good ideas, but a lack of follow-through.” - Mary Kay Ash • Achieving more requires: • SMART goals • A clear action plan • Measurement clarity to know if you are on track or not • Discipline and perseverance to overcome the obstacles that WILL occur
  12. 12. QUESTION 1: What can you apply to make the biggest change in your business? LET’S HEAR FROM YOU! QUESTION 2: What best practices have worked for you and why? QUESTION 3: What skill or concept sparked a new idea? EACH TABLE SHARES A SUMMARY.
  13. 13. YOUR INDIVIDUAL ACTION PLAN HOW are you thinking differently about the money in your business? WHY do you want it? What will this do for your business and why is this important? WHAT did you learn that you’ll implement? 1 goal for next 60 – 90 days. SMART: Specific, Measurable, Attainable, Relevant, Time-bound WHAT Resources do you need? What support is required and where will you access it? WHAT Obstacles might you encounter? How will you address those obstacles? (Action Steps – Tactics)
  14. 14. • Implement Your Action Plan • Respond to the Money Month Survey • Stay Connected • Thank You to Our Team • Thank You to Our Sponsor • Join our next Money Month Event: • WHAT’S NEXT?