Ever feel like your business is stuck in a rut and you are going around in circles, like you’re riding the carousel at the carnival, except your probably having WAY less fun? We’ve all been there! Building a thriving business takes more than just wishful thinking and a sprinkle of fairy dust. It requires some serious elbow grease, strategy, and a dash of innovative creativity. On this week’s blog I'm spilling the tea on how you can take your biz from cruising in the six-figure lane to zooming past the million-dollar mark!

No matter how easy some people make it seem, there is countless hours going in behind the scenes of strategizing, brainstorming, contemplating, and ultimately making the right moves. On this weeks blog we cover the three ways that you can maximize your profits and scale your business to the next level.

Three innovative strategies to maximize your profits:

Leveraging data-driven decision-making
Implementing scalable business models
Creating innovative revenue streams.

Leveraging data-driven decision-making

It’s time to say goodbye to making business decisions with your eyes closed and fingers crossed! This is about using the information that your data provides so that you can make the best decision possible and feel confident in that decision. When it comes to decision-making, this is where a lot of entrepreneurs get emotional.

We tend to be really attached to our business, attached to outcomes, and everything in general. This can get a bit tricky because you end up making decisions from an emotional perspective rather than an informed perspective.

Here is what you need to be asking yourself:

Are the things that I am thinking able to be backed up by data?

Here’s a prime example of this…

Let’s say that you run a million-dollar company and you are posting 7 days a week on social media. It’s going well and running smoothly, so you start to think that it would be fine to go down to posting three or five days a week instead of seven. You might be thinking that you could save some money on marketing, it would be less work, you’d have less pressure to get content, and all the other things, right? This is where we would come in and ask you, do you have any data to show that going from posting seven days a week to five or three days a week is not going to impact the business?

It’s about understanding if you have the data to back up that decision. If you have the data to back this up, you can confidently decide to post less knowing that it is not going to impact your business. On the other hand, maybe you look at the data and you see that you are making a lot of sales from social media, and the gained visibility is a major aspect to scaling the business, so posting less could have a negative impact on the business and so maybe you make a different decision or explore other options.

But without the data, you would never know.

3 Innovative Strategies To Maximize Your Profits And Become A 7-Figure CEO

Many people go into big business decisions with blinders on. They are not looking at everything that is in front of them and they are not using their data to make decisions. This is why it's so important to have those financial coaches, consultants, marketing strategists, ops specialists, and other professionals to lean on because when you have the right people behind you and in your corner, they're not emotionally attached to everything in the business like you are and instead they're going to have the right statistics and data to show you what would be the best decision for the business.

Understanding and paying attention to your data makes the decisions black and white. This doesn’t always come into play with things that are directly related to profit either, this can come into play with any business decision that you make. We often see high-level CEOs who have built a team and are spending a lot of money on payroll but can’t make the decision to let a team member go, because they are too emotional about it.

We experience this scenario all the time when we get on consulting calls and see that you are spending a lot of money on your payroll, but are these people actually producing for you? This is where you look to your data to make the best decision. If you're tracking KPIs and information, they could be financial KPIs, operations KPIs, sales KPIs, or whatever form of KPIs you need, it will give you black and white data to make decisions and say yes this team member produces these results, or no maybe it makes sense to take them off the payroll. Either way, you have data to back up the best decision for the business.

Here’s another scenario that we commonly run into…

Many entrepreneurs have a signature program that they are so attached to because they have always offered it, and it's literally changed their business, and it’s just been there from the beginning. Can you relate?

The thing is that this was probably a different version of you from years ago, and you have to ask yourself, is that program still serving you? And do you have the stats to prove that? If you have the data to back it up, there's less emotion involved and it's just strategic.

One thing we wish for all entrepreneurs is that they implement more black-and-white data into their strategies to help that decision-making be backed up by that data. Data-driven decision-making is a complete game changer.

Don't let emotions run the show; let the numbers do the talking!*

Implementing Scalable Business Models

You have to start thinking bigger. You have to start thinking about the things that are going to take your business to the next level and free up your time. So maybe you start thinking about things like marketing strategies, operations, sales, etc. Scaling your business means ditching those one-size-fits-all strategies and embracing scalability.

In my other company WorkFlow Queen, we have implemented what is called the Ascension Model. When I started this company, I thought that I was just going to have one program and that was going to be it. Based on seeing the data by using data-driven decision-making, I realized that our students actually wanted more. There were more questions that we could handle from the students that were way beyond what the program was actually teaching. Through this, we found out that people actually wanted more and more, so then we started to create an Ascension Model for the company.

We looked at what people need to know before they actually stepped into that middle program which was the original program that I created, called Kickoff With Asana. Looking at What do they need to know first in order to jump into kickoff With Asana? For this program, they would need to understand how to document an SOP, how to document a workflow, and how to just get it out of their brain and into a system.

This was the first step in our Ascension Model. When someone comes in they can get to know our teaching style, it's a smaller investment into a program, it gets them to know and understand how to document a workflow, and then if they want to move forward where everything's already documented for them, they don't have to learn all this stuff from scratch and do it themselves, they can go into Kickoff With Asana where we give them the done for you process, done for you systems, done for you everything.

Then, we found out that people beyond the project management system were like now I need to know how to outsource, how to hire the right people to let go of this, how to delegate and take things off my plate, how to really restructure my offers for growth, and things like that. So then we created Breakthrough, which was the next program.

Each program became a stepping stone to the next program. We implemented this model based on a coach that I hired. I invested in a coach based on looking at my numbers (aka making data-driven decisions!) to hire this person who was a strategist who could help me understand how to create this Ascension model to scale my business, and now this model is set up so that we have things we can feed more into.

We know that if we feed more money and more advertising into Workflows In A Weekend, it will help push more sales into Kickoff with Asana for them to really get super invested in the company, to then move into our $5,000 program. This is what a scalable business model looks like.

Implementing a scalable business model is also about letting things go and hiring team members. It's not just about the income. Long-term scalability is all about re-evaluating your operations re-evaluating your sales, and not having everything on your plate as the CEO.

Creating Innovative Revenue Streams

Now you’re thinking bigger, but it’s time to start thinking outside of the box. You have to start to thinking about what other offers, resources, or programs could I create that are going to support my people in what they need? Don’t be afraid to shake things up a bit!

Let’s use my other company as an example for this as well. Asana is no longer predominantly used in the accounting space because we've had new software since I started the company four years ago. There has been new softwares come in that are now dominating the project management within the accounting space, and I have a program dedicated to Asana.

So now I have to start thinking about what other resources and programs can I create that support that middle ascent part of my Ascension model. I have to start thinking about different revenue streams that are going to support the people who are using these other project management systems.

Maybe that's looks like creating a brand new software program dedicated to a new project management system, or maybe instead of the program being about a project management system, we restructure the whole program to be able to teach people how to use any project management system. You have to think outside of the box.

Because of this, I can start to diversify and have conversations with my support system in the other core areas of my business like marketing and operations teams. I can start to have these conversations about other ways to help people in different and produce different streams of revenue that will still fit into the Ascension Model.

You have to get innovative and creative to diversify. You have to see different ways of developing new products and services, testing them, getting information and data, and understanding that this all goes back to that data-driven decision-making, right?

With these three innovative strategies to maximize your profits in your toolkit, there's no limit to what you can achieve in your business journey. Let your data help you make the best decisions, discover ways to make your business model scalable, and get creative with new ideas to keep supporting your people and generating more revenue.

You know that you cant do this all on your own - so if you’re ready to have a team who will stand

behind you no matter what and help guide you in turning your seven-figure dreams into reality,

book a free consultation with us here.

Featured

About Me

Hey! I’m Alyssa Lang, the founder of Magnetic Bookkeeping & Consulting.

I’m a Financial Strategist, Bookkeeping Consultant, public speaker, podcast host, two-year nominee for Ignition’s Top 50 Women In Accounting, as well as the Founder of Magnetic Bookkeeping & Consulting, a financial advisory team of experts that help ambitious creatives and service providers tackle their books with ease and confidence.

Ready to revolutionize your finances and unlock a custom plan for money mastery in your business?

Take our quiz and we’ll guide you on what you need to do to unlock money mastery.

Click here to take the quiz