Over my 10 years of working with entrepreneurs helping them turn what they love to do into a viable business, I have developed a specific formula that I’d like to share with you. It drills down to the simplest elements of what is required to make money in an information-centered business.
This formula, together with my simple Time Tracking Priority Rules, helps my clients understand both what to focus on when and why to focus on it. And when you know exactly what to do and the reason for doing it, you can crush confusion and say bah-bye to overwhelm!
Here’s the formula:
(C x L)KLT = R
C = Content. If you sell information, your content is your business. You aren’t making widgets, you are selling information that delivers a benefit.
L = List. It’s one of the few real assets an info-business has, especially if your brand is personality driven.
x (a multiplier) = systems. Systems enable you to intersect your Content with your List. Systems give you leverage, you can do more with less effort, and save your sanity. We recommend Infusionsoft as the very best way to systematize your sales and marketing. It’s how we convert marketing strategy into: “More customers, buying more from you, more often.”
KLT = Know-Like-Trust. Your KLT factor has an exponential effect on your marketing results. It’s the #2 reason people buy – #1 being because you asked them. Raise your KLT by regularly communicating relevant information to your list and your prospects, and don’t forget to let them know you care!
R = Revenue. Woot woot – let’s hear it for revenue! Revenue = cash flow = healthy business = more people served by your genius. All awesome things!
Revenue also = lifestyle, your desired lifestyle. Crunchy cash flow is stressful and requires you to invest more time and energy to get it back in flow. You started your business to make a difference and grow your life–not because you wanted to be overworked, overwhelmed and stressed out all the time!
EFG Action: Jot this formula down on a post it note. Put it by your computer. At the beginning of each day, determine which element you need to spend time on to grow R, Revenue.