Program Details
Key Takeaways
Profits Assessment
Contact
Program Details
Key Takeaways
Profits Assessment
Contact
Profit Potential Assessment
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Step
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11
- Introduction
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Test Your Profit Potential
Receive powerful insights based on years of research that will unlock your ability to grow your business profits and increase your personal net worth!
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Category 1: Your Money Operating System®
Q1: Be honest, which most accurately describes your relationship with money.
(Required)
Money? I don’t even like to think about it! I just like to know when it comes in.
I do alright… my business revenues and personal finances are good, I think.
I’m not afraid of dealing with money, it’s just I’m strapped for time so I’m hoping that my bookkeeper/accountant is tracking for me.
I view money as a resource to accomplish my life goals, and I love looking at the numbers because knowledge is power.
Q2: How would you feel about telling your clients you are raising your prices?
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I don’t think I could ever do that, I’d be too afraid they’d leave me.
I’d rather just charge higher prices for new clients or customers coming in.
I have raised my prices in the past… it was a mixed experience but I got it done!
When I raise my prices it’s because the value is there, and because it allows me to grow my business and then service more clients.
Q3: Again, be honest. Do you believe that you “have to work hard for money” or “wanting money is bad”?
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Yes. I often feel overworked and conflicted about money. I seem to treat my clients and customers better than I treat myself.
Probably. Even though I got into entrepreneurship for the flexibility, freedom and abundance I thought it would offer, now my calendar is more full than I’d like and my bank account is the opposite.
Not sure. I’m pretty clear that I can design my business and therefore my life, so my lifestyle is, for the most part, balanced and working for me. It’s just that money seems to slip through my fingers a bit.
Oh hell, no. I am 100% clear that I’m pursuing my own financial freedom and that my business can afford me a royal lifestyle! I have balance in my life and clarity about where I’m headed.
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Category 2: Mastering Your Profit Funnel
Q4: In your business, do you know how much it costs you to generate or acquire a lead?
(Required)
Nope. What is that?
Not really, but I think my bookkeeper / marketing manager mentions it.
I have a sense of what it is, but I don’t track it like a hawk because getting a real number always seems elusive or clouded by bad tech set ups.
Yes and I work this number into my spending and profit calculations and share all of that with my team.
Q5: Do you know how much time you spent last month doing the activities that generate the most profit in your business, and can you say exactly what those activities were?
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I really just fly by the seat of my pants as far as scheduling my day. I am wearing all of the hats in my business so I have to do *all the things*.
Sort of… I am okay at generating business, but I don't really allocate my time with a focus on profitable activities because I see all of them as essential.
I definitely prioritize sales activities and I’m good at it, but I don’t really do any analysis of profitability.
Yes, I have tracked my effectiveness and conversion for various types of selling activities and I’m clear what generates the most profit.
Q6: How many metrics do you (or your team) track on a weekly or monthly basis?
(Required)
My brain just doesn’t work that way. I prefer to go on intuition.
I know my bank account balance and my monthly costs, that’s about it.
We know where our leads come from and how many leads we need to get to a sale. I’m just not sure what to do about those numbers.
We track pre-sales activities and know where our leads come from. We measure marketing campaigns and which sales activities are most effective. I also know how much it costs me to service my business and have a monthly chart to show profitability.
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Category 3: Growing Your Personal Wealth
Q7: Do you make every effort to max out your tax-deferred savings every year in accounts like IRAs, SEP IRAs, or Solo Ks?
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Sorry, what? Are those just a bunch of random capital letters? (if this is you, it’s OK! Don’t take yourself too seriously, everything can be learned!)
I totally have a SEP IRA, my CPA recommended it and I put money in there most years when s/he tells me to.
I contribute 25% of net income to my SEP - or - I max out my Solo K every year.
I generally max out on my ability to contribute to tax-deferred accounts so I also put money in an after tax brokerage account.
Q8: Are you growing your personal wealth on a consistent basis?
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I’m still trying to pay off debt, but I’m not paying myself much so even that is hard…
I have other income sources so I've been coasting with having enough, but I don't really look at growing my net worth, strategically.
I think so! I am a decent saver, and I try to make investments that will set me up for the future.
Yes, I’m paying myself from the business and saving and investing regularly. I know my net worth and I’ve spoken with financial professionals and made sure that my savings is commensurate with my spending and my age.
Q9: Are you paying yourself from your business?
(Required)
No, and sometimes I have to put money *in* to the business.
Sometimes, but I never know when I’ll be able to, so it’s random.
Yes, I pay myself at least $50,000 per year on payroll so I get a paycheck like a regular employee.
Definitely. I pay myself a wage commensurate to my experience and industry through a combination of regular payroll and profit distributions that have been approved by my CPA and/or other financial advisors.
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