Profit Potential Assessment
Maximize Your Money: Uncover Your Business Blind Spots in Under 5 Minutes
Complete this assessment to understand your current profits aptitude and unlock ways to reliably create MORE profits in your business and then (gasp) actually KEEP more of your profits for yourself!
There are 9 questions. Be honest as you answer them, so you can receive an accurate assessment of your profit potential. Let’s grow your wealth, not just your income.
Category 1: Your Money Operating System®
Q1: Be honest, which most accurately describes your relationship with money.
Money? I don’t think about it much (maybe not enough).
I think I do ok...at least my business seems to be surviving.
Details fall by the wayside because I don’t have enough time to improve profit margins or lower expenses.
I feel really good about money. I have a clear understanding of my numbers.
Q2: How do you feel about raising your prices for current clients?
I couldn’t raise my prices. I’d be afraid clients would leave.
I’d rather charge higher prices for new clients than to raise them for existing clients.
I’ve raised prices in the past and experienced some discomfort, but it got done.
I provide so much value that I raise my prices consistently because it allows me to grow my business.
Q3: Do your beliefs about money hold back abundance or profit opportunities?
Yes. I feel overworked and conflicted about money and that may be restricting profits.
Probably. It seems like I work harder and harder without seeing more profits in my bank account.
Sometimes. My business and life feels balanced, but I know that money is sometimes slipping through the cracks.
Nope. I’ve worked on myself and my business a lot and have no money issues.
Category 2: Mastering Your Profit Funnel
Q4: In your business, do you know how much it costs you to acquire a lead or sale?
Not at all.
I don’t. But I think my bookkeeper or marketing manager might.
I have a general idea, but I’m not confident my number is accurate.
Yes. And I use this number to help me make projections for my business.
Q5: Do you prioritize profit generating activities each month and know what those activities are?
Not really. I fly by the seat of my pants and am often too busy wearing all the hats to prioritize this.
Sometimes. I am okay at generating business, but I don’t often prioritize profitable tasks as I see all tasks as essential.
Often. I prioritize sales activities, but I don't do any profitability analysis.
Yes. I track my effectiveness and overall business conversion rates. I’m clear what generates the most profit.
Q6: What type of business metrics do you (or you team) track on a monthly or weekly basis?
None. My brain doesn’t work that way. I go by intuition.
Very few. I know my bank account balance and my monthly costs. That’s about it.
Some. We track leads and lead conversion rates, but we know we could be tracking better.
Lots. I track many metrics and know how much it costs to service my business. We have weekly/monthly reporting to show profitability.
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?
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 have a SEP IRA - or other retirement account. I contribute to it most years when my CPA recommends it.
I contribute up to 25% of net income to my SEP - or max out my Solo K every year.
I always max out my retirement contributions and take advantage of other tax-deferred accounts.
Q8: Are you growing your personal wealth on a consistent basis?
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?
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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