In this episode, I'll talk with you about some ideas and high-level concepts centered around how to be the CEO of your own business.
- What activities matter?
- What metrics should you pay attention to?
- How do you know if your business is actually succeeding?
The funny thing is, many of the day-to-day activities we do in our businesses are NOT what ultimately get us closer to the finish line – which begs the question, why do we do these things??
If we don't have a clear idea of where we're going and how we're going to get there, we'll up wasting A LOT of time and fail to make any real progress.
If you're looking for the formula for exponentially growing your revenue, it all boils down to this:
R x C x P = RP
- R = Reach
- C = Converstion Rate
- P = Price
It looks like this…
Reach x Conversion Rate x Price = Revenue Potential
If you focus on doubling any ONE of variables above (reach, conversions, price), you can double your sales.
Better yet, if you double them all, you will 8X your business.
Heck, while we're at it, let's triple them all at 27X your business!
Can your double or triple them all? Probably not.
Can you double or triple one of them? Maybe even two of them?
It's just a question of which lever you're most willing and able in pulling in order to grow your business.
- Increase the size of the audience you reach with your marketing efforts.
- Increase the conversion rate of your marketing material.
- Increase the price of the properties you're selling.
Check out The Fizzle Show – Episode 212: CEO-ing Your Business (the original inspiration for this episode).
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Thanks again for joining me this week. Until next time!