Rev Up Your Revenue Step #2: Assess

Welcome back to Rev Up Your Revenue Step #2: Assess

Are you a business owner that keeps up with your numbers, such as how many products have sold, your income, your profit and your expenses?

Or are you a business owner who rarely looks at your numbers? Maybe only once a year or so when it’s time to do taxes?

Do you know (or can you easily look up) the specifics of your business income and outgo for this week, this month, this year?

Or when someone asks you what is your best selling product and the profitability of it, do you just take a wild guess?

Do you find understanding and tracking the numbers in your business encouraging and motivating?

Or do you avoid tracking the numbers in your business because you find it confusing and discouraging?

I’ve been on both sides of this equation but it’s important that if numbers are something that you avoid (for whatever reason and especially if you think you aren’t a numbers person) that you take the time to complete Step Two of Rev Up Your Revenue.

Step Two of Rev Up Your Revenue: Assess

Set aside time to carefully look at your numbers and determine the top 3 products or services that you sell. If you don’t have a ready means to do this… then now is the time to do what it takes whether that involves hiring someone to set up a system for you or crunching the numbers yourself.

Once you identify the top sellers determine how much you think it is reasonable to expect that with a more intentional approach you could increase those sells… 10%, 25%, 100%. Pick something that is a stretch but not something that is going to keep you up at night.

When you you have that in mind make sure you have a simple way to regularly track the numbers on those three best sellers. Create a visible and easy scoreboard for tracking. It may be as simple as writing on a whiteboard or as complicated as a new computer program. Pick something that works for you.

Stay tuned for the next step which will involve setting goals