Tool: Your Business Offers Matrix

Posted by on Jul 01 2019

Here’s a handy tool that you’ll find helpful when building out your products and services funnel, and estimating revenue for each offer. Instructions are below.

  • Columns A through F are used to plan sales for each of your products/services.
  • Columns G through L are used to plan the projects which will create/modify your offers.

Download the Your Business Offers Matrix (.xls file) spreadsheet here.

NOTE: This downloadable Your Business Offers Matrix spreadsheet will only be available until July 15, so please pick it up before then.

If you don’t have Microsoft Excel, you can open it in Apple Numbers, or the free Google Sheets.

The idea of this spreadsheet is to calculate each offer (product or service) you sell, how much you sold last year, and project out how much you’ll sell in the coming year. This will give you a total projected revenue.

Since some of your offers might not be complete yet (you still must design the product or service, or you need to design a marketing campaign for it), I’ve included columns to remind you which offers are ready to go and which ones still need work.

Here’s how to use the Your Business Offers Matrix spreadsheet

TAB: Offers by Quarter

Columns A through F are used to plan revenue for each of your products/services. Columns G through L are used to plan the projects which will create/modify your offers.

  • Column A – List all your offers.
  • Column B – Indicate how many of these you sold last year (or enter zero if it’s a new offer).
  • Column C – Indicate how much revenue you made from this offer last year.
  • Column D – Indicate a projected quantity you could sell this year. Make an educated guess if you don’t have previous year statistics.
  • Column E – Indicate this year’s price for this offer. If you’ll increase/decrease the price this year, put the new price in this column.
  • Column F – Indicate projected revenue for this offer/year. (This column will automatically calculate, multiplying Column D by Column E.)
  • Column G – How complete is this offer? Is it ready to sell to customers or is it a project in progress? Enter the percentage complete. (Note: if you plan to modify an existing offer, use these planning columns for that project.)
  • Column H – What is the deadline to complete the design of this offer? If you’ve already promised this offer to your customers, or you have a marketing campaign in place, indicate the deadline here.
  • Column I – Which tasks need to be completed so you can finish this project? Briefly list them here.
  • Column J – How many hours will it take to complete this project? If you’re outsourcing some of the work, include both your own time and any team time in this column.
  • Column K – Is completing this project dependent on any other project being completed first? For example, if you’re offering a mastermind group around your signature system, and you want members to work through your online course first before they join the mastermind group, then the group offer is dependent on the course offer being completed first. In this column, indicate the other offer(s) which must be completed first.
  • Column L – Which quarter will you work on this project? This helps you to not overload yourself with trying to complete too many projects in the same quarter of the year.

TAB: Offers by Price Range 

On this second tab, list each of your offers and its selling price. This will help you clearly see if your offers are “tier priced” meaning there’s a logical progression in price from your low-cost offers to your more expensive ones. This clarifies your project and services funnel.

Pricing is key to branding – your prices must reflect how you want people to perceive you and your brand.

 

I hope you find this helpful. Good luck with your offers and revenue planning!

 

   

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Category: Running a Strong & Efficient Business

9 Tips for Summer Business Cleanup and Planning

Posted by on Jun 28 2019

Many businesses slow down in July and August, so summertime is a great time to get reorganized for autumn. September always reminds me of “back to school season,” the beginning of a new year.

While there are always plenty of tasks for organizing your office, remember to focus on your upcoming marketing campaigns and projects so that you don’t get that overwhelmed feeling come September and October.

Here are nine great tips for getting ready for September’s busy season this summer.

  1. Enter all revenue and expenses into your record-keeping system. If you don’t have a record-keeping system for your business finances, create one. You can use Quick Books or Quicken Home & Business to keep your records in tip-top shape, and get great reports to measure your financial success and the growth of your business.
  2. Reconcile your bank account records with bank statements. I don’t know anyone who really loves to reconcile bank statements, but as a business owner you have a responsibility to know where every penny enters and exits your business. Just the other day, while reconciling my bank statements, I noticed a $745 deposit that never showed up in my business checking account!
  3. Estimate your tax payment for the current year; typically you’ll have one more estimated tax payment to make in autumn and a final one for this year that’s due in early January of next year. Have a plan for saving money towards your tax payments so that you’re not caught short when the tax man cometh.
  4. Clean out old paper files, emails, and books you never read. Now’s the time to do a clean sweep of your office! You’ll feel so much better without the clutter.
  5. Speaking of books: take a look at your bookshelf and make a note of which books you’d like to read by the end of the year. You can choose them based on a topic you’re interested in studying, or just select them intuitively. If you’ve been wanting to purchase some new books, now’s the time to visit the bookstore or Amazon.com and browse their selection. And don’t forget your local library: why pay for a book that you just want to scan but don’t want to own?
  6. Compare your financial and other goals to your current reality. Are you moving towards your goals? What tasks do you have to do to make sure you complete the goals you’ve set in the time frame you’ve chosen? Make a task list and assign deadlines to even the smallest task, so that you’ll be on target for the year. And why not start day dreaming about your goals and projects for next year?
  7. Organize your desk. Put things that you need often in a logical place and things that you rarely use in a drawer or cabinet.
  8. Figure out a system for keeping track of your To Do list. The biggest anxiety producer that people face is having to keep all their tasks in their head.
  9. Plan next year’s vacation! Hey, why not??
   

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Category: Running a Strong & Efficient Business
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Think Small and Accomplish Great Things

Posted by on Jun 18 2019

Mary was ready to create huge changes in her consulting business. How exciting, having a big dream!

She had a million ideas and a solid, well-planned task lists to back up the big plan.

Except there was one small problem – Mary’s dream was dying on the vine. By thinking big she was overwhelming herself. She was paralyzed.

Mary asked me, “How do you accomplish all the things you do? Do you have some mysterious time management system that I need to know about?”

Nope. No time management system. No crystal ball. No magic wand. Just one mantra: Think Big and Think Small.

Thinking Big is about dreaming and strategic design; it answers the questions, “What do I want?” and “Why do I want it now?”

Thinking Small is about tactical planning; it answers the question, “How do I accomplish it?”

Great things are accomplished through thinking in small steps.

Anyone who has tried to stop smoking or lose weight knows you do it one day (one hour, one moment) at a time. Anyone who has attempted to do a 10-mile hike knows it’s simply a case of one foot in front of the other.

People with big business dreams often forget these well-known truths about how to tackle big things.

Mary became frustrated because things weren’t moving fast enough. She was ready to give up her dream because there was too much to do and she didn’t know which task to do first.

When she started a task, she abandoned it if it took longer — or was more complicated — than she thought it should be.

Thinking small means I’m a failure.

We’re afraid that thinking small and taking small steps forward because we equate it with being small and having a small life.

Nothing could be further from the truth. If you want the big, juicy, vibrant life you desire, you have to break it down into doable steps.

No matter how much you try, you can only really do one thing at a time.

You may think that multitasking makes you more productive, but studies show that multi-tasking actually reduces your ability to accomplish tasks. It slows you down.

Instead of trying to do five tasks simultaneously, I’m advocating this approach: put exquisite, conscious effort into one task at a time, complete it, and move on to the next.

How do you know which small step to take first?

You have been gifted with four pillars of life the day you were born: your intellect, your emotions, your intuition, and other human beings.

Start by asking yourself, “What one small thing can I do, right now, that will move me towards my big goal?”

Don’t give up if the answer doesn’t come to you immediately; have patience and allow the answer to bubble up to the surface. Trust your mind and your heart. Write down the tasks or draw them on a piece of paper and ask yourself, “Does this feel right?” Write in pencil so that you can re-arrange it until it truly feels right to you.

If the answer still doesn’t come to you, ask other people for help.

Talk about your goals and plans with colleagues and friends. Talk to supportive people who fully understand your big dream and can help you to look at the small tasks you must do to accomplish the goal.

Then do one small task at a time.

I’m encouraging you to do both: Dream Big, Think Small, and you will succeed.

   

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Courage, and the Self-Employed

Posted by on Jun 10 2019

Each week, I hear people telling me they want to build their small business, but they don’t (or can’t) move forward on their dreams because they’re afraid.

There are so many things to be afraid of when you’re self-employed: fear of failure, fear of success, fear of illness, fear of lawsuits. No money, no time, no skills, no help, no support.

Being a small business owner takes a particular type of courage

You have to be willing to take action with no guarantees of success.

You have to be willing to put all your heart and soul into your enterprise, and you have to be willing to face and overcome the roadblocks that get in your way.

You have to be willing to dream big dreams — and have the guts to learn new things that you never knew how to do before.

On top of all that, you need the type of courage that shouts, “I must do this or I won’t have lived my life purpose!”

It takes strength, focus, and responsibility to succeed or fail on your own merits, and to be willing to ask for help or education when you need it.

Do you have it?

  • Do you have the courage to face your fears and keep walking towards your dream anyway?
  • Do you have the strength and dignity to act consistently and responsibly towards your business growth, on a daily basis, without whimpering in self-defeating behaviors and excuses?
  • Do you have the guts to set a big goal, create reasonable action plans that stretch and challenge you, and move forward on those tasks knowing that you have no guarantee of success?

Every business owner feels fear at one time or another

The next time you hear yourself saying, “I’m afraid,” reply with a knowing smile and say to yourself, “Join the crowd.”

Then, summon up that well of courage and take responsibility to create the life and business you’ve dreamed of.

Because, if you don’t have that type of courage, you probably shouldn’t be self-employed in the first place. Being self-employed is about challenging yourself and the world. It’s not about taking the easy way; it’s about taking the only way that will give you a sense of self-fulfillment and success.

   

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Category: Running a Strong & Efficient Business

Motivational Minute: Ben Zander on Leadership and Awakening Possibility

Posted by on May 30 2019

A little inspiration…

   

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Should You Create A Product?

Posted by on May 14 2019

Great question! I’ll work off the premise that by “product” you’re referring to anything from writing a book to creating a live or self-study training class.

Products can be a great way to sell to different price-points; if clients resist paying $400 – $1,000 a month for private one-on-one sessions with you, they might join a group or buy a book. Products are also a way to honor people’s chosen learning style. Some people prefer self-study; others prefer classes, while others prefer one-on-one mentoring.

Should you create product?

My response would be, “It depends on your business model, vision, and strategy.”

  1. If your business model is to have a multi-tiered business where you offer multiple services and products, then yes, go ahead and create product. Make sure your financial plan and marketing plan is in place, make sure you have the support of a VA or administrative assistant if necessary, and then go for it.
  2. If your business strategy is to position yourself as an expert in a certain niche, then yes, go ahead and create product.
  3. If the vision for your business is to stay compact and focused, if the strategy is to reach people on an individual basis, then a product may be a distraction to the thing you’re actually selling: your personal service.

Small business owners shouldn’t create product just to create product — there should be a business reason for initiating the product creation cycle and a business reason for creating a particular product at a particular time.

I’ve seen too many small business owners create product which has no natural tie-in to their core marketing efforts to their primary target market. It’s like they’re launching a secondary business which needs its own marketing to capture its own audience. That’s a lot of work.

For instance, in the National Speakers Association, members are highly encouraged to create product, but with one strategy in mind: that you can sell that product to the audience after giving a speech. You literally sell books in the back of the room, or promote our next webinar series from the podium. Your marketing efforts are focused solely on getting speeches; the selling of the product happens naturally following the speech.

The small business owner needs to ask:

  • Why am I creating this product?
  • Do I have the bandwidth and money to create and support this product?
  • Do I have a natural avenue to an audience to sell my product?
  • And if not, how will I reach that new audience?

Creating products opens up a lot of marketing questions and marketing work, along with the time it takes to create and test the product. (Of course, you can always hire someone to create the product for you, but that’s another story.) My opinion is that a new small business owner, or a really busy small business owner, should consider carefully whether he/she has the bandwidth in time and money to begin creating and selling product in conjunction with their core business.

But if you have a good business reason to do it, and the time and money to invest in it, then go for it! Creating products is great fun and a wonderful learning experience.

   

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