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How Entrepreneurs Can Increase Their Revenue Every Year
If your company is doing well enough, is that good enough for you?
Or do you, like a lot of entrepreneurs, feel stuck at your current level? Perhaps you know that you should still be growing but you’ve gotten comfortable with how things are.
You can still grow, and you should still be growing, and figuring out how to do it might be simpler than you think.
There are so many aspects to a company’s performance that it can be hard to determine exactly what level you’re at, but we have a method that will not only simplify all of the metrics, it will also help you decide on and move toward your next goal.
Calculating your level.
Looking back on the last 12 months, think of the five biggest successes you’ve had. You can do this no matter what business you’re in. The five successes could be paychecks, some other kind of transactions, or total sales in 24-hour periods.
Now, figure out the average of these five biggest successes. The result is what we call “The Largest Check.” It represents not only the money your company can currently bring in, but also your current level of capability and confidence.
This is a very important number. It represents what you can do at this moment in time.
“The real scorecard for all entrepreneurs is money in and money kept.” – Dan Sullivan
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A bigger check.
So, where do you go from here?
Decide what you’d like your Largest Check to be in one year’s time. That’s your new goal. It indicates how much more you want to be earning and how much higher you want your capability and confidence to be in 12 months.
Communicating this new number, this “dream check,” to everyone else at your company is crucial so that they all know the specific result they’re working toward. You have a bigger vision for the future, and all of your team members who are truly a fit for your company will up their game to try to reach that company goal.
The Minimum Check.
Since you’ll be focusing on only the biggest opportunities now, you’re going to find that you might not have time for people who are writing smaller checks.
It can be hard to say “no,” especially to long-time clients, but you have to be honest and stick to your vision if you want to reach your goal. Your time is precious, and you’re going to have to make the call in each situation.
Maybe when you started out, you took whatever business you could get. But if your long-time clients’ checks aren’t getting bigger, they might not be a good fit for your growing company, or it might be that they just can’t afford your time personally anymore and you can hand off those relationships to other members of your team.
You’ve grown, and all of the checks you get should reflect that. If you keep accepting smaller checks, you’re keeping yourself from growing.
Once you find out with a simple figure how well you’re doing, it makes it easier to determine what level you want to grow to. Getting there involves respecting your own value, communicating the goal with your team, and keeping your focus on the number you want to see.
About the Author
Dan Sullivan is the world’s foremost expert on entrepreneurship in action. He is the founder of The Strategic Coach Inc. and creator of The Strategic Coach® Program. Visionary, creative, wise, playful, and generous, he is a true champion of entrepreneurs worldwide.Follow on Twitter More Content by Dan Sullivan