When it comes to growing a business one of the most important jobs we have as CEOs of our own business is managing money.
In this episode, we are going to talk about the three financial routines for coaches that will exponentially grow your profit:
1. Create consistent recurring revenue streams that you sell regularly.
If a program product or service will only bring in cash once, this is a flaw in offer design because it will be very difficult to create a consistent revenue stream in your business. How you develop your coaching services and/or products is crucial in order to consistently bring in money into your business and avoid the feast and famine cycle.
If you want to learn more about creating consistent recurring revenue for your coaching business, join our FREE training, The 5-Step Framework to Build a $100K Coaching Business today.
2. Have money dates with your business finances.
Have one day, whether weekly or monthly, when you look at and analyze your business finances to strategically plan out your finances.
3. Monitor KPI (Key Performance Indicators) or lead metrics weekly.
There are two scenarios where these are the most important: In the beginning or selling a new offer and when you have an offer that is doing okay ($50K and you are looking to scale to $100K). The KPIs can help you to see if you are on track and what to modify to reach your sales goal and where you will concentrate your effort. without tracking key performance indicators, it becomes impossible to know if the effort you are putting in will pay off.