Sep 1, 2021
It’s that time of the year when vendors hold their annual meetings, evaluate the upcoming year, and set new sales goals. The mission, as they’ll explain, is to ramp up sales and increase the revenue you’re bringing into the business.
But does that actually benefit you?
While these meetings might be great for catching up with old friends and learning about new trends, they aren’t the best use of time when it comes to increasing your profit.
So today we’ll going to tell you about the process you should be using to generate the revenue you need, and it’s something the vendors will never agree with. We want to make it clear that businesses that aren’t built on profit will continue carrying huge overhead managing dinner seminars and other large expenses. And that’s never going to allow you to reach the profitability you desire.
The bottom line for the discussion today is determining how much money you need and how much profit you are required to generate to hit that critical mass number on your own personal net worth. This all leads to better results for you and the business. If you take care of yourself, you’ll take care of your clients even more.
So as you go through the episode today, keep an ear out for some of these topics that we cover:
- What is a closed office concept?
- Why you need to figure out how much money it’s going to take to have the lifestyle you want.
- Getting to the point where every client you bring on just becomes a bonus.
- Insight into the considerations you need to make to reach these goals.
- What do you need to know about your client base?
- What does it take to reach that critical mass number for your business?
- What they’ll tell you at the vendor meetings.
For more on this topic and other strategies to growing your business, join us over at RenegadeAdvisor.net.
What we discuss on this episode:
1:28 – Why we’re talking about this topic
2:02 – Closed office concept
2:50 – First question to ask yourself
5:07 – Insight into what you need to consider to reach net profit you need
6:31 – Studying client base
9:12 – Reaching critical mass
11:43 – What they’ll tell you at these vendor meetings