Would you like to work really hard and make no money at all? If so, you are in for a treat
Joking aside, this is something I see a lot, and something I was guilty of for a long time…
actually, it is not funny, it is frustrating, annoying, confusing and can kill your motivation…
oh, and I see people making these mistakes daily.
In this post I am going to share with you a mindset shift, and a simple technique to overcoming what I call “rocking chair syndrome”, which means that, like a rocking chair, you are moving, but not getting anywhere.
Here is the big secret: KPI’s.
Have a great day…. tip your waitress, try the salmon.
What are “KPI’s”? I hear you cry.
They are Key Performance Indicators… or in non corporate speak, they are the the key, measurable actions that will bring in $$$$$.
Let’s do an example using one of my businesses: My webinar training business.
My KPIs for this business:
How many opt-ins to my lists?
How many people register for my webinars? (notice that I didn’t include “How many webinars I create”, as I could easily create 100 webinars, with zero promotion, and make zilch)
How many people attend my webinars?
How many people stay on the webinar to the end? (I call this “webinar engagement”)
How many people visit my order page?
How many people purchase?
Then I look at the actions that create these results…
So, for example:
How many emails I send to potential JV partners?
How many Skype calls I do with potential JV partners?
How many emails I send to my lists?
How many people open the emails?
How many people click through?
Notice that I can measure all of the above… “if you can’t measure it, then it doesn’t exist” – Tim Ferriss
Most people don’t do this, and they either go around in circles, or spend time on things that don’t bring in money.
For example, this was my KPI from two years ago (darn you hindsight):
How many blog posts I wrote
How many ideas I had
How much more authority I got
Now, the above 3 may seem important, but they very rarely lead directly to money… they opened doors, they got the ball rolling, but they didn’t put bread on the table.
What are your KPIs?
I spoke with a guy selling a service to local businesses yesterday, he talked of his logo, his ideas, his plans, his video editing etc… but none of these were KPIs that would deliver results… instead, he should have been focusing on: How many quality prospects he targeted, how many emails he sent them, how many phone calls he got asking for a quote, how many packages he sold, how many referrals he got etc…
Still not got the message?
Ok, well in the style of Tyler Durden from the movie “Fight Club”:
Repeat after me…
You are not your plans,
You are not how many friends you have on Facebook,
You’re not the ideas you have,
You are not the contents of your blog,
You are not your f*&^ing logo.
I often tell people they are focusing on the icing, and not the cake… are you doing the same?
So here is what you need to do:
Go grab a pad and paper and make a list of all the measurable KPIs that are required for you to make money.
Then, flip the page over, and make a list of all the ACTIONable KPIs required to make them happen.
So for example:
Measurable KPI = How many Joint Venture deals I do.
Actionable KPI required to make this happen = How many Skype calls I do with potential JV partners.
Once you have all of these, hang them on your wall, and at the end of each week, fill in the numbers you achieved for each… you will find that the higher the numbers, the higher your profits.
PS: In the time it took to write this I spoke via email to a JV partner and lined up a JV webinar… remember, it doesn’t have to be hard. (that’s not what she said)
PPS: I apologise for that childish joke.
PPPS: Seriously, you are NOT your logo!!!!
PPPPS: A big thanks goes to Barry Dunlop www.facebook.com/barrydunlop he tried to instill this attitude into me a few years ago, but I simply didn’t get it back then.. I do now, so thanks Barry, and I am sorry it took so long.