Feeling lost as an entrepreneur?

Feeling lost as an entrepreneur??

How do you know what you are doing is working?

The whole reason you decided to become an entrepreneur was to build a business to sustain your family and help you achieve your personal dreams.?

Those are noble reasons to start any endeavor, but sometimes they might not feel like enough.?Sometimes, you may find yourself questioning everything that you’re doing, wondering if it’s even working to get you closer to those end-game goals.?

How do you get out of that “lost” feeling and keep yourself inspired??

How do you gauge your success and determine which actions you are taking are the most impactful for your business??

You may have some sense of your success just by observing the day-to-day operations of your business.?Are you able to pay your business bills, pay your employees and take a paycheck??Maybe you even have a little money left over??

This method of gauging the financial health of your business will work in the short-term, but eventually you’ll need to implement something a little more concrete that will allow you to progressively track your actions to see if they are generating a return.?

Let's talk about how to measure success. While there are several different ways that you may choose to measure your business, I’d like to share three tried-and-true techniques that I’ve used to help you track your progress.?

First, pull up your profit and loss statement.?When you have all of your income and expenses written or pulled up on your computer screen, you gain a bird's eye view of the bigger picture.?This is beneficial because it allows you to not only track the revenue you are generating, but also to monitor your recurring expenses and to notice which of these are the most expensive.?With subscriptions set to run automatically, you might be surprised to see that you are paying for subscription services you no longer need.?This is also a great way to ensure that your expenses are not outpacing your income and, let’s face it, it’s also a good reminder on the days when being an entrepreneur is a little hard that you’re actually doing it!

Second, make sure that your customer base is consistently a solid mix of new and repeat customers.?Acquiring new customers is going to cost you five times more than warming back up your existing ones, so don’t deplete all of your funds seeking them out.?While they are valuable to your business, having consistent customers who believe in your service and product is going to have a much higher return.?You don’t have to spend the time to seek them out through marketing efforts or educating them on your product because they already have that information.?New customers do, however, protect your business from relying solely on repeats as the only source of revenue.?

Lastly, don’t lose sight of how far you’ve come outside of just the numbers on your books.?When you first started your business, you were everything!?You were taking the orders, fulfilling them, doing the marketing, the books and the web design. You were it!?If you can look back now and see that you’ve been able to delegate some of these tasks, don’t discount that. That’s a big gauge of your progress and showcases that what you are doing is working.?The places where you are putting your time and your energy are paying off.?

Get Help Today.....if you need a little more help in your back pocket, lean into our Facebook group, “Be a Confident Entrepreneur, Gain Confidence and Grow Your Income”.?