Win Big in Business in 2024 by doing this 😮💪🏾
Summary
TLDRIn this video, entrepreneur and small business growth strategist Simone Prast urges viewers to plan for 2024 by auditing their business, setting key performance indicators (KPIs), and identifying areas for improvement. She advises creating strategies to address weak metrics, setting quarterly revenue goals, and aligning them with actionable strategies. Prast emphasizes the importance of regularly reviewing KPIs to track progress and offers a free consultation for those interested in her six-figure startup program.
Takeaways
- 📅 Start planning for 2024 early, ideally in Q4 of the previous year.
- 📝 Conduct a business audit to assess current performance and identify areas for improvement.
- 📊 Understand and focus on KPIs (Key Performance Indicators) to measure business success.
- 🔑 KPIs such as return customer rate, conversion rate, and average order value are crucial for e-commerce businesses.
- ✅ Increase profitability by improving KPIs, such as raising the average order value.
- 🤔 Identify current business challenges by making a list of what isn't working well.
- 🛠 Develop at least three strategies for each business metric that isn't performing as expected.
- 🎯 Set clear revenue goals for each quarter and align them with your strategies.
- 🔢 Calculate the number of orders or customers needed to meet your revenue targets.
- 🔄 Revisit and select strategies that best align with your revenue goals for each quarter.
- 📈 Establish new KPIs to track progress towards your goals and adjust course as necessary.
Q & A
What is the main focus of Simone Prast's channel?
-Simone Prast's channel focuses on sharing tips, tricks, and strategies for growing a small business to six figures in less than a year.
Why is it important to start planning for 2024 now?
-It is important to start planning for 2024 now because early planning in Q4 allows for a strategic approach to the next year's business goals and objectives.
What is the first step in planning for a new business year according to Simone?
-The first step in planning for a new business year is conducting an audit of the business to understand its current state, what has been working, and what has not.
What are KPIs and why are they important in business planning?
-KPIs, or Key Performance Indicators, are metrics set to measure how a business is performing. They are important because they provide insights into the business's performance and guide decision-making.
What are some examples of KPIs that Simone looks at in her e-commerce business?
-Simone looks at KPIs such as return customer rate, customer conversion rate, and average order value in her e-commerce business.
What is the significance of setting KPIs for a business?
-Setting KPIs is significant because they help businesses measure their performance, identify areas of strength and weakness, and make informed decisions to improve or maintain performance.
How does Simone suggest addressing issues within a business?
-Simone suggests making a list of issues within the business, then developing at least three strategies for each problem to improve the situation.
What is the purpose of setting revenue goals for each quarter?
-Setting revenue goals for each quarter helps businesses to have clear financial targets to aim for, which can guide their strategies and measure their progress throughout the year.
How does Simone recommend aligning strategies with revenue goals?
-Simone recommends revisiting the list of strategies and selecting those that best align with the revenue goals, ensuring they are actionable and can contribute to achieving the desired financial targets.
Why is it necessary to set new KPIs after deciding on strategies?
-Setting new KPIs after deciding on strategies is necessary to have measurable indicators that will guide the business and provide feedback on whether the strategies are effective in achieving the set goals.
What action does Simone suggest taking after setting new KPIs?
-Simone suggests reviewing the new KPIs on a weekly basis to monitor progress and ensure the business is on track to meet its goals.
How can viewers connect with Simone for further business consultation?
-Viewers can connect with Simone for further business consultation by booking a free 30-minute strategy call through the link provided in the video description.
Outlines
🚀 Kickstarting 2024 Business Growth
Simone Prast, an entrepreneur and small business growth strategist, introduces her channel and emphasizes the importance of planning for 2024. She advises starting with a business audit to assess current performance, focusing on Key Performance Indicators (KPIs) such as return customer rate, conversion rate, and average order value. Simone stresses the significance of setting KPIs to measure business success and suggests creating a list of current business challenges. She then recommends developing at least three strategies for each issue, such as generating consistent leads through paid ads, influencer collaborations, or affiliate marketing. The aim is to improve business metrics and ultimately increase profitability.
📊 Setting Revenue Goals and Strategies for Success
In this section, Simone provides a practical approach to setting revenue goals for each quarter of the year and illustrates how to calculate the number of orders needed to meet a specific target, using an example of generating $10,000 in January with an average sale of $50. She explains that this requires a strategic approach, revisiting the previously identified strategies to determine which will best align with the revenue goal. Simone also highlights the importance of setting new KPIs to track progress and ensure the business is on the right path. She concludes by encouraging viewers to implement this planning system and mentions her 2024 consultation calendar for a free strategy call to discuss the six-figure startup program.
Mindmap
Keywords
💡Business Growth
💡Key Performance Indicators (KPIs)
💡Conversion Rate
💡Average Order Value (AOV)
💡Strategic Planning
💡Lead Generation
💡Revenue Goals
💡Action Plan
💡Mentorship
💡Six-Figure Startup Program
💡Entrepreneur
Highlights
Simone Prast introduces the importance of planning for 2024 and taking business to the next level.
Emphasizes the need to start planning for the next year in Q4, as early as October.
Phase one of planning involves conducting an audit of the current business to assess what is working and what is not.
Key Performance Indicators (KPIs) are introduced as metrics to measure business performance.
Examples of KPIs in an e-commerce business include return customer rate, conversion rate, and average order value.
The significance of setting KPIs and reassessing business strategies based on their performance is discussed.
Creating a list of current business challenges is recommended as part of the planning process.
Suggests developing at least three strategies for each business problem identified.
The importance of setting revenue goals for each quarter and aligning them with business strategies is highlighted.
Provides a method to calculate the number of orders needed to achieve a revenue goal based on average sale price.
Encourages revisiting the list of strategies to determine which will best help achieve the set revenue goals.
Stresses the importance of setting new KPIs after deciding on strategies to track progress towards goals.
Recommends reviewing KPIs on a weekly basis to ensure the business is on the right track.
Shares Simone's personal experience with the impact of setting financial goals and tracking KPIs on business growth.
Announces the opening of Simone's 2024 consultation calendar for booking free strategy calls.
Invites viewers to book a call to discuss potential participation in Simone's six-figure startup program.
Ends with a New Year greeting and a promise to see viewers in the next video.
Transcripts
if you want to make 2024 the year that
you take your business and your life to
the next level then stick around because
you're not going to want to miss what I
have in store for you hi guys welcome
back to my channel if you're new here my
name is Simone prast I'm an entrepreneur
and a small business growth strategist
and on this channel I share all of the
tips tricks and strategies to take your
business to six figures in less than a
year just like I did okay guys so it's
almost 2024 and the time to start
planning for your business is now as a
matter of fact you started you should
have started planning your 2024 strategy
from October that was when I started so
I try to start from in Q4 like early Q4
to start planning for the next year all
right say for example your plan is to
start a new business in 2024 then now is
the perfect time to start planning okay
so phase one of planning is really doing
an audit of your business that's the
first thing you need to do you need to
look at where you are now what's been
working for you and what has not been
working for you and by doing an audit of
your business you really need to be
paying close attention to your kpis and
if you are new to that term kpis
basically these are key performance
indicators so these are metrics that you
set that really tells you how your
business is performing say for example
with my e-commerce business some of the
kpis that I look at our return customer
rate I also look at um my customer uh
conversion rate you know if you're
converting your customers at say for
example like a 3% and above that's a
great conversion right if I also look at
my average order value and I try to
increase that say for example let's just
say my average order value is $40 and I
know that if I am able to increase the
average order value to $60 or $70 it
would really get my business to a much
better place where now I'm able to have
more profit or to be more profitable all
right so you really need if you haven't
set kpis in your business and the kpis
that you're going to set is going to be
relative to whatever business that
you're in however it is super important
that you set up kpis so if you haven't
done so yet you need to have that as a
part of the equation for for 2024 so
after reviewing your kpis whatever
metrics that are performing well then
you're going to do more of what is
performing well whatever metrics that
aren't performing then you're going to
have to go back to the drawing board
reassess the situation and come up with
a plan of action so as part of that plan
of action what I really want you to do
is to make a list right write down a
list of things that that are just not
working within your business right now
maybe you just aren't getting enough
leads right maybe you're getting enough
leads but you aren't converting your
leads right whatever it is I want you to
just get a pen and paper together and
just create a list of whatever it is
that is not working so after you've made
the list the next thing that you're
going to do is to come up with
strategies right whatever it is that's
not working within your business I'm
going to assume that you're not getting
enough leads okay so let's just assume
that that's situation okay you don't
have a consistent flow of leads coming
in your business okay so if that's the
case then you need to come up with a
strategy of how you're going to be
getting enough leads maybe you're an
e-commerce business and you're just
relying on social media right you're
posting organically on social media
maybe on Tik Tok and on Instagram and
you know you get a couple of orders here
and there but nothing consistent nothing
that's going to really move the needle
in your business right okay so what
you're going to do is basically come up
with strategies like what can I do to
now create a consistent flow of leads
within my business maybe I could run
paid ads right maybe I could collaborate
with influencers right maybe I could
hire Affiliates I want you to come up
with at least three strategies for every
problem that your business is
experiencing right now right every
metric that's not performing I want you
to come up with at least three
strategies that could um improve these
metrics so they can start moving within
the favor of your business so the next
thing that I want you to do is to set
your Revenue goal for um each quarter so
for q1 right how much it is that you're
looking to make in the first quarter say
January how much revenue you're
expecting to make in your business in
January how much you're expecting to
make in February how much you're
expecting to make in March and what
we're going to do now is we're going to
tie these Revenue goals in with the
strategies that we previously discussed
right so if for example you are looking
to make $10,000 within your business
within let's just say January okay and
your average sale is $50 then how many
customers or how many orders do I need
to bring into my business that will
allow me to generate $10,000 by the end
of January so according to my calculator
you would need to make at least 200
orders at $50 for you to generate
$10,000 within your business within that
month right and which means that you
would have to bring in at least six ERS
per day averaging $50 for you to get to
that goal right so now in order for you
to give your business the best
opportunity to achieve that goal you're
going to have to revisit that list of
strategies that you just came up with
right and you're going to have to see
which strategy is going to align best
and it might be multiple strategies
right it's going to align best with the
goal that I'm trying to to achieve right
remember you're you're trying to hit
$10,000 by the end of January all right
so you're going to have to revisit the
list of strategies and see which
strategies are going to give me or give
my business that opportunity to really
get to as close to that goal or even
exceed that goal now after you decided
on the strategies that you're going to
use you really need to set new kpis it's
super important because these kpis are
going to be your NSTAR they're going to
be your guiding like in letting you know
if you are heading in the right
direction meaning you are getting closer
to achieving that goal or maybe you are
way off you're nowhere close to heading
you know hitting that goal so it is
super important that you set kpis within
your business and that you review your
kpis on a weekly basis okay guys so
that's going to be it for today so if
you haven't started planning um for 2024
um you really need to implement this
system right away because it has given
my business the opportunity to grow in
Leaps and Bounds because before I was
just operating as a black canvas I
wasn't really setting any financial
goals I wasn't really tracking kpis
early on because I did not know but once
I got mentorship once I learned these
things I implemented them right away and
it made a difference in my business okay
with that said my 2024 consultation
calendar is now open so if you'd like to
discuss if you'd like to book a free 30
minute strategy call with me where we
can discuss if you'd be a good fit for
my six figure startup program then click
on the link below and I look forward to
hearing from you have a great New Year
guys and I will see you in the next
video
Weitere ähnliche Videos ansehen
5.0 / 5 (0 votes)