Win Big in Business in 2024 by doing this 😮💪🏾

Summary

In 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

00:00

🚀 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.

05:02

📊 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.

Keywords

💡Business Growth

Business growth refers to the process of expanding a company in terms of size, revenue, and market share. In the video, Simone Prast, an entrepreneur and small business growth strategist, emphasizes the importance of planning for business growth in 2024, suggesting that viewers should have started strategizing from October of the previous year.

💡Key Performance Indicators (KPIs)

KPIs are quantifiable metrics used to track the success of a business or individual in reaching their targets. In the script, KPIs are highlighted as essential for understanding business performance, with examples given such as return customer rate, conversion rate, and average order value, which are crucial for assessing and improving business strategies.

💡Conversion Rate

The conversion rate is the percentage of potential customers who are converted into actual customers. Simone mentions a 3% conversion rate as a benchmark for a good performance, indicating that improving this rate can significantly impact the business's profitability.

💡Average Order Value (AOV)

AOV is the average amount spent by a customer in a single transaction. The script discusses increasing AOV as a strategy to improve profitability, suggesting that if the current AOV is $40, aiming for $60 or $70 could substantially increase business revenue.

💡Strategic Planning

Strategic planning involves setting objectives and determining the actions needed to achieve them. The video encourages viewers to reassess their business metrics, identify areas of weakness, and create a plan of action with strategies to address these issues, such as increasing leads through paid ads or collaborations.

💡Lead Generation

Lead generation is the process of attracting and converting strangers and prospects into potential customers. Simone addresses the issue of inconsistent lead flow and suggests developing strategies to create a consistent stream of leads, which is critical for business growth.

💡Revenue Goals

Revenue goals are specific financial targets that a business aims to achieve within a certain timeframe. The script outlines the importance of setting quarterly revenue goals and illustrates how to calculate the number of orders needed to meet a monthly revenue target of $10,000 with an average sale of $50.

💡Action Plan

An action plan is a detailed roadmap outlining the steps needed to achieve a goal. Simone advises creating an action plan to address underperforming metrics, suggesting that viewers should brainstorm at least three strategies for each problem identified in their business.

💡Mentorship

Mentorship is a relationship in which a more experienced or knowledgeable person guides another person. Simone credits mentorship with teaching her the importance of setting financial goals and tracking KPIs, which significantly impacted her business growth.

💡Six-Figure Startup Program

The Six-Figure Startup Program is presumably a service offered by Simone to help businesses reach a revenue of $100,000 or more. The video mentions this program as an opportunity for viewers to book a free strategy call to discuss their business's potential fit for the program.

💡Entrepreneur

An entrepreneur is an individual who creates a new business, bearing most of the risks and enjoying most of the rewards. Simone introduces herself as an entrepreneur, indicating her personal experience and expertise in guiding others to grow their businesses.

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