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.