Monday, May 30, 2011

Know Your Numbers - 3 Vital Questions About Your Business

You can stump most business owners by asking them the following 3 questions:
  1. What is your total lifetime client value (LCV)?
  2. What are your top 3 sources of business?
  3. Which 5 clients send you the most referrals?
If you don't know off the top of your head, you should be able to find the answers within 15 minutes in QuickBooks and/or your client database. Otherwise, you don't really have a business -- you have a hobby.

Example: if you don't know how much a client is worth to you over their buying lifetime (LCV), how can you know how much to spend when "buying" new clients with your marketing? You can't know. So you will fly blind ... and probably crash, eventually.

When you know your numbers, you can do more of what works and less of what doesn't.

That's a sure recipe for success.

Know your numbers.

You'll find more ideas like these in my Free Report, Guaranteed Marketing

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