So what now? I’ve identified that I need to make some changes.
Eliminate what isn’t working, and make room for more of what is.
I apply this in the most literal sense. I go into my calendar. I restructure my schedule, and start planning for the things that I want to be spending time doing.
I started building a new revenue model, specifically around the Private Education that I offer. I looked at my pricing structure, and I noticed there was too much of a gap, from the base of $250/hour, to the effective hourly rate, when a client purchases my 20 hour CFO Package. I laid the pricing out in a spreadsheet, so I could write a formula that would help me tighten it up. I decided that at each new level I wanted to offer a 10% discount from the previous. Then I rounded the effective rates, and re-priced accordingly, leaving the same base rate of $250/hour.
Based on my recent studying and what I’ve learned, I realized I had too many choices. So I consolidated, and chiseled the plans down to 5 plans. 1 hour, 1.5, 5, 10, and 20. I may even knock out the one hour option, but a lot of people like that.
Now I look at my calendar, and assuming I were to offer 1.5 hour session every day Mon-Fri, I can provide 5 sessions per day. On Friday, I would plan on only 3. I like to take it easy on Fridays, and use that time to catch up on other things.
I figured out that, at a mean rate of $220/hour, I can fill up my calendar (and I know that part will be easy for me to do), and bill out over $360,000 annually, based on that segment alone. Then there are my other sources of revenue. The digital products I sell online, and of course my Business Management Services.
With the right focus, and execution, in the next 12 months, I can easily gross over $600K.
This means I need to turn down offers to do many other things. Things that will take me off this path. Speaking at conferences is fun, and I love seeing the people. So I can choose one. The rest of the time, I need to focus on building this.
Consistency, and persistence, are the keynotes, by which we may come into harmony with our goals.
It amounts to a clear recognition of what we really want, and the direction we want to head in. Then a consistent plan of execution.
Stay the course, and never quit. These are the sort of things that guarantee success.