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March 22, 2020 - October 20, 2022
Take the amount of revenue you make in a month and subtract your costs. What you have left is your monthly profit. (If you have a job, then your wage is your profit.) Divide your profit by the number of hours you worked in the month to get it. The number you have now is your EHR. Let’s say you make $20,000 a month in revenue, and your fixed and variable costs come to $15,000. That means your profit will be $5,000. If you work 250 hours a month to achieve that profit then: $5,000/250 = EHR $20/hour
Because if you can’t look after yourself, you aren’t
going to be much use to anyone else.
What broke Who stepped up
Who took initiative Who created something amazing What should have been done but didn’t get done (and where the gaps are) Who isn’t cross-trained Which system failed The results we got
ACTION ITEMS TO INCREASE YOUR EHR Perform the delete-delegate-do exercise at the beginning of the chapter. Start writing SOPs for every task that’s done more than once in your business. Create an asset register. If you currently have a team, ask yourself:
Are there any team members that should be moved on because they’re holding back your business? Are there any team members who can handle more responsibility?
What’s their age, gender, household income, family status? What are their problems? 2. What is your actual offer? What problem will you solve for the customer?
Why should the customer choose you to solve their problem? 4. How much is it? What are you charging the customer to solve their problem?
ACTION ITEMS TO INCREASE YOUR EHR List potential markets you have access to. List products or services they are already buying. Shortlist one for research. Create your offer. Offer it to someone and collect payment. Create your low-resolution solution.
Deliver it. Scale your offer. Refine your offer.
Get more prospects Convert more prospects into customers Increase our prices Sell more often (with up-sells, down-sells, cross-sells or recurring sells) Reduce costs.
Answer your phone faster.
Conduct sales training with every staff member. Make your sales offer more compelling and relevant. Offer a guarantee. Use testimonials, case studies and demonstrations. Talk about the benefits a prospect can expect rather than just features.
Include ‘other customers bought’ recommendations. Use video and images to engage visual buyers. Speed up your website, and make it easier to use. Improve your follow-up after first contact. Continually benchmark your bes...
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Think of the different things your customer could experience in your
business and present it on a simple products page. If you have a lot of offers, have a chooser that helps people find the right product. Take it the next step by figuring out the marketing channels you can use to direct people straight to the product they need today.
Set up a cross-referral program to make sure your customers know how e...
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Just a business model with smooth cash flow, predictable income, and the ability to do work that is meaningful to me.
the recurring subscription model.
Research your target market. What are they already spending money on? Can you package up and provide something better? If you’re a service-based business, would it help your clients to have you on retainer? They’ll know what their monthly spend will be, and you’ll
Create a compelling product or offering Generate huge buzz around the product (via website opt-ins, videos, email sequences, Facebook ads, etc.) Recruit joint venture partners who will promote it to their customers by email when the product launches
compromises are you making in your business that could be limiting you? What can you do to test and challenge assumptions you’re currently making?
Where are you giving up control? How can you take back that control? How can you mitigate the risks inherent in those compromises? Are you getting enough sleep currently? If not, set yourself a ‘go to sleep’ alarm each night and aim to get one more hour than you’re getting currently.
