How to Improve Business Revenue

How to Improve Business Revenue
Photo by Austin Distel / Unsplash

Improving business revenue is not an easy task, but there is a simple strategy that can help you achieve it. This strategy is often mentioned in various management books and has been observed by experts.

To get started, you need to maintain a diary and write down your goals, learnings, and shortcomings on at least four pages every day. This will give you a clear idea of what you want to achieve, what you have learned, and what you need to improve. Additionally, you should fill at least one page at the end of every month. This will help you reflect on the progress you have made and set new goals for the upcoming month.

It is important to note that following this ritual will require 90 minutes of your time every day. However, the benefits it can provide are immeasurable. This habit will help your business achieve exponential growth in the future. It will help you stay focused on your goals and keep track of your progress.

Initially, following this ritual may be challenging. It may take time to get used to it and make it a habit. However, once you make it a habit, it will start giving you results. You will notice improvements in your business revenue, and you will feel more confident and in control of your business.

MY MONTHLY GOAL STATEMENT

To achieve your business goals, it's important to have a clear understanding of where you are currently, where you want to be, and how you plan to get there. This can be achieved by following the steps outlined below.

Step 1: Assess your Current Reality

On the first page of your diary, take some time to reflect and answer the question "Where am I right now?" This will help you gain a clear understanding of your current situation, including your strengths, weaknesses, opportunities, and threats.

Step 2: Define your Desired Outcome

Next, ask yourself "Where do I want to go?" This will help you define your desired outcome and give you direction and motivation towards achieving your goal.

Step 3: Develop a Broad Monthly Strategy

To achieve your desired outcome, you need to develop a plan. Ask yourself "How will I get there?" and develop a broad monthly strategy. This can include outlining the steps you need to take, the resources you need to acquire, and the milestones you need to achieve to reach your goal.

Step 4: Reflect and Reassess

Once a month, take some time to reflect on your progress towards your goal. Ask yourself the following questions and write down your answers in your coaching diary:

1. What is the one thing I want to achieve this month that will give me the maximum growth in my business?

2. What specific goal can I set to help me expand my existing business?

3. Do I need to hire new staff, open new offices/branches, find new customers, or secure funding/loan?

Assess where you are in achieving your goal and adjust your Broad Monthly Strategy accordingly. This will help you stay on track and achieve your desired outcome.

RISIMIS

Ri- Ritual

Si- Sixty

Mi- Minute

S- Solitude

Once you have set your monthly goal, the next step is to focus on RiSIMiS. This involves investing 60 minutes every morning in learning new things that can help you move closer to your goal. It's important to only focus on learning things that are directly related to your goal statement. 

To make your business successful, you should only learn things that can contribute to its growth such as strategies you can implement, how to acquire funding, or whether you should hire new staff. Remember to only invest your time in learning things that will have a positive impact on your business.

TYPES OF LEARNING

You can choose from four different ways of learning: audio, video, books or working with a mentor. However, it is important to remember to stick to your goal statement and not just learn anything and everything you come across. 

If you are learning through videos, make sure you only watch those related to your goal statement. Similarly, while reading books or listening to audio, stick to the relevant material. 

It is advisable to focus on addressing the problems you are encountering in your business and learning new things that can help solve them. If you devote just 60 minutes each day to this, you will start coming up with new ideas to help you achieve your goals. 

After each learning session, take some time to reflect on the quality and duration of your learning. Write down the time invested and five things that you learned that day in your diary. 

Remember to work strategically and not let small goals consume all your time, which could leave you stuck at the same place you were last year.

MAIN THING VS MULTIPLE THINGS

As per your morning ritual, RiSiMiS, it is recommended that you divide your day into two parts: the 'main thing' and the 'multiple things'. The 'main thing' refers to activities that are related to your primary goal and help you inch towards achieving it, while the 'multiple things' refer to tasks that are time-consuming and lead you nowhere.

Focusing on the 'main thing' will help you achieve your goals, while the 'multiple things' will only eat away at your time. To illustrate this point, let's take the example of firefighters in the United States who were constantly putting out fires and had no time for their personal lives. To come out of this chaos, they focused on the 'main thing', which was to analyze the reasons behind the fires and develop a 3-step strategy of planning, preparation, and prevention. They introduced strict fire safety measures for all buildings, which led to a significant decline in fire incidents.

Similarly, entrepreneurs in India are often busy with daily operations and firefighting, which takes away from their ability to grow their business. It is essential to separate your goal-oriented activities from the time-consuming firefighting tasks. By investing time in the 'main thing', you will achieve significant growth.

At the end of the day, it is recommended that you take 10 minutes to write down your 'main thing' and rate yourself on a scale of 1 to 10 to assess how productive your day was. This will help you stay focused on your goals and avoid getting bogged down by tasks that don't contribute towards achieving them.

REVIEW AND IMPROVEMENT CYCLE

Dividing your day into two parts and prioritizing your main task and multiple tasks can help you manage your time more effectively. However, it's equally important to review and improve your activities regularly to ensure that you're making the most of your time.

To do this, you should set aside 10 minutes each day to evaluate your performance and identify areas for improvement. This review process can be broken down into three key components:

1. What Went Well? (WWW): This is an opportunity to reflect on the things that went smoothly during your day. It could be completing a task on time, receiving positive feedback from a colleague, or simply feeling productive throughout the day. By acknowledging what went well, you can build on your successes and replicate them in the future.

2. What Went Wrong? (WWW): This is an opportunity to reflect on the things that didn't go according to plan during your day. It could be missing a deadline, struggling with a particular task, or experiencing conflicts with colleagues. By acknowledging what went wrong, you can learn from your mistakes and make changes to avoid them in the future.

3. What Could Be Improved? (WCBI): This is an opportunity to identify areas where you can make changes to improve your productivity, efficiency, or overall performance. It could be exploring new tools or strategies to complete a task, seeking feedback from colleagues, or simply adjusting your schedule to better balance your workload.

By reviewing your day using the WWW and WCBI frameworks, you can gain valuable insights into your performance and identify areas for improvement. Based on your review of the day, you can then prepare an action plan for the following day that takes into account your strengths and weaknesses, and helps you stay organized and focused on achieving your goals.

GRATITUDE PRACTICE

Taking time to express gratitude is an essential step in maintaining a positive outlook on life. It is recommended that you set aside a few minutes each day, before retiring to bed, to reflect on the things you are grateful for. In your coaching diary, you should allocate the fourth page to writing down the specifics of what you are grateful for. This could be a person, situation, thing, or family member that you feel thankful for.

By committing to this practice, you will develop a more positive and resilient mindset, which will help you overcome any challenges that you may face. By filling in the five pages of your Coaching Diary on a daily basis, you will emerge highly focused and powerful from the inside. You will be able to align yourself with your goals and objectives, without straying away from your path. This habit will help you develop laser-sharp focus in your life, which will ultimately lead to unimaginable success.

KEY LEARNING:

1. Keep a Coaching Diary and update it daily to achieve your goals:

A coaching diary is a great tool to track your progress and stay motivated. It helps you to identify your strengths, areas for improvement, and opportunities for growth. To create a coaching diary, you can use a notebook, a digital tool, or any other method that works best for you. Make sure to fill it on a daily basis and include details of what you did, how you felt, what you learned, and what you plan to do next.

2. Write your monthly goal statement at the beginning of each month:

Setting goals is essential for personal and professional growth. To achieve your goals, you need to be clear about what you want to accomplish and why. Writing a monthly goal statement helps you to do just that. It can be a simple sentence or a more detailed description of your goals. Make sure to review your monthly goal statement regularly and adjust it as needed.

3. RISIMIS - invest 60 minutes each morning in learning:

RISIMIS stands for Reading, Inspiration, Self-Improvement, Meditation, and Exercise. It's a morning routine that can help you to start your day on a positive note and set yourself up for success. Invest 60 minutes each morning in activities that fall under these categories. For example, you could read a book, listen to a podcast, practice yoga, or meditate. The key is to find activities that inspire and motivate you.

4. Divide your day into two parts - Main Thing and Multiple Things:

To be productive and achieve your goals, it's important to prioritize your tasks. Divide your day into two parts - Main Thing and Multiple Things. The Main Thing is the one task that you need to accomplish to move closer to your goal. The Multiple Things are all the other tasks that you need to do. Focus on the Main Thing first and avoid getting distracted by the Multiple Things.

5. Focus on the Main Thing and avoid firefighting multiple things:

Firefighting multiple things means dealing with urgent and unplanned tasks that come up during the day. It's a reactive way of working that can distract you from your goals and lower your productivity. Instead, focus on the Main Thing and avoid getting sidetracked by the Multiple Things. This requires discipline and the ability to say no to distractions.

6. Spend 10 minutes daily reviewing and improving your activities:

To improve your performance, it's important to review your activities regularly. Spend 10 minutes daily reviewing what you did, what worked well, what didn't work well, and what you can do differently next time. This will help you to identify patterns, learn from your mistakes, and make continuous improvements.

7. Write down What Went Well, What Went Wrong, and What Could Be Improved:

Writing down your reflections is a powerful way to learn from your experiences. At the end of each day, take a few minutes to write down What Went Well, What Went Wrong, and What Could Be Improved. This will help you to celebrate your successes, acknowledge your challenges, and identify opportunities for growth.

8. Take 10 minutes to express gratitude to those who have helped you:

Gratitude is a powerful emotion that can improve your well-being and strengthen your relationships. Take 10 minutes each day to express gratitude to those who have helped you. This could be a colleague, a friend, a family member, or anyone else who has made a positive impact on your life. You can do this by sending a thank-you note, making a phone call, or simply expressing your gratitude in person.