Ep 18 - The CEO's Predictable Profit Method to Escape the Feast or Famine Cycle

Are you tired of the never ending roller coaster of feast or famine profit and no profit in your business? Ever wondered if there is a way to predictably plan your profits? Well CEOs, in this episode, I am with you my secret sauce for predictable profit. It's strategic and simple to implement and will help you We pay yourself consistently. Let's dive in and amplify your profits like a true CEO. Are you a successful business owner who has a laundry list of ideas and struggles to achieve your big goals? Welcome to the CEO amplify podcast. I'm your host, Donna Dube. And my goal is to empower you to drive meaningful change and amplify your profits without the overwhelm. Join us as we provide actionable solutions for visionary CEOs like yourself To up level your CEO skills, streamline operations, and master strategic prioritization, Learn how to scale your business to new heights, working smarter, not harder. If you're ready to reclaim your time and accelerate your growth, Let's dive in and start this exciting adventure together.

Remember, the only limit to your business growth is the one you set for yourself. Welcome back, CEOs. So glad you're here. So So in this episode, I wanna walk you through having a real plan for predictable profit for the next 12 months in your business. Before we dive into that plan, I just want to give you a little backstory of where this thought process came in my head because I I was recently at a, an event and I got a little irritated by what was happening. And this really spurred on my message for you today. Is certainly something I teach when I work 1 to 1 with my clients, as well as in my group program. But it just really brought it to the surface when I was at this event, how important this is.

So again, I was recently at a networking slash mastermind event. And the host had brought an activity for us to all do. And the activity was, you know, it's October, when I'm recording this, getting close to the end of the year. And so we had to do some reflection about our current year, and also looking forward into our next year. And then she wanted us to pick a revenue goal. And then we got into breakout rooms and we were to discuss with others, our revenue goal and a little bit of our reflection. Well, I got irritated for a couple of reasons. Number 1 is I felt that people were forced into picking a revenue goal and sharing it with others that they weren't necessarily comfortable with, first of all.

And I strongly believe that your revenue goal is for you and for who you want to share it with, and not be put in a position where you need to share with everybody. But besides that, the other part that really was an eye opener to me Me was when I got in my breakout room, people were sharing their revenue goals and had no plan for how they were going to reach that goal. No understanding at all how they were gonna get there. So to me, this was like saying, I'm going to drive from here to salt lake city. And I'm not gonna take a GPS. I'm not gonna look at a map. I'm just gonna get in the car and go. And I hope I make it to salt lake city by the time I need to be there.

That's not thinking strategically and certainly wouldn't be something most of you would do. However, that's what we were doing with our business and our profit in this Networking mastermind event. We were randomly picking a revenue number with no plan on how we are gonna get there. And that really irritated Me, and I could see it's just setting up CEOs for failure because, sure, you pick your random revenue number. And at the end of the year, when you don't make it because you had no plan to get there, you feel deflated and failed. And that's not how I want CEOs to feel at all. So today I really wanna dive into how, instead of just picking a random revenue number, we can have a real plan for predictable profit. I want you to be able to understand the numbers behind your goals.

Right? I know, and I hope you are committed to having your business work for you and your family. And that means you need to have a plan for paying yourself. Paying yourself what is left over is not a strategy. Having a plan in place for Profit is the strategy we wanna take. I wanna make sure that the time and the energy that you are putting into your business is worth it For you, your family, and your community. Because let's face it, most of you decided to start your business and leave something else you were doing for time financial freedom, to be able to contribute to your family and your community. In order to do that, we need to have a profit plan. Not just a revenue goal, but a clear profit plan.

How are we going to achieve that goal? And what is your salary as CEO gonna look like? Now, if you're sitting here listening to me and you're like, Oh, I don't have all these answers. It's perfectly Fine. Because today I'm gonna walk you through how to build that profit plan. Right? And so one thing I want you to remember is that to find your Profit, or what you pay yourself, you need to almost double what your revenue is. So depending on what your revenue is in your business. But for most of you who are under the $250,000 a year in terms of revenue, you're gonna need to double your revenue for what you want to take home. Let me give you an example. If you want to get paid $50,000 a year, then your revenue is gonna have to be $100,000.

Double what you want to get paid. Because We have other things that need to be taken care of expenses for our business, taxes, all the good stuff. So just think of it that way. If you have a certain goal in mind that you wanna get paid. You need to double that at least to have as a revenue goal. And then the other piece of this is that is sales These numbers need to make sense as well. And if you're not sure how to sort all this out, I highly recommend you take a pause and go grab the get paid like a CEO resource. It's on my website at ceoamplify.ca

under resources. And it's a free resource that will help walk you through this process and help you see how much money do I need to get paid as CEO? How much revenue do I have to bring in? And then what products, programs, or services am I going to sell to be able to reach that revenue goal? All right. So let's dive into how we're going to make this plan for predictable profit and friends. It's strategic. Yes, but it's really simple. So grab a paper and pen. If you're able, if you're driving, well, this will have to wait until you get to a stop, but Grab a paper and pen, and we're going to start with making a simple calendar. If you already have a monthly calendar, You can use that, but basically we want a 12 month calendar laid out on 1 piece of paper that we can see.

So if you have a blank piece of paper, draw out 4 rows and 3 columns. So you have 12 separate boxes staring at you. And what we're going to do is fill in those boxes each month. What our baseline revenue is going to come from. So what offer are we going to promote and sell so that we can get our revenue. So if you look at if you have a signature program that you're promoting 2 to 4 times a year. This is your baseline revenue. This is where you're going to get a large portion of your revenue every year from.

And so you want to make sure that you're actively enrolling people in that product program or service 2 to 4 times a year. So take a pause, look at what your signature program is, and map out which months you're going to sell that signature program 2 to 4 times during the calendar year. So for me as an example, my signature program is my 90 day And so I actively enroll people in that every quarter. So 4 times a year, I'm actively enrolling people in the program. That helps generate a baseline revenue. Your program may be longer than 3 months. You might have a year program or a 6 month program. At this point, that doesn't matter.

What you wanna concentrate on is having an set time in the monthly calendar when you're gonna promote and sell that signature offer. Okay. Once you've got that, the next piece is to plan how you're going to sell it. And this is going to look different for each of you, depending on your business model, how your clients interact with you, the different seasons in their buying journey. But you have to take a step back and look at what times of the year on what ways are best for me to sell If you've sold this signature offer before, then you can go back and look at the data. Well, when I did a 3 day workshop That got me the highest conversions. When I did a live webinar that got me such and such conversions. When And I reached out individually to tend to people that got me the most conversions, whatever that looks like for you.

But look at How is the best way for you to convert your clients into buying this product? And that's how you want to map out how you're gonna sell And then you want to look at the different seasons. So many of us have seasons in the buying cycle. We have times of the year when Clients are eager and anxious and want to buy, and then we have other times that are quieter. And, yes, we still make may some revenue, but not as much as those higher seasons. And so take that into account as you're setting up this yearly calendar of when you're gonna sell your signature offer. Right? As an example, September can feel like a fresh start many of us, it's right after the summer. And so sometimes selling in September is quite easy depending on your target audience. December also is a good time of the year.

People start thinking about planning for the next year. And so if you have something that starts in January, Sometimes having a sale in December is a nice way to invite clients in. And then you're gonna mark in your calendar when you're going to promote your signature offer. Again, that should be 2 to 4 times in a year. Okay. Once we've done that, then the next piece is to look at how we're getting paid. So how are we bringing that revenue in? So most of us will have a pay in full option, and hopefully you have some sort of payment plan as well. The advantage of having 2 different payment options, so a pay in full and a payment plan, is that it helps you manage your cash flow.

It also makes it easier for clients and customers to purchase offer because many may not be able to have that cash available for them to be able to pay in full, especially if you've got a high ticket, high service offer. You know, that's a year long. They're gonna wanna have a payment plan so they can space out those payments. So as an example, in my business, I find about 30% of my clients will pay in full, and the rest follow a payment plan, where which just works fine for me because it helps me get a monthly recurring revenue. Right? Because those people who signed on are now paying a certain amount every month. Those who paid in full, I'm getting a lump sum for. That's great, but I'm still getting a recurring monthly revenue after that, which helps manage the cash. It also helps you when you start layering different promotions and stacking the payments.

So for example, you've got your signature offer mapped 2 to 4 times a year. And then in between that, you're going to map out your smaller offers. When can you sell smaller offers in between your signature offer. And so having a payment plan and a pay in full option for your smaller offers as well will help stack your payments. So now you might have someone who has purchased your signature offer on a payment plan, and then You've sold a smaller offer as well, right on the back end of that. Someone else has purchased a smaller offer, and they are going to of monthly payments as well. And so you can see how stacking the payments month to month really helps. Right? It helps you avoid months where you're not receiving any revenue at all, but you certainly will have expenses.

So I want you to plan on paper, your different options. And this is where the get paid like a CEO resource will really help you because I've got a revenue calculator in there where you can actually go in and put in the amount of revenue you want to hit next year. That's your goal. And then you can put in your product, your program, or your service, the amount you're going to charge for that, and see how many people am I going to have to sell this to in order to reach my revenue goal. If I have a payment plan, what will that look like? If it's a pay in full, what will that look like? And so you can play with a calculator, try different pricing options, try different services and products, to be able to see what will work for you and your business. It also lets you know how many clients You're going to need to sell that to in order to reach your goal. And this sometimes is a shocker because many of us Don't take the time to reverse engineer this. Take our goal and work backwards to see, okay, if I want sell program x for $5,000, how many clients do I need to sell it to to reach my revenue goal? And then from there, back it up a step further and say, how many people do I have to get that offer in front of in order to sell to that many clients in order to reach my revenue goal.

And so it's really simple. It's just math. We're reverse engineering the numbers, going backwards to see how we need to map out our marketing and our sales so that we can reach our revenue goals and not just have a goal out there that sounds wonderful with no plan of getting Right? So this is a way to strategically map out both your marketing and your sales under. So, you know, when you're going to see profit coming in, when you're going to see your revenue coming in and when you're going to have that monthly recurring revenue, It's way easier to fill the offer when you know how you're going to promote it and you have the assets built in order to promote it. And that's a lot of what we spend our time doing inside the 90 day sprint is building those assets if you don't have them already. If you have them already, tweaking them so that we can use them again. It's making the system that can rinse and repeat So that each time you go to promote your signature offer, you already have the assets in place. You're not starting from scratch.

And mapping this out on a yearly basis helps you with consistent profits, which helps you pay yourself Because again, I'm not here to see you as a CEO get paid with the leftovers. No, my friends. We're going to plan what we need to get paid, have a revenue goal that fits that, and then map out what we need to sell and to whom to be able to reach that goal. All right. I've done a lot of talking here. I don't want you to just listen. I want you to take action and implement. So if you haven't done it already, Grab your calendar, map out when you're gonna sell your signature offer, and pop into the free Facebook group, CEO amplify, and let us know what your signature offer is, when you're gonna sell it during the year, and what the price point is.

If you would like a resource to help you work through some of this, you can head on over to ceoamplify.ca/getpaid. And that is a free resource to walk you through how to figure out what you need to get paid as a CEO, What your revenue goal needs to be to support that. And then what products, programs, and services do you need to sell in order to reach your goals? Alright CEO's, thanks for listening, and I can't wait to see you next week. Take care. Thank you for joining me on this episode of CEO Amplify. I appreciate you being part of our thriving community of ambitious business owners. If you enjoy today's episode, kindly ask you to share this podcast with a friend, and take a hot minute to rate and leave a review. It would mean the world to me.

Your feedback helps me reach more people and continue providing valuable content. Thanks so much for your support. Keep shining, and we'll catch you on the next episode.