Your business' purpose should be to generate enough income to support your desired lifestyle. In this episode of Influence by Design, Samantha talks to Tim about the importance of calculating your actual lifestyle costs and then determining the revenue you need from your business, rather than going around and chasing vague targets.
“A million dollars” has become a go-to goal for most entrepreneurs wanting to grow their business by increasing revenue. However, very few successfully hit the $1M mark — in fact, only 4.4% of businesses do —because most set it as an indeterminate target without making an effort to ground it in their actual lifestyle costs and desired business model.
Sam and Tim discuss the value of making tiny, 1% improvements, which can be achieved by simply ticking off 3 tasks every day. If done consistently, these actions compound over time, and you’ll soon find yourself well on your way to hitting your targets (perhaps even exceeding them).
Tune in as Samantha and Tim explore the benefits of knowing your desired lifestyle costs, becoming aware of the requisite profit margins for the realization of this goal, and setting tangible, realistic targets. The insights you’ll gain will guide you as you enhance and model your business so it fits and supports the lifestyle you desire.
For full show notes and links - https://samanthariley.global/podcast/543
Samantha Riley xx
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