The 6 Parts of Your Business You Need To Review During Your CEO Day
Having one day per week as your CEO day is a GAMECHANGER. I know because that’s what I’ve been doing for the past year and it has impacted my life and business way better than my first 3 years in business. That’s when I learned that having your CEO Days doesn’t always mean you’re actually having an efficient CEO Day.
One aspect of why my CEO Day wasn’t working was that I wasn’t truly looking at every aspect of my business. So today, I’m going to share with you the 6 parts of your business that you need to review during your CEO Day.
The biggest non-negotiable that every CEO has to include in their CEO Day is reviewing their finance. I say this with love because let’s be honest, every business needs to be profitable in order to continue to run in the long term. Once you start doing this often, you’re no longer leaving any money on the table.
When reviewing your finances, here are some questions you can ask yourself:
- How much income is coming in and out of your business?
- Is your business profitable or are your expenses too high?
When asking yourself the second question, make sure that you’ve already done the instant assessment from Profit First by Mike Michalowicz. This way, you know where you should stand in your business.
If your revenue is below $250k per year, you’re profit first allocation should be:
- 5% – Profit
- 50% – Owner’s Comp
- 15% – Tax
- 30% – Operating Expenses
Once you’ve done your weekly assessment if you’re hitting these Profit First allocations, you’ll be able to put on your innovative hat to make sure you’re able to keep up with your company expenses all while making sure you always have profit in your business. And as you, continue doing this, there’ll be higher chances for you to make even more profit as you get more creative!
Now, any business can’t grow without a sale, right? That’s why one of the things you need to review during your CEO Day is your sales department. By reviewing your sales, you’re able to identify what improvements can you or your team can make to ensure that your sales process is not leaking somewhere along the way.
To review your sales, you’ll first need your Business Financial Tracking Spreadsheet & your Launch Dashboards. Once you now have both, you can start reviewing the Business Financial Tracking Spreadsheet. Here, you’ll look into what’s bringing in the highest revenue & profit into your business. This will help you identify what to focus on to bring money into your business.
After that, you’ll start looking into your Launch Dashboards so you can review where your leads are coming from. From there, you’ll understand what platforms should your marketing efforts be focused on to bring in more sales for your launches.
As you can see, each department that you’re reviewing during your CEO Day is actually interconnected with one another. At the end of the day, your main goal is to bring in money to the business so you can make things happen and help more people.
If you want to maximize your unique gifts and efforts on content creation, one of the MAJOR things you’ll need to review is your marketing efforts. Doing so will help you to make sure that you’re creating content that would actually make an impact not only on people but on your business as a whole.
In doing your marketing review, take a look at your analytics. Ideally, you already have your Email Marketing, Social Media, and Website Tracking Spreadsheets. Under Email Marketing Tracking Spreadsheet, take a closer look at your open rates and click rates. Under your Social Media, take a closer look at your engagement and click rates. Under your Website, take a look at your traffic sources and conversion rates. These are all important KPIs simply because they would lead to helping your traffic go from cold to warm to hot leads.
Now that you’ve reviewed your marketing efforts, you’re all ready to bring more leads into your business! Oh, and not just any leads but high-quality hot leads!
One of the hardest things to do in business is people management. If you’re being too loose with your team, they might lose their motivation to help you grow your business. If you’re being too strict, they will feel like their necks are tied, working like a robot. That’s why it’s important to review how your team is doing during your CEO Days so you can adjust quickly.
Under team management, this is when you start to review your team member’s Key Performance Indicators or KPIs. This will help you assess and strategize what needs to be improved so you can help your team better in growing your business. Remember that everything starts with YOU. The way you show up sets the culture for your team.
Once you’re able to identify your team’s progress and how you can better support them, you’re already one step ahead of the game in turning your visions into reality without burning out!
Any business wouldn’t be able to run without its operations running smoothly! Now, this is where systems come into place. Without proper systems, your operations can go far from the vision that you want to create.
In reviewing your operations, think about the Critical Client Flow by Systemology for each of your products. Ask yourself these questions:
- What product do I need to streamline the most right now?
- Which parts do I need to focus on right now that would largely affect the bottom line of my business?
For example, if you want to create a better client experience, you’ll need to focus on the delivery part of your operations. From there, think about what process you’d love to see and start implementing those with the tech that you have available in your reach.
From there, you can continue streamlining your operations. This is a continuous process and there’s always room to grow. The most important part is you’re always able to review your operations to make sure your business is running smoothly and efficiently.
6. Client Management
One thing’s for sure: if you’re not able to review your client management, then you won’t be able to sustain your business in the long run. That’s why during CEO Days, one of the things you need to do is review your client management.
In doing this, you’ll need to pull out your feedback forms so you can identify the gaps and how you can increase your client’s satisfaction. Based on that, you can assess whether the feedback makes sense. Of course, not all feedback needs to be done as some might actually be asking too much from you. So always think about what’s workable and not. For example, some clients may want more of your time even if they only paid for a course. So how else can you address this? One way is to actually hire a client relationship manager or a community manager to help answer questions for your students.
Now that you’re reviewing your client management every CEO Day, watch your business close more sales and increase your client’s loyalty. Everything falls like a domino effect on your business, once you hear out your clients’ concerns and give them a 5-star restaurant experience!
Now that you know the 6 parts of your business that you need to review during your CEO Day, you’ll be able to make sure your business is running profitably, smoothly, and efficiently. Who doesn’t want that, right!?
So among the 6 parts that I mentioned, which part/s do you aim to add on your next CEO day? Let me know in the comments below! (I promise I’ll reply to each and every one of them!)
Oh, and if you haven’t heard yet, we’re having the Design Your CEO Day Workshop by the end of November! Right on time to prepare your business for 2023. If you want to join us, sign up on the waitlist and get P200 off!
See you there!
With light & love,