EP51: Reflections on a $100,000 Quarter & Q4 Planning Guide

The Part-Time CEO

“If something needs to change, now’s the time to change it so you have a different year in 2020. Nothing is going to change overnight.”

Janelle Lara (32:41-32:56)

The following is a “state of the union” of my company, and I'm going to open up and share the numbers. I want you to see that I’m walking the walk and practicing what I preach.

“When you're looking to hire a coach, make sure that person is who they say they are and they're doing what they say they're doing.” - Janelle Lara (04:17-4:31)

My total sales for quarter three (Q3) was $108,600. My goal for my first 12 months of business was to have a six-figure year, and I’m grateful that in one quarter I’ve closed almost $110,000 in sales.

My expenses have been around 40%, which is a little high. One of my goals in Q four is to reduce expenses to 30%. I’ve maintained a 20% reinvestment rate throughout 2019, and I’m building an emergency fund equal to one month’s expenses.

My email list size has 422 people, and my Facebook group has 485 members. That might not sound like a lot, but I’m still hitting milestones in my business.

“It’s totally possible to create a profitable and amazing business with an audience of less than 500. It happens all the time.” - Janelle Lara (10:46-10:58)

Reflections on Q3 for My Business

Reflection #1: I perfected my process and method before launching.

I launched my first group program, and I’m loving it. But I took the time to perfect the process, and I was able to collect around 20 hours of testimonial videos on my website from clients who hit their first $10K month within three weeks.

When I launched this group program, I was able to say, “Hey! I've gotten all these people amazing results!”

Reflection #2: I embraced the fluctuations that come with building a business.

There’s a high level of energy required to onboard clients. You have to be on top of your processes, making clients feel welcome while making sure you’re collecting money.

I can take it easy for the rest of the month since I've hit my revenue goals. I can push and hustle and be excited about working when I'm in that state while relaxing and giving myself and my family the care and time I need.

“Lean into the feminine receiving energy of being grateful. You can serve your clients while trusting that you’ll receive the perfect clients at the perfect time.” - Janelle Lara (17:31-17:54)

Reflection #3: I honed in on my numbers.

I’m learning to say, “Thank you. More please.” My CFO and I sat down after my last launch to make changes, such as putting myself on the payroll for legal and tax reasons.

I’ve learned that it’s okay to ask for more, even after an $85,000 launch because $85,000 isn’t going to buy us a house, put my child through college, or allow us to do all the things that my husband and I want to do.

My Goals for Q4

The following are the goals I’ve set for Q4:

• Reduce my expenses
• Launch another challenge
• Leverage other people’s audiences to grow my own
• Taking time off for holidays and special events

I'm launching another challenge, and I'm focused on getting more visibility for my content while continuing to nurture my current audience. But I'm taking time off in October, November, and December to spend time with my family, travel, and speak at events.

The Questions You Need to Ask to Prepare for Q4

The following are four questions you can ask yourself to create a clear picture of what you want your Q4 to look like so that it supports your goals for the following year:

1. What do you want the holidays to look like?

Set boundaries for your holiday schedule as soon as possible. Block out those days. If you’re an agency, let your clients know the days you're taking off. Protect your time with your family over the holidays.

2. What do you want Q1 of 2020 to look like?

Do you want to launch a program or have your highest quarter ever? Start with your desired outcome and then work backward. What are the actions you need to take?

3. What were your gross sales in 2019?

What income did you collect this year? What was profit, and what went to your expenses? Are you happy with these numbers?

Then determine what needs to change. Maybe you're making high sales, but you're not collecting as much as you'd like to collect.

Or maybe your business isn't making any profit at all. What needs to change so that you’re achieving your financial goals?

4. How do you feel in your business?

Sit back, breathe, and ask yourself, “How do I really feel about this?” Do you feel joyful or do you feel stressed, overwhelmed, or negative?

Start working towards your goals now so that you can bring joy back into your business in 2020. That could mean hiring someone, working with a coach, or even firing a client. Whatever it is, I want you to feel empowered to do that.

When you ask the right questions, you get the answers you need to grow as an entrepreneur and as a person who can give more to others and make a bigger impact on the people you serve.

How to get involved

• Follow @theparttimeceopodcast on Instagram for special, podcast related updates!
• For more resources, information on my coaching services, and a whole community of Part-Time CEOs, find me on Facebook at Janelle Lara, my website, or email me at [e-mail].

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