Track your income and expenses daily

Most business owners know that in order to move towards your goals, you need to track specific activities and data. Setting a target and measuring your results will keep you on track and moving in the right direction.

Perhaps you want to build your list? State it in very specific numbers how big you want to grow it, how fast you want to grow it, and exactly the steps you’ll talk to accomplish it based on your research. Then track it. Analyze what you’ve tracked, adjust, continue, and repeat. As you track the effects of your actions, you can improve and correct.

'If the metrics you are looking at aren't useful in optimizing your strategy - stop looking at them.'
Mark Twain

 

Think about your goal and decide what particular metrics you will keep an eye on to make sure you meet your goal.

One specific thing I suggest you do, is to start tracking your income and expenses every single day.

The great thing about this is that you can track using an old-fashioned spreadsheet, or you can even just use a small notebook that you keep with you. You can also use fancy software that can make this process super easy if you want. Either way, it’s not going to take too much extra money or time out of your day to do this. But the results will astound you.

What you need to know about money is:

• Where did it come from? – Was it as a result of a direct sale of your goods or services? Or did you get a commission payment? If so, what promotion caused the sale and payment? Can you improve this result?

• When did you get it? – Did you get money the moment you came into contact with the person or was there a journey of some kind? How long, from the day you made contact with the buyer, did it take before you made the sale? Trace the steps the buyer took.

• Why did you get it? – Did you earn that money because you worked for it recently or is it surprise money from something you did last year and forgot about? Was it money from a project, a collaboration or event you had forgotten about? Hopefully, by reading these examples, you can ask yourself why it happened and when learning why, asking if you can repeat it.

• What caused it? – Did this money show up because you set up an autoresponder campaign, or did it start because you decided to promote that product or service just this morning in an email broadcast? Knowing what caused the money can help you generate money when you want to.

• What did it cost to make it? – How much money did you spend to receive this income? In other words, what was your ROI? Did you pay for Ads that lead to your lead magnet or sales page? Did you hire a copywriter for a particular campaign?

• How did you receive it? – Did the money come through PayPal, Credit Card, Bank transfer, or was it paid in cryptocurrency (are you taking cryptocurrency?), and which payment method is easiest for both you and your customer?

While tracking your income remember to feel gratitude for the money coming in and also, as you pay your expenses, take a moment to feel grateful for the ability to pay.

Like attracts like so when you see what income is coming in, and feel good about it, then more money will flow to you. Things you track will move in the direction you want them to. That works with personal finances, and also when it comes to your business. Track what money is coming in, where it’s coming from, and what money is going out. Track the where, what, when, why, and how of that number so that you can learn more ways to generate income and hold yourself accountable for expenditures.