The Math and Mindset Of Making Money with Tara Newman

If all you want to do once you hit that big revenue goal you're chasing is shut the business down, that doesn't seem like the best use of the time, money, and energy it will take for you to get there.Takeaways: Building a sustainable business requires balancing financial success with personal fulfillment and energy. Recognizing personal motivations for starting a business is crucial for long-term perseverance. Aligning your business goals with your core values avoids friction in daily operations. Embracing change as an opportunity helps entrepreneurs adapt and innovate despite market fluctuations. Continuous learning and personal development keep entrepreneurs engaged and prevent burnout over time. Setting operational and personal growth goals alongside revenue targets ensures a fulfilling business journey.

In the words of Inigo Montoya, "You keep using that word. I do not think it means what you think it means." When you realize your CRM is a system, not a software, it becomes infinitely more valuable.Takeaways: A CRM should encompass the entire customer journey, not just email marketing. It's essential to track all connections with potential leads, regardless of source. Many businesses overlook the data their CRM can provide beyond simple email engagement. Using a simple system like Google Sheets can be more effective than complex software. Understanding customer lifetime value is crucial for refining your CRM strategy. Most existing CRM systems fail to capture the full range of customer interactions.

SMART goals might be key to achieving results but they can also make you play small by limiting you to what feels attainable in a year. As you head for 2025, it's time to dream big before you set smaller goals.Takeaways: Setting a long-term vision for your business is crucial for motivating your team. Focus on expansive thinking for long-term success rather than just short-term revenue. Your vision should excite everyone in your business, not just focus on financial goals. Explore what opportunities excite you and align with your clients' needs for 2025. Ask yourself if your current goals are keeping you in your comfort zone. A compelling vision makes it easier to engage with your daily work and plans.

It's easy to get lost in the chase for your next business goal, only to reach it and wake up to find yourself feeling unfulfilled because you forgot to allow for personal growth alongside the business growth.Takeaways: It's essential to align your daily actions with your long-term vision and personal goals. Personal development should not be a neglected item on your to-do list; prioritize it. Color coding your calendar can visually reveal whether business or personal goals dominate. Reflect on your personal growth goals and evaluate how they contribute to your well-being. Work-life balance involves both time management and focus on personal development. Don't forget the reasons you started your business; they should guide your current actions.

We know we make an impact with our clients, but how can we make a bigger impact with our business even if we don't have the financial means right now?Takeaways: As entrepreneurs, we must consider how our core values influence our business impact. Finding a balance between financial success and making a positive impact is essential. We can create an impact without solely relying on financial contributions to causes. Our values remain consistent, allowing us to pivot our impact as we grow. Social responsibility can manifest in practices that enhance sustainability within our business. Engaging our community can amplify our efforts to make a difference in the world.

If we all became our own bosses to make our own rules and if we all know rest is essential to our performance, why is it so hard for us to escape the need to push or push through? And Q4 is this feeling on steroids!Takeaways: Taking a break can often lead to unexpected workload, as seen during my hiatus. Many self-imposed deadlines in small businesses can create unnecessary pressure to perform. It's crucial to assess the actual consequences of missing a goal by year-end. Burnout often starts subtly, revealing itself when you lose excitement for your work. Prioritizing work-life balance is essential for sustaining passion and joy in your business. Ask yourself how your current work-life balance will influence your success in 2025.

In a marketplace full of funnels, the business that thinks about what happens beyond the funnel wins the repeat business and raving fans competition.

You bank account is not an indicator of how much available cash you have in your business. Treating as such is going to have scary consqeuences down the line.Takeaways: Keep a close eye on your cash flow, especially during the high-spending Q4 season. Understand your current cash flow situation to ensure you can cover essential expenses. Plan for both personal and business expenses during the holiday season to avoid cash shortages. Assess your spending habits in Q4 to maintain liquidity for necessary investments next year. Establish a budget that accounts for both expected income and potential expenses in Q4. Create a strategy to maximize cash flow and ensure financial security for 2025.

Takeaways: Effective leadership involves empowering your team to make decisions and take risks without constant oversight. Self-assessment of your leadership style can reveal strengths and weaknesses, particularly under stress. Creating a safe environment for your team encourages experimentation and innovation, fostering resilience. Communication of the reasons behind changes is crucial for team buy-in and adaptability. Consider how your presence impacts creativity in meetings; leaders should inspire openness and safety. Model the behaviors you want to see in your team to nurture flexibility and responsiveness.

Marketing feels like an all-or-nothing kind of game for a small business. The reality it's an effectiveness game and the only way to win is to know your numbers.Takeaways: In marketing, it's crucial to focus on specific strategies rather than trying to do everything at once. Determine clear marketing goals, such as brand awareness or lead generation, to guide your efforts. Use data-driven insights from key performance indicators (KPIs) to assess the effectiveness of your marketing strategies. Contextualize KPI data with qualitative insights from customer feedback to better interpret results. Tracking and analyzing marketing data over time helps identify trends and improvements in your strategies. Avoid comparing your business metrics to others without considering the unique context and progress of your own efforts.