If you're new to my blog, you might be thinking 'who the hell does this??'. WHY would someone choose to reveal their business data, especially the bits that don't sound so good...
Well, let's recap.
As a female-owned business working with other female-owned businesses, we (my clients and I) often struggle to gage how our businesses are performing against the rest of the industry.
I'm not taking about comparing businesses and who looks like they are doing better on social media. I'm talking about being able to really understand where to position ourselves in the market so that we can best serve our target market.
'Positioning' is one of the 7 P's of marketing - which is a business process that is key to your strategy and benchmarking really helps to guide your own analysis and business development.
I'm trying to break the old way of doing things - where businesses would keep their cards close to their chest and share very little. We, as women in business, have a much harder time as it and I believe that when one of us wins, we all win.
I want every woman to succeed so I'm more than happy to open up the conversation by sharing some of my business data and pushing for more transparency - I hope it helps babe!
Chelsea Cox Limited - May 2022 Insights
Last month I shared with you some key metrics from by business month: my quarter 1 year-on-year finances, my client conversion rate and how I spent my time between client work and working on my own business development. If you want to catch up on that, read my blog 'The Importance Of Transparency In Business For Women'.
Here are 3 insights from my last full business month...
May 2021 & 2022 - year-on-year
In May 2022, I was delighted to see that I was +102% on May 2021 financially. Meaning I took over double what I had this time last year. Obviously I was super happy about that BUT I do feel like I need to apply some context to this. In May 2021, we were still very much in the throws of the pandemic. In 2020, I lost pretty much all my clients (and all my confidence) and it's been a slow rebuild since then. Also worth noting is that May 2021 was the first full month that the kids had been back in schools - like other parents, I'd been home-schooling until then and not able to fully focus on business.
As a mother and a business owner, it's so important to understand the bigger picture and not just the numbers.
If you're interested to read about how the pandemic knocked me and my business for six, check out my blog - 'Pivoting Through A Pandemic - My Small Business Story'.
Where my clients have come from
When reviewing, something that really stood out to me as positive is recognising that 72% of the work I've undertaken this year so far has come through recommendations and referrals. This is truly something to celebrate, because it means the work I've done for my clients has been meaningful and impactful and, above all else, my clients trust me enough to recommend me to others.
Where I'm at in my yearly business target
Despite those 2 positive insights, I've worked out that I'm currently only trading at 15% of my whole year's target. This could mean that I've set myself an overly ambitious target for the year. The great thing about regular reviews is that I've been able to pick this up quickly and make adjustments were necessary. Thankfully, I am prepared for a busier 2nd half of the year generally with new launches and offerings coming through.
A side note - think before you make comparisons
What I do not want is for you to make the unhealthy kinds of comparison, the ones that eat away at your self-confidence. If you feel you had a better month than me on paper - AMAZING!! I'm genuinely thrilled for you, I hope you celebrate!
If your month was a bit slower than mine on paper - keep going babe, it doesn't mean you're doing anything wrong! Honestly, I don't even know whether the industry would call this a 'good month' or not but I do know how this month performed against my own business data and how I feel about it.
Notice that I said 'on paper'. The story that facts + figures ON PAPER do not tell is your emotional journey and the goings-on in your everyday life. Don't ever give yourself a hard time.
3 things to do if you feel business is a bit slow at the moment
1. Vary your visibility
Start looking at new ways to drive awareness of your offerings perhaps this is offline or maybe you need to consider investing more time into a different social platform.
2. Diversify your revenue
Whilst you might have your 'niche' there is no harm in offering a more broad revenue stream to engage potential incoming ideal clients with .
3. Don't scroll looking for inspiration
Look within - revisit who you help and why. Be your own inspiration.
Deep Dive Sessions - 1:1 Business Support
I hope reading this encourages you to check-in and review how your business is doing. If you feel like there's something that could use a little extra TLC, my 2-hour Deep Dive Sessions could be just thing you need. Find out more about them here.
3 great reasons to take a Deep Dive with me in June...
1. To review your direction for the rest of 2022
2. To get you out of a cycle of procrastination
3. To look at diversifying your revenue or visibility