The easiest way to make your business more profitable is to track what’s working. What parts of your business, what projects, and what products are making you money? Which ones don’t? What type of customer is most profitable for you? Where is your most profitable traffic coming from?
Taking time to dig into your stats and calculating ROI (Return on Investment) is one of the best things you can do for your bottom line.
Start by looking at your products. This could be info products, physical products, any coaching you do, anything you resell, or even advertising you sell on your site. List it all out.
Next to each item on your list, note down how much money each product has brought in. You can break it down by month, or look at long term figures like year-to-date profits or revenue generated over the past 12 months. Use whatever number seems most helpful.
Next, think about how much work each of these products or profit streams take. Selling advertising space on your site or a simple little kindle book may not make as much money per month as that big info product you created or the one-on-one coaching you offer, but they also don’t take hardly any time to create and maintain. Assign a value to each item on your list.