Emily Kristofferson

What are revenue generating activities?

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You may have heard the term “revenue generating activities” and been told that you need to focus on these activities in your business.

The trouble is, you’re then left wondering exactly what are “revenue generating activities”?

First, let’s look at what they are not…

Fiddling with your website, designing business cards, crowdsourcing feedback on your logo, bookkeeping, formatting your latest blog post or email newsletter, research, arranging appointments for your calendar, and so on.

As an entrepreneur, your most important decision is deciding how you’ll send your time and what you’ll focus on. By now, you likely know that there are about 203,491 competing priorities (or it can feel like that some days). But if you prioritize and focus on those tasks that will bring you revenue (aka “revenue generating activities”) you will build your business.

So you may be wondering, “What are some revenue generating activities I can do to get money into my bank account?” For most coaches or service based entrepreneurs, this often comes down to having 1:1 conversations and making offers.

Of course there are other tasks that need to be done to keep your business operating, but as the business owner, you need to spend the majority of your time on tasks that will lead to revenue. I know there are a lot of coaches who are REALLY busy in their businesses, but they are busy doing the wrong things.

My recommendation is to make revenue generation a priority on a daily basis. The growth and sustainability of your business depends on it.

Here are 10 specific ideas for you to generate revenue:

  1. Follow up with prospects and past clients
  2. Have 1:1 sales conversations
  3. Ask current clients for referrals
  4. Send a warm letter to family and friends letting them know what you do, and that you have availability for new clients
  5. Reach out to a colleague to collaborate or to create a strategic alliance
  6. Host an online event such as a free call, webinar, challenge or Google hangout
  7. Provide value to your existing audience by communicating with your email list (no matter the number of subscribers)
  8. Create a free gift to build your email list
  9. Strategic social media networking (if you lack focus, it can easily be a time waster)
  10. Launch a new offer (create content, create the offer, decide on pricing, etc.)

Notice that a lot of these activities aren’t comfortable to do. You don’t need to do ALL these things. The point is that you want to be mindful of the tasks you’re focusing on. Will they generate revenue for you or will that font you spent an hour choosing make any impact? You decide.

Take action steps today!

You may be saying I already know these! But are you doing them? And are you doing them consistently or systematically in your business? Doing anything less will lead to disappointment and failure.

  1. Decide which activities you’re going to make part of your regular day, week, and month and commit to them.
  2. Block off time on your calendar to do them.

You could even track your time to see how much of it is spent on revenue generating activities! The more, the better. And if you notice you’re spending a lot of time on non-revenue-generating activities, you need to ask yourself which tasks don’t need to be done at all, and which could be done by someone else.

Tell me in the comments below which activities you decide to make part of your routine!

 

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{ 4 comments… read them below or add one }

Bibi Van Heerden July 12, 2016 at 12:51 am

Thanks for the reminder – so much to do, and sometimes I forget about the revenue-generating activities!

Reply

Emily July 12, 2016 at 1:30 pm

You’re welcome, Bibi. Yes, it’s important to prioritize what really matters on our to-do lists. I’ve learned that there will always be something else to do but it’s up to me as the CEO of the business to determine the most important tasks.

Reply

Anne July 13, 2016 at 8:08 pm

Emily, it’s like you wrote the post for me! I’ve spent the last few days looking for just the right font. You put a fire under my butt to focus on revenue generating activities.

I wrote a newsletter and send it out to my community. I followed up with several potential clients and booked a consultation.

Thanks very much for the reminder to redirect my focus.

Reply

Emily July 13, 2016 at 9:50 pm

You’re definitely not alone, Anne! YAY! It sounds like you’re back on track with what is actually going to make a difference in your business.

Reply

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