What's Making You Money? 3 Steps to Tracking Your Success

Do you know what out of everything you do on a daily, weekly, and monthly basis is actually making you money?

When it comes to tracking your success, most people only look at their income. But just because you're making money doesn't mean that everything you're doing is profitable. In fact, if you're not careful, you could be doing a lot of things that are actually costing you money.

When you start to track and figure out what’s contributing to the marjority of your financial success, it’s easy to focus on doing more of what’s netting your results. It’s a big piece of the puzzle towards doubling your income. 

Today we're going to show you how to track your success so that you can focus on the things that are making you money and eliminate the things that aren't.

Step One - Figure Out Your Monthly Income

The first step is to figure out your monthly income. This is the amount of money that you bring in each month from all sources - salary, commissions, investments, etc. Once you have this number, write it down and move on to step two.

The next step is to track your expenses. This includes things like rent, mortgage payments, utilities, and other fixed monthly expenses. Once you have this number down make a note of it and move on to step three.

Now that you know what money is coming in and going out each month all you have left to do is determine what your profit is. To do this all you have to do is subtract your expenses from your income. If the number is positive, then that's how much money you're making each month before taxes and other costs.

To document this information, create a profit and loss statement. This document will show you how much money you're making each month after all expenses have been deducted from your income. It'll also give you an idea of where your business stands financially so you can make better decisions about where to allocate your resources.

Now it’s time to level up by determining what’s actually making you money.

Step Two -Track your time.

To really get a handle on where you're making the most money, start by tracking how much time it takes to do each task that makes you money. Then track what happens when you automate certain tasks or delegate them to someone else so they take less of your time.

Use analytics tools like Google Analytics and Facebook Ads Insights to track what's working. These tools can help you see which of your marketing efforts are resulting in the most website visits, leads, or sales. Once you know what's working, do more of that and ditch the rest.

Step Three - Set goals and targets.

Once you know what's profitable for your business, set some tangible goals around increasing that revenue stream. Whether it means scaling up a current project or starting something new altogether, having measurable goals will help keep you on track towards doubling or even tripling your monthly income.

By measurable goals, let's get specific. How many streams of revenue? What are your specific product product, service and experience offers? Which one is in high demand? How much of a monthly income do you want to make from each offer? Write down a number for each one and then figure out what changes need to be made so that you can reach those goals.

Once you've figured out your numbers, you'll know which stream of revenue is most profitable for you personally. And if not, keep in mind that oftentimes we're too close to our own businesses to really understand where we're making money and what makes sense financially. If that's the case, hire Kadena Tate before any decisions are made about scaling.

It's important to keep in mind, doubling your income doesn't happen overnight - it takes time, effort, and dedication to get there. But by tracking what's working, focusing on doing more of what makes you money, and hiring Kadena Tate as your revenue strategist, you'll be well on your way to reaching your financial goals.

Do you have any tips for tracking success? Share them with us in the comments!