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Payday Loan Blog - 3 Lists You Need To Make Millions

 Thursday, 05 April 2007

Everyday, before I leave the office, I make sure my three lists are ready. These three lists keep me focused; these three lists keep me profitable.

When I was younger, I'd often try to develop an insanely large business concept that'd require millions upon millions of investment and years of implementation. The result? I was pretty good at making business plans. That's about it. Thankfully, in between launching new ideas I happened to read an autobiography of someone I've now forgotten, whose simple lesson for success was to create three lists labeled revenue, costs, and everything else.

Obvious enough at first glance, the only tasks that one is able to place on the revenue list are tasks that will directly result in an increase in revenue. "Write business plan" would not fit on this list if it cannot be directly linked to an increase in revenue, nor would "negotiate better hosting rate". What would make this list? Using an example of a young affiliate looking to finally make money online after toiling in corporate America, signing up for a top notch affiliate program would be a revenue-centric task, as would designing a landing-page for the eventual traffic, and purchasing an e-mail list.

Again, the obvious title of the list implies that items on this list are geared towards reducing costs. "Write a business plan" probably won't save you any money at the end of the month, nor would signing up for that high performing affiliate program, but "negotiate better hosting rate" sure would, provided your host is willing to negotiate.

Everything Else
If it doesn't directly result in an increase in revenue or a reduction of cost, it belongs here. Cool widgets that your customers may like on your website (that you aren't charging for), buying posters for the walls, reading 17,349 seo and affiliate forums without a clear purpose or objective in mind…these are all tasks that you may like to do, but can't justify them.

All things being equal, each day should begin with you trying to cross off as many of the tasks as possible for increasing revenue and cutting costs. Some people will advocate increasing revenues first in the early stages of a business, focusing on the costs only after the business is established, and for the most part I agree with that idea; if you cut your monthly hosting bill in half, but don't have any websites live to sell your products, it doesn't really do you a lot of good.

What happens if you should mark off all these tasks for the first two lists? Think of some new tasks. If you do it correctly, you'll never run out of tasks on either the revenue or costs list, because new opportunities will continue to present themselves to you, allowing you to grow, profitably.

As you become more comfortable in your list creation and execution, add a new wrinkle…$. If you can estimate off the top of your head what a task will make you, or save you, you'll be able to bounce back and forth on your two most important task lists, doing what is necessary to increase your overall profit. The beginning levels will still make you money as you focus on the correct general direction, but see this like a tactical smart bomb as opposed to the carpet-bombing approach to profit above.

Additionally, it will become necessary to revisit the "Everything Else" list from time to time, because after second…third…or twentieth consideration, that task may in fact be directly tied to either increasing your revenue or reducing your cost. The "Write business plan" item could conceivably increase revenue if an acquirer of businesses was eyeing your operations but would only consider purchasing after viewing the business plan; also, if your operations are as focused as the sunset light hitting the Pacific ocean, writing a business plan could help you to trim costs. However, I consider those the exceptions rather than the rule, and should only be entertained after using the first three lists exclusively for a period of time.

These lists have helped me over the past decade or so, and I sincerely hope they can help you too.


Thursday, 05 April 2007 06:47:32 (US Mountain Standard Time, UTC-07:00)  #     

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