How To Brainstorm New Revenue For Your Business
Okay, DREAMERS! Who is SO ready for 2020 to be over? If you’re anything like us, you’re already taking a peek at 2021, and trying to lay out your plans, your dreams, and your big goals.
Each year, our team gets together at the end of the year for a brainstorming session. We talk about what worked this last year, what didn’t, what we want to see more of, and what we want to tweak and change. But, we also talk about the upcoming year and talk about areas of opportunity, new ideas, and ways to continue to grow our business.
When you take the time to brainstorm areas of growth and opportunity in your business…
You’re able to be way more focused with your brand or business goals and actions.
You can easily decide what’s ahead, schedule it out, and even see if you need to make an additional hire to make it happen.
It’s easier to refine your strategy by putting all your ideas on paper, and then select a few to put into action, rather than going with ALL your ideas in the spur of the moment.
Over the years, we’ve realized there are really 4 large areas of opportunity that we like to brainstorm within for growth. This year, to help out small businesses and entrepreneurs, we decided to build out the simple goal planning framework that we love to use at the end of each year (or even each month or quarter) to brainstorm new goals, projects, and plans that will help grow our business in the future.
We call this method “SOAR”, and you can use this goal planning framework to skyrocket new ideas to increase revenue for your business.
What Does SOAR Stand For?
Good question! SOAR is made up of four areas of opportunity in your business strategy that can make you more money or provide you with more opportunities. Here’s a breakdown of what goes into the SOAR goal planning framework:
Systems:
In this area, we think about systems and processes that could be automated or improved to increase efficiency in our current workflow. This makes you more money because you are spending less time in your business and more time doing things that actually make you money.
Some examples of this may be using a customer management system (we love Dubsado), automating your meetings (with Calendly or Acuity), or scheduling out your social media (we use Planoly).
Offerings:
In this area, we think about new products or offerings that could be added to our current lineup, or we think about how our current offerings could be refined to increase our total revenue.
Some examples of this may be a new template, a new digital product, a brand new service offering, or adding something like consultation or coaching to your current offerings.
Awareness:
In this area, we think of new marketing outlets and opportunities that we could do in order to create more awareness for our brand and bring in more potential customers.
Some examples of this may be starting a new podcast, regularly posting to your blog, trying out TikTok, or jumping on Facebook Ads.
Retention:
In this area, we think of ways we could encourage brand loyalty and incentivize repeat purchases or repeat customers.
Some examples of this may be creating an exclusive Facebook group and posting to it regularly, starting a recurring online workshop, changing one of your offerings into a subscription model, or creating a loyalty discount code or program for repeat customers.
How Can I Use This Framework For My Business?
Print out or FREE Downloadable SOAR framework planner using the opt-in below.
Set a timer for the maximum amount of time you want to spend thinking about your goals, dreams, and plans. We recommend about 1-2 hours so you think fast!
Write down as many ideas as you can in each area while the timer is going.
Once the timer for “brainstorming” has ended, take a look at each section and refine your goals and plans for your next upcoming season.
Get Our FREE Printable Revenue & Goal Planning Framework
We call this method “SOAR”, and you can use this goal planning framework to skyrocket new ideas to increase revenue for your business.
Read More About Goal Planning & Growing Your Business
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