Welcome to episode 49 of The Executive Edge with Amy Rose Herrick www.thesecretprofits.com/?r_done=1
Amy Rose is a chartered financial consultant. I asked her on the programme because I was fascinated by her e-book that I downloaded from her site. You can download the book from the link here: www.thesecretprofits.com/?r_done=1
This short, powerful little book explains something she will talk about called ‘The Power of 10’. What this refers to is that any action you take (because it costs you something as an initiative), needs to be multiplied by the costs of doing this same action for the next 10 years. When you look at all your costs through this lens, it brings a rather revealing and refreshing view into focus!
I found myself reflecting on everything I spend on. From the advertising budget we have, to the printer ink we purchase. Also, the costs involved in promoting my brand on the various social media platforms. It isn’t that Amy Rose questions anything you are doing directly, but in order to avoid a profit Black hole, this can involve more than simply preventing excess cost. Secret profits as she explains, involve an awareness of how to view every expenditure you have and question their validity. This is in the light of how much it will cost you were you to continue for the next 10 years.
What is her main point?
Amy Rose offers everybody who listens to this episode an opportunity for a half-hour consult, with her. The half hour consult can be booked from the link within these notes. I truly believe she will give great value. She’s inspiring to listen to, interesting to interview and is very knowledgeable. She also runs courses which you can look at and book here: www.thesecretprofits.com/courses?r_done=1
One of the issues I felt she covered well was that all of us when building a new business, have to do so much of the groundwork ourselves. At some point we start to let go of those tasks and bring in other people. In doing so, we have to trust them but also price them and work out if we can afford them. To some degree, we can outsource the tasks to bespoke consulting. Eventually though, to grow the business, we have to recognise someone else may be better at things than we are. Nowhere, does this seem clearer than in the arena of our finances and costs. It’s easy to spend money on something we feel is valuable, but how often do we really apply any kind of model to that plan? Amy Rose feels everything should have a return on our investment. That’s in order to make it worthwhile. If it isn’t going to show some kind of promise, or reap you a benefit, then as an activity it isn’t worth doing.
I did ask whether this is the case with social media. It could be said undertaking lots of activity through that process is more about raising the brand, then ensuring the sale. However, she still feels metrics are valuable such as the number of likes, or followers, or the amount of engagement because it’s only then that you can judge how successful you are.
If you’d like to hear more from Amy Rose, you can hear this episode and subscribe to our podcast on iTunes, Spotify, Google play and iHeart.