Ideas Library - Page 16 - Deepstash

Ideas Library - Page 16

There are three main types of courage when it comes to courageous leadership in the workplace:

  • Try courage: the courage required to take the first step in something. You might fail, you might get it wrong, or you might do something completely incredible.
  • Trust courage: the type of courage required to relinquish control. As a leader, you will need this courage in order to delegate to your employees, to give over control to staff, and to show your team that you trust them.
  • Tell courage: the courage you need to speak openly and with conviction about your beliefs and ideas.

“Your time is limited, so don’t waste it living someone else’s life.”

“Remind people that profit is the difference between revenue and expense. This makes you look smart.”

“A desk is a dangerous place from which to view the world.”

“Passion, though a bad regulator, is a powerful spring.”

“An ounce of action is worth a ton of theory.”

“Catch a man a fish, and you can sell it to him . Teach a man to fish, and you ruin a wonderful business opportunity.”

The Bottom Line

Revenue forecasting is essential, especially for SaaS businesses. Don’t wait until you’ve got an entire finance team ready or investors to satisfy to implement the most advanced cloud forecasting solutions. Getting started with a Google Sheets tool is massively better than not forecasting at all.

Once you’ve established your revenue forecasting formulas and the data relationships necessary to build your forecast, it’s simply a matter of refreshing the data and assumptions each month. 

You’ll be able to copy your traffic and conversions data directly from your marketing funnel software. Then input your revenue and churn information. If your assumptions were way off, go ahead and reassess for the next forecast.

4. Converting customers to MRR

We’ve effectively established the total number of customers we expect each month from the marketing funnel to our expectations for expansion, churn, and contraction. Using these figures and the average revenue per customer (ARPC) for each category, we can make a solid prognosis for MRR.

3. Revenue forecasting models

Get the number of new customers your marketing funnel will generate each month. Revenue from these customers flows into your new MRR, where we’ll pick up the second part of your revenue forecast.

Aside from attracting new customers, there are a few significant factors impacting MRR:

  • Expansion and contraction (subscription upgrades or downgrades)
  • Churn and reactivation: Customers canceling subscriptions or reactivating a previously canceled subscription.

2. From funnel to "new customer"

After mapping out your historical funnel data, analyze the formulas and how your conversion factors have moved over the past few months. Then, make your best guess what ratios are reasonable going forward.

1. Your funnel model

Start by mapping out your marketing funnel data and customer signup information. Understanding each funnel step and conversion rate helps you see the complete process behind your revenue generation.

  1. Your funnel model
  2. From funnel to "new customer"
  3. Revenue forecasting models
  4. Converting customers to MRR

Basic Forecasting Options

The most straightforward forecasting tools rely on the recent past to predict the future. The "straight-line" method uses historical revenue and growth trends to map high-level revenue expectations. 

Start with your last six months of data and map out the next six months based on your current trajectory. For example, if you had $50k in monthly recurring revenue six months ago and today you have $60k, a straight-line forecast would show that in 6 months, you'll hit $70k in MRR.

Building a Revenue Forecast in Google Sheets

Before implementing automated tools, it's generally helpful to begin revenue forecasting with a simple, accurate spreadsheet model. Just make a copy of this template and follow along.

To build a good forecast, you first need to define where the company is going and how you plan to get there.

Forecasting helps you and the rest of the team constantly answer the question: is what we're doing taking us where we want to go?

SaaS Revenue Forecasting

Any potential lender or investor will want to see a reliable revenue projection to gauge how likely you are to pay their money back (ideally at a large multiple). 

Lat Pulldowns

Start your Lat Pulldowns by gripping the lat pulldown bar with your palms facing away from you just outside your shoulders. Lean back slightly, and pull the bar down toward your sternum with your elbows, squeezing your lats at the very bottom of the movement. Resist on the way back up, maintaining tension in your lats. Get a solid stretch at the top of the movement by letting your shoulder blades come up before performing another rep. Perform 10 reps.

Dumbbell Deadlift

Begin the Dumbbell Deadlift by placing a dumbbell in front of you with your feet outside of your shoulders. Keep your chest tall and core tight, squat down, and grab the dumbbell. Drive through your heels and hips to come back up, flexing your glutes and quads to finish. Place the dumbbell back down to the starting position before performing another rep. Complete 10 reps.

Incorporate supersets.

In strength training, supersets consist of performing two exercises back to back. The most common superset mixes a lower-body movement with an upper-body exercise. You can also choose exercises that target opposing muscle groups, such as your pushing and pulling muscles.

When performing supersets, you're targeting more muscle groups in your body. This allows you to recruit muscle fibers and increase your heart rate and calorie burn. In addition, you're enhancing your anaerobic conditioning, which helps improve your overall fitness and quality of life.

Add in Dead Hangs.

A secret exercise trick to improve your quality of life is incorporating Dead Hangs into your regimen. Hanging onto a pullup bar can help decompress your spine, improve your shoulder flexibility, stretch out tight lats, and increase grip and core strength. Test your grip strength by seeing how long you can hang onto the bar, then slowly increase your time under the bar. Eventually, with enough practice, you'll be able to perform this exercise for at least two minutes.

Incorporate different training phases into your fitness rotation.

Besides lifting heavier and performing more reps, you can also rotate in different training phases. For instance, you can go through a four to eight-week series that focuses on improving your strength, followed by four weeks of power training (plyometrics), and then four weeks of higher rep work. Having separate blocks and phases allows you to focus on different facets of your fitness, which will carry over to other activities and improve your performance and overall quality of life.

The Goal Is ......

In order to live a long and active life, you must keep up with your flexibility and mobility, in addition to preserving your joint health. The goal is to ensure you stay pain-free and injury-free while continuing to improve your athletic performance and maintain muscle mass. So without further delay, let's chat about these secret exercise tricks that slow down aging, keep you active, and help extend your life. Keep reading to learn more.

Author Quote

“But talent without grit is just potential. Talent plus grit is unstoppable.

-Ben Bergeron

The 20-year-old athlete who wants to know what it takes to become a professional in the field, the 35-year-old coach who wants to better their training system and build top performers, or the 45-year-old person who is a sports lover and also likes to read about all great stories in the industry.

Great insights to study and apply to your own personal life!

Chasing Excellence presents the unknown side of athletes and the painful, uncomfortable growth they have to go through to become the superhumans we know they are. Athletes are constantly on the hunt for mental toughness, and in this book, Bergeron presents a formula for it.

Reading this book will make you understand how athletes achieve excellence by being confident and training their minds to coordinate them, not play against them. When facing losses, they’re humble and try to learn from their mistakes. Overall, they’re positive and always look forward to new experiences.

Athletes are well known for their physical strength, but they also possess mental toughness. Mental toughness is a set of behaviours and practices that help athletes achieve excellence by being confident and toughening their minds to help them, not play against them.

To achieve this mental toughness, they must be positive or at least try their best to keep things optimistic. When you’re a positive person, good things will happen to you, and that’s not just karmic knowledge coming into play. Psychology supports these facts of life through a concept called frequency illusion.

In the world of athletics, mistakes happen. And when they do, athletes have to be able to move on quickly, or else they’ll never get anywhere. To do this, they use a mindset that’s rooted in stoicism: they focus only on what they can control, and try to let go of what they can’t.

The author, which is a professional coach, tells his athletes to never spend more than five minutes on upsetting mistakes; instead, he advises them to practice breathwork to calm themselves down and keep their focus on the game. People often get so focused on their performance that they get overwhelmed by mistakes.

Athletes are some of the most committed people in the world. They train tirelessly, push their bodies to the absolute limit, and don’t allow anything or anyone to stand in their way. But how do they do it? What makes them so different from us? And how can we start to apply their principles to our own lives?

The book states that passion is the essential ingredient for being committed to your work, mastering a job, and coming out ahead—even when the odds aren’t exactly in your favour. Passion gives you the energy to keep pushing when things aren’t all pink and fun anymore.

  • Although talent and passion are both crucial to an athlete’s success, there’s another key aspect that makes the difference.
  • Top athletes’ mind training is deeply rooted in mindfulness and stoicism.
  • Top performers are confident, humble, and positive as much as they can be.

There’s so much to learn from top athletes worldwide – they train hard, eat well, build their mental toughness every day, and live healthier lives than anyone we know.

While practice beats theory, these lessons are a great starting point if you’re looking to better yourself.

Chasing Excellence – Book Summary

Chasing Excellence breaks down how world-class athletes achieve the mental strength they need to succeed, highlighting the steps required to achieve toughness, build resilience, and always push your limits for a purpose.

Athletes are so much more than just performers who train, eat, and carry out their physical activities well. Mental toughness is the most important aspect of becoming a top worldwide athlete. In fact, mental strength is what separates champions from the pack.

It’s what allows them to push themselves beyond their limits and bounce back from failure. 

Author Quote

“Passion comes after you put in the hard work to become excellent at something valuable, not before. In other words, what you do for a living is much less important than how you do it.”

-Cal Newport

The 30-year-old worker who wants to take a peek into the future of a knowledge worker’s day at work, the 49-year-old executive who wants to shape a more productive work environment, or the 37-year-old start-up founder who wants to gain a competitive hedge by establishing effective practices at their company from the early days.

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