How this “Friday Formula” Will Make You More Money
In most businesses, Friday is the least productive day of the week.
And as the day goes along, it gets less and less productive. We all know why…right? 🙂
So a while back I put together something called the “Friday Formula” – to help me get the most out of Fridays. My goal is to use Friday as a day to review the week and plan for the following week.
Like all of my systems, nothing is ever written in stone. So I’m sharing what it looks like right now.
The Friday Formula
- Review sales from the week and month –> Compare actual sales to projected sales.
- Source the sales –> Aside from comparing the actual number to my projected number, I’m looking specifically at two things. (1) What source did my new customers come from. (2) How long did it take them to make a buying decision.
- Review any refunds and reasons given –> I use this info to see if there are common reasons based on the lack of a feature or if there’s a type of business that isn’t a good fit…or something else.
- Review ad performance –> Pause or tweak ads that aren’t performing well. Could be the targeting or the copy or image. We’ll test them all over time.
- Write Thank You notes –> This is a new one. I try to mail as many as 5 physical thank you notes to people – both business and personal.
- Set goals for next week –> This is a little broad but I look at what I want to achieve in terms of sales next week and think backwards into the 3-5 most important actions I can take to support that goal.
That’s my Friday Formula and I know that if I don’t do anything else, these steps make sure I get the most out of Friday. But more importantly, they help me address the leaks in my WooCommerce funnel and set the best goals for the following week.
I’m curious if you do something similar. How do you use your Friday’s?