Class 1 Flashcards

1
Q

What is the golden rule for focusing on business growth?

A

Repeatedly focus on the main bottleneck

This emphasizes prioritizing the most significant challenges that hinder progress.

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2
Q

List three key elements of a successful business mindset.

A
  • Be Open to Possibilities
  • Challenge Your Assumptions
  • Remove your Ego

These elements encourage adaptability and continuous growth.

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3
Q

What commitment can help elevate your mindset through accelerator?

A

Commit to ferociously learning and implementing the guidance

This involves actively engaging with the material from trusted figures.

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4
Q

Define ‘Cash Collected’ in business finance.

A

The amount of cash your business actually collected from customers

This metric is crucial for understanding cash flow.

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5
Q

What does Total Accounts Receivable (AR) represent?

A

The total amount of money owed to your business by customers

This reflects outstanding debts for products or services provided.

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6
Q

What is Monthly Recurring Revenue (MRR)?

A

The amount of money your business is expected to receive each month from customers paying a recurring monthly fee

MRR is key for subscription-based businesses.

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7
Q

What does Lifetime Value (LTV) measure?

A

The total amount of revenue a customer is expected to generate over their lifetime

LTV helps businesses evaluate customer profitability.

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8
Q

What is meant by ‘Continuation’ in product metrics?

A

The percentage of customers who continue using your product or enroll into different products or services

This metric indicates customer retention.

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9
Q

What does ‘Deals Won’ indicate in sales metrics?

A

The number of sales deals your team has closed in a given period of time

This reflects the effectiveness of the sales process.

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10
Q

Define ‘Marketing Qualified Leads’ (MQLs).

A

The number of leads that both marketing and sales agree are ‘closable’

MQLs are essential for aligning marketing and sales efforts.

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11
Q

What is Customer Acquisition Cost?

A

The cost of acquiring a new customer, including all advertising expenses, by channel

This metric helps assess the efficiency of marketing efforts.

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12
Q

Fill in the blank: The percentage of deals closed out of the total number of calls scheduled is known as _______.

A

Win Percentage

This reflects the success rate of sales calls.

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13
Q

True or False: Reviewing applications is part of the marketing measuring process.

A

True

This step helps in assessing potential leads before scheduling calls.

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14
Q

What is a critical step in the finance measuring process?

A

Track and review the charges and cash collected

This ensures accurate financial records and cash flow management.

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15
Q

What does ‘Onboard New Clients’ refer to in operations?

A

Bringing new clients into the ecosystem and lowering the time to value

This process is essential for customer satisfaction and retention.

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16
Q

Why is it important to track various business metrics?

A

To clearly identify what you need to work on next with regard to your business

Tracking metrics provides insights for strategic decision-making.