Class 1 Flashcards
What is the golden rule for focusing on business growth?
Repeatedly focus on the main bottleneck
This emphasizes prioritizing the most significant challenges that hinder progress.
List three key elements of a successful business mindset.
- Be Open to Possibilities
- Challenge Your Assumptions
- Remove your Ego
These elements encourage adaptability and continuous growth.
What commitment can help elevate your mindset through accelerator?
Commit to ferociously learning and implementing the guidance
This involves actively engaging with the material from trusted figures.
Define ‘Cash Collected’ in business finance.
The amount of cash your business actually collected from customers
This metric is crucial for understanding cash flow.
What does Total Accounts Receivable (AR) represent?
The total amount of money owed to your business by customers
This reflects outstanding debts for products or services provided.
What is Monthly Recurring Revenue (MRR)?
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.
What does Lifetime Value (LTV) measure?
The total amount of revenue a customer is expected to generate over their lifetime
LTV helps businesses evaluate customer profitability.
What is meant by ‘Continuation’ in product metrics?
The percentage of customers who continue using your product or enroll into different products or services
This metric indicates customer retention.
What does ‘Deals Won’ indicate in sales metrics?
The number of sales deals your team has closed in a given period of time
This reflects the effectiveness of the sales process.
Define ‘Marketing Qualified Leads’ (MQLs).
The number of leads that both marketing and sales agree are ‘closable’
MQLs are essential for aligning marketing and sales efforts.
What is Customer Acquisition Cost?
The cost of acquiring a new customer, including all advertising expenses, by channel
This metric helps assess the efficiency of marketing efforts.
Fill in the blank: The percentage of deals closed out of the total number of calls scheduled is known as _______.
Win Percentage
This reflects the success rate of sales calls.
True or False: Reviewing applications is part of the marketing measuring process.
True
This step helps in assessing potential leads before scheduling calls.
What is a critical step in the finance measuring process?
Track and review the charges and cash collected
This ensures accurate financial records and cash flow management.
What does ‘Onboard New Clients’ refer to in operations?
Bringing new clients into the ecosystem and lowering the time to value
This process is essential for customer satisfaction and retention.