Every month, I host coaching calls for the students of my coaching program. While we have a lot of amazing results and breakthroughs, I also get a lot of questions from beginners who have made bad decisions or are focusing on the wrong things.
To help, I created this podcast to share my framework for making better decisions. It may not be perfect, but it helps me every day. My hope is it helps you too.
What's Covered in This Episode:
5 Key Points to Make Better Decisions:
Links From This Episode:
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Hey, what's up everybody? Anton Kraly here from ecommercelifestyle.com and welcome back to the podcast. So today I'm recording this episode just after I wrapped up a coaching call. Now I do monthly coaching calls with students of Drop Ship Lifestyle where basically it's like small groups, people can ask me anything on a webinar and I just help them to work through any problems or just to answer any questions that they might get stuck with. And again, I do this every month and on this call I just noticed a pattern. And while these calls are great, I love doing them and we have a lot of big wins that come from them, I also see a lot of newer people just getting into the business, they're kind of focusing on the wrong things and they're not making the best decisions. And I thought, you know what? Let me turn the camera on let me record a quick podcast here and share my framework for making better decisions.
So to help, I just wanted to turn the camera on, record this quick podcast and share my framework for making decisions, and it may not be perfect. I'm not an expert at this stuff, but it is what I use, it does help me. So hopefully it'll help you out too. So the first thing you need to know before you even try to make decisions is what is your North Star in your business? What is your goal? This could be a quarterly goal or a yearly goal. I talk more about goal setting in a podcast called what gets measured gets managed and I'll link that up into description so you could check that out, but you need to know what you're actually working towards. And ideally, this is one thing, and I have a framework, again, in that other podcast for how to figure out what that one thing is.
But before you even try to make decisions, you need to know what you're working towards or else everything else just becomes a jumbled mess and you have no idea if you're even getting closer to your goals or further or constantly going back and forth, back and forth with no real progress. So step one in my framework is know your North Star, know that significant goal in your business that you are working towards. So step number two is to evaluate your choices and as humans, this is what we're forced to do all day, right? Like a typical day is just a series of nonstop decisions, some of them small and insignificant, some of them big, and that could change the course of your life. But the way that I want you to evaluate your decisions is finding a solution and making a choice, helping you get closer to that North Star goal?
And a lot of times, like the example I was just giving you, what I see on coaching calls, for example, with newer people that are just getting started, is they're trying to make decisions on things that don't even matter. And I'll give you an example, right? Let's say you are running an online store, you're using the Drop Ship Lifestyle system, and let's say that you're currently doing $50,000 a month in sales and let's say your Google ad budget is $4,000. So you're spending $4,000 on Google ads and it's making you $50,000 in revenue every month. Awesome. Now, a lot of times what happens is the decisions that's going through the business owners heads aren't related to how that can get them even further, but instead, maybe you're spending all this time researching Pinterest marketing where you're currently spending $25 a week and you're thinking, okay, how can I spend $50 a week and you're trying to find all these new strategies and all these new tactics for how you can double your budget there and spend a little bit more, where in reality that decision shouldn't even be on the table.
You should know because that's not going to get you to a North Star if, let's just say your North Star is $75,000 a month in sales, that decision does not matter, just cross it off your list, move on to a different decision that will actually help you. Like I said, if you're spending $4,000 a month and doing 50 and your goal is 75 don't waste time thinking about how you can spend a few bucks here and there and try this new platform or that new platform. Your goal should be, instead of spending $4,000 a month on Google shopping ads, how can I spend six and how can I do $75,000 in sales? How can I make these bigger decisions that are more impactful and more meaningful towards getting me towards my North Star? Okay, so step one is know your North Star. Step two is evaluate your decisions before you even make them on if they're actually going to get you to where you want to be.
Now the third thing that's really important to pay attention to is are your decisions that you're going to make, are they only based on feelings or are they based on data? Because I'm guilty of this just like everybody else, again, we're all humans and a lot of times we make decisions off of feelings, which isn't bad, but the best decisions are made off of data and feelings. Call it gut instinct, whatever, but they're made off a combination of both and whenever you're forced with a decision, again, a meaningful one, let's go back to scaling Google ads for example, don't just say, you know what? I think if I just upped my budget to $6,000 next month then I'm going to hit my goal because that's what you feel is going to happen. Look at actual data from when you've scaled in the past.
Look for what you can see inside of your Google analytics account and make that decision off that gut instinct, off the feeling plus data that you can pull from. Now, it's also really important to note that when I'm talking about data, I'm talking about either data that you have on your own, maybe data that you get from a mastermind from people in very similar businesses, maybe data that you get from your suppliers and your sales rep there, but real numbers and not just a blog post you read about how messenger bots are going to explode your business, right? Because I've done an episode on this too called the sky isn't falling, you're just uninformed. But if you're going off other people's data that they just put out there, there's a lot of and this is including me, there's a lot of stuff that might not be a hundred percent relevant to your business.
So again, when you're getting data, either get it from what you already have inside of Google ads, inside of analytics, get it from people in a mastermind that are running extremely similar businesses and get it from your suppliers. Okay, so now you know your North Star. You know that your decision that you're going to make is actually going to help get you there, at least that's the goal. You know that you're deciding based on data and your gut instinct. Now it's time to think of who else this decision will affect. And this is especially true in bigger decisions for your businesses. For example, if the decision you're making is related to paid ad spend and you're trying to sell a whole bunch more of product A, B, C, then before you just make that decision, you want to connect with other people that are going to be affected by this.
So in that scenario you would want to reach out to your supplier or your sales rep and see if you can either just get approval from them. In some cases you need approval if it's a business partner or something like that, but also see if you can collaborate because this is a huge missed opportunity and a lot of decision making, but let's just say that is your goal and you're looking to spend more on ads to scale for a specific supplier. Reach out to that sales rep first.
Just tell them your plan. Hey, we realize we're doing very well selling your products. We're thinking of running this type of ad this month and spending X amount of dollars more. Do you have first of all, enough inventory so that if we do this that it's not going to basically break our business because we don't have products to ship and then also ask them, if we do this, is there any way we can have any incentive pricing so that if we bring in an extra 10 units a month, whatever it is, that we can save 5% on purchase orders, 10% on purchase orders, whatever that may be, but always look for that collaboration whenever possible.
Again, if it's something that affects people that are outside of just you, this could also be if you have virtual assistants or employees, then you want to discuss these decisions with them as well so that the things that you're actually thinking of changing and the decisions that you're making can benefit everybody together rather than you just saying, hey, here's the new thing, let's just see how it works. Instead, you want to be able to bounce ideas off of everybody and see if you can collaborate in any way because I typically does lead to better decisions when you're not just going only on your own. Now finally, once you've done all that, you really want to be sure you are keeping a change log of everything of that you are doing, all these big decisions that you're making and what's being implemented. That way you can go back and actually see if you made the right decisions.
So let's just keep going with this Google ads example. If you went back to your data and you saw that this was my bestselling product and I want to spend more money on ads for that product, and your hypothesis was if you put more ads into it, you'll get more sales and you reached out to your supplier, they confirmed they have the inventory, maybe they even gave you a discount on purchase orders if you reach a certain sales target and then you go ahead and up your ads, don't just do it and then sit around for a month and be like, oh, I did do that. What happened? Instead, you should keep notes. Keep a change log, I do this in Google drive, of every decision like this that we make. That way I can go back, look at what was changed, what we thought was going to happen and if it worked or if it didn't and if it worked, great.
Now you can use that data moving forward and if it didn't, now you can make decisions moving forward a lot better because you can look back on past, call them failures, but really just learning experiences and not do that again or try to identify what went wrong the first time. So I don't know guys, I hope this episode was helpful. I know it was a little different, kind of just like spur of the moment. But I do think that a lot of people focus on either the wrong things or insignificant things where not saying they won't help at all, but they're not the actual big decisions that are going to get you towards that true North Star.
So I will link to the related episodes on goal setting in the description. Definitely check them out if you're interested. And as always, if you got value from this podcast, please do go on over to Apple podcasts and leave a review, really helps the channel. And if you want to learn more about how we build highly profitable semiautomated online stores, be sure to go to dropshipwebinar.com, I will link that up in the description as well. So thank you everybody, I appreciate you and I'll talk to you in the next episode. See ya.