Your 2024 Luxury Business

A new year is upon us. That means you now have the opportunity for a fresh start. The calendar tells us we have twelve months to make 2024 a year of success and accomplishment. We all want to have a better year in the months to come, but the question is what is the best way to achieve this? To answer that question, I inevitably go back to one of my original products, when I launched this company back in 2001. It was a seminar, titled Create Your Own Economy.

The phrase, Create Your Own Economy sounds like a cliché, but it was the advice I was using then and use now to grow my business. I learned from experience, and sometimes in painful ways that I had to create my own excitement, energy, and pathways to my business. Over the years, I’ve gotten better at doing that.

Create is perhaps the most important word, as it often takes many years for the phone to ring, the emails to just show up, and to have people knocking at your door who want to do business with you. When times are lean, you are simply not creating your own economy. You need to get to work. When you see a business prospering, they have learned to create their own economy.

Long ago when I worked on Wall Street, I was surrounded by computer screens updating in real-time, with numbers and charts, tracking the financial markets. There were television monitors with live reports from financial correspondents from the various stock exchanges providing updates. As I worked at an international news agency, Reuters, I could also take the elevator up to our editorial operation and see reporters tapping away at their computers, writing about this or that aspect of the financial markets.

At that time, I was addicted to external signs about the economy and in turn, my personal finances. However, when I became an entrepreneur, full-time, the exact opposite happened. I began to realize those numbers and that tracking did not mean as much. I began to track my company’s internal numbers, which were better indicators of what my financial future would be like. Rather than paying attention to interest rates, stock prices, currency values, and housing and employment numbers, the bigger question for me was whether I was quantifiably moving in the right direction or not, daily.

That is the mindset I want you to have as you begin 2024. Every entrepreneur has a different experience in terms of how long it takes to become self-sufficient in their business. It depends on what you sell, how good you are at it, and whether you have a product that is hot, or you have to make hot. (Yes, you can make any product hot!)

There is so much to learn, and after more than thirty years now, running my own companies I am still learning. But there is something that doesn’t lie. Those are the numbers that tell you what direction you are moving. The trick in business is to understand what numbers those are, and to relentlessly focus on them, because that is the only thing that matters.

There’s plenty of talk these days about the luxury sector. Some analysts say it is hurting. Some look at the big luxury holding companies and say their reign is over. I typically tell luxury entrepreneurs to forget about that and keep their eyes on the basics.

How much money is coming in?

How much does each client bring to the business?

Are you growing your clients or are they contracting?

Are your leads converting to higher levels of purchased products and services?

Do you have a marketing system that produces new leads?

Are you fully leveraging everything at your disposal to increase leads, conversions, and client lifetime value?

Did your last bit of marketing work, or is there something you need to change?

How quickly are you making that change, with a new offer?

How does your marketing activity in terms of days and months, convert to cash in the bank?

There are also psychological issues behind your numbers such as: Have you invested in a marketing activity long enough to build momentum? Or are you operating in fear and therefore not really marketing creativity and assertively at all?

Underneath the smoke, and all the talk about the economy and the luxury sector, the facts you must sit with daily are whether you are advancing or staying in the same place. Even if you are advancing slightly, you are creating your own economy. You just must become better at it.

I can tell you that nothing is more important than investing in your business or luxury practice to drive those numbers associated with my questions above. You must put in money. You must put in effort. You must be clever and keep moving. It is not so much how long it takes, or whether 2024 will be good or bad for you. Everything as an entrepreneur takes longer than you want. However, the determining factor for your success in 2024 will depend on whether you understand how to create, expand, and measure your own economy and have the will to do so.

I can help you Create Your Own Economy. Learn more by writing me: info@andretaylor.com for details.

At Taylor Insight we help luxury and premier businesses excel and grow by attracting, retaining, and growing with affluent clients. We provide exceptional strategic, marketing, sales, and service guidance, and a portfolio of high-impact learning programs.