Last weekend, we had our annual shareholder meeting. I left Montreal on Friday night to go to the lovely Quebec City. This is an amazing place where you can relax and find some of the best restaurants in the province of Quebec. However, we didn’t go there to relax; we went to work hard.
Why Drive 3 Hours Away From Home?
This is an easy question to answer: to disconnect from our lives. For a very short time, I only have to concentrate on one thing: my company. We didn’t have any other distractions and we were able to disregard everything else we would normally have in mind if we had to go home at the end of the day. We did this last year and we reproduced exactly the same thing (same city, same hotel, same café… where we sat down from 8am to 5pm).
Review & Improve
The first 2 hours, we reviewed all our sites. The goal is to determine our strengths and weaknesses. We want to know what we are making from each site and how we can make more. We do the same thing with traffic and website design. This is a great exercise as we are able to establish a very clear direction for each site and we are pretty hands on with everything.
Projects & Priorities
This is another very important part of our meeting; projecting our company into the future. Making money today is great, but if you just keep repeating the same old thing, you will start to lose your rhythm. We have several projects on the run (niche websites, ebooks, creating new sites). We had to review all our projects and select which ones are the most important.
I can tell you that niche website development will continue at a fast pace. In fact, we are now able to start a new niche website per month while finishing them within 2 to 3 months. We want to focus on content creation at first and will work on promotion and monetization at the end of the year (probably starting in September).
With regards to Ebooks, we have several projects on the go. The first one will be available by the end of May. This will be our first Ebook and we will be offering it for free. And trust me, it will a great book with a lot of information. Later on, I should be throwing myself into a huge project. I want to create a series of 4 Ebooks about the same topic. I’ll keep it to myself for now 😉
Along with these projects, we also wanted to launch a new type of website. Something that is related to finance but that is not a blog nor a niche website. I’ll tell you more about this project later on. For now, we will focus on creating the design for this new site!
Resources, Revenue & Expenses
Another part of our meeting was doing a full review of our resources (writers, proof readers, VAs, etc) along with an overview of our revenues and expenses. It is one thing to make money and invest a lot to grow, but you want to make sure that you are going in the right direction!
In short, I can tell you that we are truly amazed by the level of competency and professionalism of our team. We have strong VAs, passionate writers and lately we were able to find more great resources that should be entering our company shortly.
As for revenues & expenses, we are already creating a very interesting gap (this is what we are looking for, right?). Our monthly income has significantly increased in 2011 so far (averaging more than 9K per month). While our expenses are relatively stable. In fact, we don’t really need to increase our expenses anymore. So our goal is to make our revenues grow to over 10K/month this year and limiting expenses to about 6K per month.
A Thousand Dollars That is Worth Ten Times More
The cost of our annual meeting is about $1,000. However, I can tell you that spending such a small amount in order to gain such income jump from one year to another is simply incredible. It is also our way to keep control of where we are going with our company. I just can’t wait to see how things will grow this year!
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