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Kendrick Shope: Pay Yo’ Self Series

Kendrick Shope: Pay Yo’ Self Series

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Recently named one of the nation’s top sales experts, Kendrick Shope is the creator of Authentic Selling™ and sales consultant for the next generation of business owners.  Drawing on her southern roots, she’s known for being sweet as pie but tough as nails for her direct approach to consulting.

What are your income streams that make up your business revenue?
Sales School – group offering where you can learn the basics of Authentic Selling privately for a year.
Do you plan your revenue goals for the year at the beginning of the year? If so how do you come up with that number?
Yes.  Usually eighteen months in advance based on our revenue goals.
The first goal was to make six figures followed by to make more than I had as a pharmaceutical sales rep. Once I hit those it was a million in revenue which is followed by ten million in revenue. (Have not started planning on how to hit ten million yet, that will be the challenge for 2017 and beyond.) Next I reverse engineer the numbers and add quotas in to help target where the revenue will come from. I also set list growth goals because the two are very closely connected.
With an idea of what you will make in the next year, is your next step to budget? 
No. I meet with my team and discuss our goal and then we decide what type of advertising we need to hit our goal. Then I will meet with my CFO and he runs the numbers and will tell me what we have on hand or will have that can be allocated for budget.
What does your budget usually include/look like? 

I meet weekly with my CFO and we go over revenue, expenses, taxes, surplus. Happy to give you a breakdown of all expenses categories if you like.  This year we have individual budgets for each area, so for example Sales School launch has its own budget that’s separate from contractor budget.

When did your business start paying you? 
After two years of being in business, but I still had debt to pay off that I encountered to grow the visions.
How much was your personal budget getting paid?
There wasn’t one, I took anything that was left because we needed if so badly after having no revenue for two years.
What portion of your business is spent on education/professional development each year?
I’m an avid learner so I would estimate anywhere from five to ten percent – that would total well over two hundred thousand in the last four years.
How much money do you put into savings (in your business) and how do you decide on that number?
This year there will be an excess and yes we will add to savings. It depends on how profitable the year was and how much is left at the end of the year.
Do you or have you started to work with a book keeper or an accountant? If yes, when did you take that leap?
Yes. I have had an accountant from day one and a bookkeeper the past two years.  This year we replaced the bookkeeper with a CFO.
What fears did you have around making or spending money in the first few years in business? 
Was I making the biggest mistake of my life.
How would I ever pay all of the investment back?
Was I doing a disservice to my family?
Did I spend too much on a launch or advertising?
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