As the great Benjamin Franklin once said, “If you fail to plan, you plan to fail.”
With all the moving parts of a business to look after, it’s no wonder that some things fall through the cracks affecting your business growth and bottom line profits.
Let’s examine 5 mistakes that will diminish your profits if not fixed right away.
1. Inconsistent Marketing
It’s just not enough to publish one Facebook post or a couple of tweets every week. Likewise, ignoring your email list is also detrimental to your business. If you don’t keep up with a consistent marketing plan, people will forget your name, will forget how they ended up on your email list, or forget why they’re following you on social media. These forgotten people need to be won over yet again and they need to hear and see your company name on a consistent basis before they decide to spend money on your products or services.
2. Failure to Automate
Are you stuck in the old school way of doing...
Are you trying to learn everything about everything in an effort to save money? Sure, it’s tough to admit you need help but if you continue being everything to everyone, you’ll burn out and resent your business.
Years ago when I was first starting my business I was in an online conversation about the importance of choosing a niche for your business rather than just saying, “I want to serve EVERYBODY.”
Of course, you want to make money so instinctively business owners tell themselves that it’s better to appeal to more people than a selective few. But somebody in the conversation responded by saying, “Do you want to be known as Walmart or do you want to be known as Neiman Marcus?”
The point is Walmart appeals to everyone, but they depend on the sheer volume of customers to make their profit.
Neiman Marcus (designer goods), on the other hand, appeals to a very specific demographic which has the disposable income to spend and they don’t...
Good business coaches are able to look at a company objectively, ask pertinent questions, and guide the owner through the process of creating a plan for future growth. Consider a business coach your objective third party, the one who can sort through the processes that work and those that don’t work and help mold the company into a profitable entity.
For any business owner with an online presence (and EVERY business should be online!) there are many passive ways to build income streams into your website and products that will bring in extra money while you focus on serving your current customers. Passive income is good and will help your bottom line while you actively market your business. You’ve invested good money into your business and your website; why not make it work harder for you?
1. Affiliate Marketing is a simple way to make commission by recommending products or services to your audience. This process is similar to telling your friend or neighbor about the...
We all want to be able to organise our schedules and have the commitment to maintain them on a day-to-day basis, but how? Creating a workable schedule is typically time-consuming and often results in a frustrating battle with your calendar.
Organisation is beneficial for everyone and can be easily adapted to suit individual needs. And believe it or not, being organised in your everyday life actually saves you time and money. Here are a few of the reasons why.
Efficient and Stress-Free
If you keep your belongings organised, you don’t need to spend time looking for them when needed. This is especially handy in the case of important yet rarely used items, such as insurance or tax information.
The key to keeping things organised is to come up with a place to keep something and stick to it. If you want to keep important mail in a desk drawer, make sure you keep all of your important mail in that drawer. Don’t be afraid of sorting your things too much. The more...
In my last blog I covered 5 ideas about how to get your motivation back. Here are six further ideas to win back your motivation and fall in love with your work all over again.
1. Align Your Work with Your Life Purpose
If you combine your area of genius with a deep, inner life purpose that drives you, regaining your motivation comes naturally.
Your life purpose is not external, like “teaching kids to play hockey”. That would just be a manifestation of what drives you. The sort of life purpose to identify and embrace is spiritual, even if you are not. It gives your life meaning. It’s something you want to live for every day, like “leading by example”.
Even if you don’t like journaling, this is a highly useful tool to embrace when you are on an inner journey. Articulating your thoughts on paper helps you quickly see through premises or statements that aren’t really true (just as it does if you talk about a topic in a group). It...