5 Ways You're Killing Your Business
5 things killing your business.
I’ll come right out and say it, I’m a plant murderer.
My mom was an accomplished gardener. Plants loved her. She grew strawberries in a dry and windy climate and had a crop of yellow and purple irises on the side of the house.
Her houseplants always outgrew the pots, which meant even more house plants and planters.
She had a green thumb and she expected me to be the same way.
But I’m not.
Over the years I killed begonias, cacti, and a marginata. I killed azaleas and 2 majesty palm trees. I offed Gerbera Daisies and succulents; no one was safe, I slaughtered every singe one.
After a while, I gave up. I bought giant fake flowers and a big pot, stuck the flowers in and put it on the porch. It looks like I’ve got an evergreen thumb. My fake flowers look terrific, even when it’s 110 degrees with 80% humidity.
I’m going to come out and say this, too; some of us are killing our business with simple mistakes.
Everything seems fine. It looks like things are going ok.. But you’re pretty inconsistent. You don’t know where the next client is coming from and you don’t know how long your savings will last. It’s stressful, I get it.
But it’s time to cultivate your garden and stop making dumb mistakes. Here are the worst offenders;
1. Inconsistent Marketing
It’s not enough to publish one Facebook post 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 you. You aren’t around so out of sight, out of mind.
Winning back their attention is expensive and time-consuming! They need to hear and see your company name consistently BEFORE they buy.
A business coach can offer solutions and ideas generating a greater return on your marketing.
2. Failure to Automate
Are you stuck in the old school way of doing things, like making phone calls to confirm appointments instead of using SMS technology to send text message reminders to confirm?
Even posting on social media can be automated using platforms such as Hootsuite or Meet Edgar.
Yes, these automation tools cost money, but compare the monthly or annual costs to the cost of an employee or a virtual assistant doing the same task.
Old school is inefficient and costs you more money in the long run.
A business coach can help you learn about the latest automated technology while still sticking within your budget.
3. Poor Branding or Messaging
What is your company’s mission? What is your Unique Selling Point? If you can’t answer these two questions, you need to revisit your messaging and your business image.
Branding is more than your logo and business colors; branding is your overall image and what you promise to your customers. A business coach asks the right questions to help you define the principles driving your business.
4. Bad Money Management
What processes do you have in place for your bookkeeping and paying your monthly invoices?
Do you have any idea what your income vs. expense spreadsheet looks like?
Do you have a habit of buying training classes that you don’t have time to use?
There’s no reason you should be surprised at tax time with how much (or how little) profit you made in the last year.
Growing businesses use money management solutions. A business coach can help you create a budget for your business along with stable processes for handling your monthly expenses.
5. Reluctance to Reinvest in Your Business
If you want to make a cake, you put ingredients together and mix it up. You put it in the pan then bake in the oven.
Now let’s say your business is the cake. But you don’t have ingredients. All you have is the oven.
You preheat your oven and set the timer. You come back in 45 minutes and open the oven door.
There’s no cake. Because you didn’t put the damn ingredients in a pan.
Your cake is the business. You need to reinvest to make more cakes. You can’t have a business without putting some profits back in.
Don’t spend every single penny on your salary. Reinvest in virtual assistants, the software you need or training tools. Invest in a business coach so you can move to a higher income faster.
Remember my plant example? Plants need food, water, sun, and fertilizers. I gave my plants none of the above. I wasn’t surprised when they died.
Your reinvestment should help your business run more efficiently to have more time to serve your customers and prospects.
Of course, you should pay yourself a salary every month. A percentage of the profits go to growth; reinvesting.
Want help with the five fatal mistakes for your business? Hire a coach. Let’s book your free 15-minute strategy session and get your business in the green.
(dollar bills, ya’ll)