Making Business Profits
Tales from the Online Marketing Crypt #17 Stop Doing These 3 Wasteful Things in Your Business to Start Making Net Profits! "Waste not, don't want. "a""Don't lose your breath. "a""What is this? A waste of energy, space or time." The list goes on and I'm sure you've either been told or used any one of these phrases over the decades. Being the kind of person that I am, I hate wasting time is a major dislike of mine. Growing in the farm, my dad determined that he needed to get rid of the thistles , which were beginning to dominate the back pasture. It's true that pesticides weren't an important subject in the past and child labour was! The other summer, he set me to work removing every single thistle in the stock... with my hands. Armed with gloves that were large enough for adults, I was seated on the field, grasping the huge prickly stalks at the base and tugged at my wits end to remove those suckers from their snares. I had to ensure every bit of root was captured; otherwise, the weed could grow back. I sat for a long time working with this project (or according to my childhood memory has deemed this to be real). It was a big patch of nettles with thick stocks firmly implanted into the dirt, so they were a bit difficult to pull out for a 10-year-old. Of course the next year, they all came back to dominate the field. What a massive waste of time that was. Do you ever feel like you've wasted some thing in your business? When it comes to marketing the services we provide you'll hear me encourage business owners to get rid of three things that are inefficient: 1. Wasting Time 2. Wasting Money 3. Wasting Energy Let's take a look at all of them and find out if there is something that resonates with you. The time was wasted One of the most frequent issues I see entrepreneurs have is wasting their time trying to master and apply their knowledge to something outside their experience. Somewhere in the process, particularly us women, we got it into our heads that we must know how to accomplish everything that involves building a business. How could that be possible? Even if one had an Masters Degree in Business do they know HOW to do everything? Certainly they would know WHAT needs to be done, however, I'm not sure how. That's why businesses can't be created by one person. They require teams. Businesses need to delegate to experts in the areas the founder doesn't.. It's true that the DIY tools that are accessible don't cut the mustard. Simply because I'm able utilize a calculator, does not make me a mathematician. Ultimately, you don't have any idea what you're not aware of and that's OK. There's nothing wrong with your current situation. Just learn to delegate! I asked other entrepreneurs in a group I am in what they thought was a waste in their company and in this piece you will listen to their answers. This one was written by Christine Awram, founder of Woman of Worth, shares her valuable lesson on the pressure of trying to do everything on her own: "Wearing too many hats and not being focused on the areas I'm best at while allowing others to shine their specific brilliance on the areas I'm not quite as skilled in. The idea of doing everything and/or micromanaging comes with a price tag, primarily burnout and unintentionally insulting people LOL. This was a hard lesson for me some time ago, when I thought that I could be Superwoman as I was able to do everything." Visit:- Another time-waster that I definitely did fall into the mistake of being a part of numerous webinars and seminars. And I'm certainly not the sole one! NLP Trainer and Master Coach Teri Holland wrote: "I was a waste of money and time on weekend seminars that didn't provide any worth, yet I felt an overwhelming feeling of "FOMO" even if I didn't go to. Every time I left feeling deflated the program didn't deliver on the value promised, and instead was more of a promo for a more comprehensive programme. And there are some good options available! I'm more selective about how I spend my time and money and I've stopped looking for the next shiny offer." Jenn Biddlecombe, owner of Inner City Flooring in Coquitlam stated that it is a waste of her time that you could have also experienced: "I wasted energy on trying to convince family members to be supportive of my business in the beginning. You alone and only you are the only one who cares about your accomplishments." Wasting Money I mean, who hasn't made a mistake while trying to pursue their dream venture? Yes, I've done it! Like Teri I too paid a great deal of money on classes and programs that failed to deliver at all the level that was advertised. It's possible that I could have taught those classes by myself and added even more value! In addition to spending money on courses and programs, there are other areas which could be sucking your money from your net profits. One of the problems I've observed is the hiring of the wrong people to our team. Be it an employee or contractor, this can be a very expensive error If the appropriate due diligence hasn't been done to make sure the correct person is selected. And I'm not the alone one! Martin Jongejan, owner of ZOOM Home Cleaning Experts expressed his frustrations over this issue: "Spending too many hours and energy on members of my team that I wanted to succeed in their position, much more than they wanted to achieve in their respective roles. Was like trying to push a rope. I can't underestimate the importance of having individuals on your team who know what you want are interested in it, and have the ability to accomplish it." And Renata Kobek with Kobek Immigrations has a similar experience: "Paying for professional services that were not up to scratch and having to spend too much time trying to ensure everything is perfect." The Business Management Specialist at Black Sheep Business Consulting, Kevin Foreman shared a valuable lesson that he learned about not using money: "I have spent the most money in my business through the use of capital. It emphasizes the need to have ample funds, since the majority of investments in your business will pay off. Some say you don't require money to start or grow your business however they could not be more wrong. You need lots of money to be successful, as even the best businesses waste plenty of capital. The risk from not using capital lesser than the chances of getting market share by wasting some capital." In the end, in order to expand your business, it's essential to ensure that the thing you're investing money in is an ROI (Return on investment). If that investment, like a brand new phone, a course instructing you on skills outside of your area of expertise, or a high-end camera, doesn't generate income, reconsider and use those funds for something that will. Wasting Effort Sometimes , we don't realise how valuable effort is. It's not tangible or measurable however, when push comes to shove it's extremely important. Effort is a resource we should cherish and ensure it's used in accordance with the good intentions. The pursuit of our goals is just one of our goals. Are you able to have your business objectives mapped out? What goals do you wish to achieve in the next six months? Next year? 5 years from Now? If you've not mapped out your goals then you could be wasting lots of effort chasing unachievable pipe dreams. Maybe you have goals However, have you planned out the best way to accomplish them? What needs to take place to realize those objectives? This is where knowing your numbers is essential. If you don't have a clear understanding of your numbers, you are wasting a lot of effort playing in your business. This instance from Marcel Barker with Tammi Anne Barker wasted a lot of time trying to sell, without really knowing what they were selling: "Our greatest inefficiency of energy, time, and money comes from not fully understanding our product's development process and when it's appropriate to do what. We'd generate a bunch of buzz on social media before we had figured out the product we were selling and the process of producing it. When I finally sat down to create a solid business plan, I did some research and wrote a comprehensive, highly detailed end-to-end walkthrough and a comprehensive collection of high-concept design -> development -then launch, selling and finally production. The walkthrough revealed many of the things we were doing wrong." Looking for the shiny objects that awe us each and every day. Single. Day. can be very tempting when you don't know your numbers and don't have a business or marketing plan in place to follow. And thus we go full circle. It is a waste of energy, time and money trying to build a successful and sustainable business. Does any of this appeal to you? Do you require help in to get your business on the right track? Do you need help in following an effective plan for your business opposed to playing in it? I offer free 30 minutes of consultation for business owners just like you . I invite you to book an appointment with me to assist you on the correct path to building your ideal business.

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