5 Ways You’re Haemorrhaging Money from Your Business … And What You Can Do About It
Money can seem a bit of a taboo topic in our country, I’m not sure why because we all need to earn money to pay the bills!
But when it comes to business, there’s lots of people who will be haemorrhaging money and literally seeing it go down the drain. This isn’t a good idea as we’re not normally in the business to be losing money
So where is the money flowing away from you
Not launching that new product or programme you’ve been thinking about
Have you got something new that you could be offering to your crowd that would really help them with a particular issue – is that a new product or programme you can create and launch?
Is there a particular thing that your crowd needs help with? Create something to fill that gap
SOLUTION: Brainstorm things that you can offer that your crowd would absolutely LOVE and then create it!
Not giving people the opportunity to buy from you
Do you even ask for the sale and share how people can work with you?
Lots of people find it hard asking for the sales as it can feel a little sleazy. It doesn’t have to be at all, you are literally just giving your crowd the opportunity to realise their dream
Share what’s going on, what offers you have running, any new freebies or products you’ve got coming out
Talk about them on social media, in your newsletter or on your website
SOLUTION: Include consciously asking for the sale as part of your social media and marketing strategy
Not providing an upgrade option
There will be some people who want to use your product or programme on their own. But there’ll also be a few people who want to upgrade to the next level – that may mean
- Moving up from a group programme to working with you 1 – 1
- Gift wrapping
- Added extras from the basic level
- VIP treatment
Think about your own experiences, where have you taken the opportunity to upgrade? What made you want to do that?
For me, I’ve been involved in some group programmes but then came to the decision to up level from that and start working 1 – 1 with my coach which has been a great decision for me, just wish I’d done it sooner
SOLUTION: How can you add upgrades to your current offerings?
Not keeping track of your money and spending on things you don’t need or use
If you’re not careful, you can literally see your money going down the drown. This is where its so important to keep track of the numbers and what you’re spending money on
Can you imagine how much money you waste every month and year with things that you don’t actually need or use
- Have you got any subscriptions you no longer need?
- Are you paying for domains you no longer need?
- What about software you no longer use?
- What are your essential operating costs?
SOLUTION: Do a review of your monthly outgoings and get rid of the things you don’t need or use
Not asking for recommendations from current clients
Your current and past clients are an amazing, and most often overlooked, piece of your marketing strategy so I really encourage you to make the most out of them
We all love to buy from people we know, like, trust and there’s no better advertisement for your business than when people start shouting about how amazing you are – we are more likely to buy from people who our friends recommend
Think about the last few days, how many times have you seen people asking for a certain type of business, they’re looking for recommendations
So why not ask your current and past clients to recommend you to their friends and family. They can share opportunities you post on social media to their audience
SOLUTION: Get in touch with clients and ask them to recommend you to their friends and family
Take the time to sort out where you are wasting money and it won’t be long until you are seeing better results for your business