Don’t fret, you are not alone, in fact, I think I do at least 3 of these mistakes. Occasionally I feel on top of the world and am crushing it with my marketing and business, but more often than not I am forgetting a few tasks.
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, which then affects your business growth and bottom line profits.
Let’s examine 7 mistakes that will diminish your profits if not fixed right away.
1. Inconsistent Marketing
If Facebook is one of your marketing channels, it’s 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 how they ended up on your email list, or forget why they’re following you on social media.
These forgotten people will 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.
This is something that I have struggled with. I go through bursts of social media or email marketing. More recently I have been scheduling social media using Hootsuite and batch writing and scheduling my blog posts. I’m not as consistent as I would like, but I definitely have more structure and a process in place to follow. Once this work has been completed I can relax as I don’t feel like it’s an ever-ending process.
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 that to the monthly or annual costs of an employee or a virtual assistant doing the same task. The old school ways are much more time consuming and costs you more money in the long run. Where can you automate your tasks?
3. Failure to Batch your work
If you are designing your pins or Facebook posts on Canva or Pic Monkey, why not design more for the following few weeks. You are already in the software and in the flow, it is much easier to do more of the same work rather than chop and change between different tasks.
Have you ever been interrupted when you are deep into a task? You lose focus and it takes some time to get your head back into that vibe. If you batch your writing, design, social media, and outreach work for the month or at least a couple of weeks it will be quicker and it means your work is more consistent.
4. 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. If you need some help on this read Tell Your Brand Story
5. 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? (Yikes, this is me)
There’s no reason you should be surprised at tax time with how much (or how little) profit you made in the last year.
Businesses that are positioned for growth have good money management solutions in place and an accountant or financial coach can help you create a budget for your business along with solid processes for handling your monthly expenses.
6. Reluctance to Reinvest in Your Business
Don’t think of spending money on your business as an expense that takes away from your profit. Think of reinvesting as a way to grow your business.
Instead of taking the extra profits out to pay yourself every month, keep some of those profits in the business and use them to hire a virtual assistant, purchase software or training tools that will help your business, or invest in a business coach.
Each of these reinvestment options will help your business run more efficiently so you can have more time to serve your customers and prospects. Of course, you should pay yourself a salary every month. It’s the profits (or a percentage of the month’s profits) that should remain in the business to help it grow.
7. Reluctance to Invest in Yourself
You are the lynchpin of your business, the driving force, the idea generator. You should invest in yourself, whether this is for training, personal development, or vacation time to rejuvenate yourself. You matter.
So, what areas of your business have you been neglecting?