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Your business can give you many things — creative fulfillment, a sense of purpose, a way to make an impact in the world…

But if it’s not also making you profits?

Well then, Houston, we have a problem.

Over my years of coaching and working with business owners, I’ve identified some common, yet sneaky, ways that entrepreneurs inadvertently tank their own profits. 

Let’s dive into these pitfalls and learn how to avoid them.

In this episode we chat about:

• Why it’s imperative to know your numbers (1:31)
• The perils of casting your net too wide and not focusing on one specific type of customer (3:49)
• The sneaky way that business owners try to save themselves money — that ends up costing them big time! (4:51)
• Why busy-work is your enemy (and what to do instead) (6:06)
• Why getting your offer dialed in is absolutely non-negotiable (7:46)

Episode resources:

• SheLaunch (join here)
• Mastering Your Mean Girl by Melissa Ambrosini (book)
• Open Wide by Melissa Ambrosini (book)
• Comparisonitis by Melissa Ambrosini (book)
• Time Magic by Melissa Ambrosini and Nick Broadhurst (book)
• Xero (website)

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The following transcript has been automatically generated and not checked for accuracy.

[00:00:00] In episode 574, I’m going to be sharing with you five sneaky ways that you could potentially be tanking your business profits and what you can do about it. Let’s dive in. Welcome to the Melissa Ambrosini Show. I’m your host, Melissa, bestselling author of Mastering Your Mean Girl, Open Wide, Comparisonitis, And I’m here to remind you that love is sexy, healthy is liberating, and wealthy isn’t a dirty word.

Each week I’ll be getting up close and personal with thought leaders from around the globe, as well as your weekly dose of motivation so that you can create epic change in your own life and become the best version of yourself possible. Are you ready beautiful?

Hey, beautiful. And welcome back to the show. I’m so excited about this episode because I am talking about something that I love so much, and that is [00:01:00] business. And I’m going to be sharing with you five sneaky ways that you could potentially be tanking your business profits right now. And I don’t want that for you.

I don’t want that for myself. I don’t want that for you. I don’t want that for anybody because what we have to offer is of such value. I want you to be getting handsomely rewarded for your incredible magic that you put out into the world. So grab a pen and paper and I’m going to share with you five ways that you could potentially be tanking your business profits and what to do about it.

Okay, let’s dive in. Number one, the first way is by not knowing your numbers. So ignorance is not bliss when it comes to your finances. If you are not regularly reviewing your financial statements, your zero, or whatever it is, you are essentially flying blind. So to turn this around, I want you to just start small.

Begin by tracking your income and your expenses. Just start there if you don’t already do this. And you can regularly review this [00:02:00] data to identify trends, spot opportunities for cost savings, and home in on areas for growth. Now, you should also have a deep understanding of how each aspect of your business and each daily activity contributes to your bottom line.

And I’ve got a little hot tip for you. I want you to do a little audit for a week and find out if there are activities that take up a large portion of your time, but that don’t contribute to your bottom line. And if there are, I want you to consider delegating that activity, automating it, or eliminating it altogether.

Your role in your business is to be doing the needle moving activities and delegate the rest. You need to stay in your zone of genius and delegate the rest. Okay. So ultimately, when it comes to your finances, knowledge is more than just power. It is profits. So act accordingly. So what Nick and I do is we have a monthly money meeting.

every single month. It pops up in our calendar. It is a [00:03:00] reoccurring event. It’s in both of our calendars. And I love it. We go into our zero. So we use zero and we look at every line item. And guys, we’ve been doing this for years and you would be surprised. Okay. We have a bookkeeper and we have an accountant and we still find things that are either double charged or, wow, are we still paying for that subscription that we thought we canceled?

You would be surprised, my friends, of what you find when you do this. It is eye opening and it’s really, really important that you do this for your business growth, okay? So pop a reoccurring event in your calendar, whether it’s every two weeks or monthly. and sit down and look at your numbers. Okay. Number two, the next way you could be tanking your business profits is by targeting the wrong customers or not targeting at all.

So if you are casting a net [00:04:00] too wide or targeting the wrong audience, you are essentially pouring money down the drain. It is so important to understand and laser in on your ideal customer. This is the people who need and want your product or service the most. And you can tailor your marketing and your content to resonate with these people.

And this will increase your conversion rates and ultimately your profits, which is what we want in a way that feels almost effortless for you. Okay. So, we teach this in SheLaunch. And this is one of the first things we teach because it is so fundamental to your profitability. So if you want assistance figuring out what kind of customer are ideally suited to work with you.

Then head to she launched. com and we can help you out with that. All right. Number three, the third way that you could potentially be tanking your business profits is trying to do everything yourself. My [00:05:00] hand is raised right here. Oh guys, like I definitely have been there before and there’s still sometimes areas where I’m like, I could definitely delegate this, but.

I have this belief sometimes that I’m like, I’ll just do it myself because I’ll get it done quicker, but it’s really not the case, right? So you might think that you are saving money by not hiring help, but in reality, you are just capping your business potential. Doing everything yourself leads to burnout and stagnation, but delegating tasks, especially those outside your expertise.

Or your zone of genius or your joy frees you up to focus on growth and strategy. The real drivers of profit. Okay? So delegate. Delegate. Anything that is not in your zone of genius, that doesn’t light you up, that doesn’t move the needle. ’cause you need to be doing those things. [00:06:00] You need to be doing the needle movers, the things that are in your zone of genius that light you up.

Okay? Alright, number four, doing busy work but not meaningful work. Okay, I have a question for you. Do you often find yourself bogged down in busy work? That is, tasks that have no inherent value and that don’t move the needle forward. Do you know what I mean? I definitely do. So, while this kind of work may make you feel productive, like responding to emails and things like that, it doesn’t contribute directly to your bottom line.

Your job every day should be, how can I get my offer in front of more of my ideal client? How can I do that? That is literally what you should be asking yourself every single day. What content can I create that is going to support that? What lead magnet can I create that is going to support that? Okay, so I want you to instead [00:07:00] focus on meaningful work, the needle movers that align with your business goals and drives profits.

This often means prioritizing activities that may be more challenging or demanding, but they are more rewarding financially. Now, these are the things that only you can do in your business. For example, creating and filming the content for your core offer or whatever it is. But even creating, you can have people on your team help you create the content, but you might have to record it and only you can do that.

So, you need to do more of the meaningful work and less of the busy, meaningless work. Okay, the fifth one, the fifth sneaky way that you may be tanking your business profits is not having your offer 100 percent dialed in. Your offer is at the heart of your [00:08:00] business’s profitability. If it doesn’t resonate with your ideal audience, If it isn’t structured properly, and if it isn’t priced correctly, it will be challenging to make money, the money that you desire, let alone achieve sustainable profits.

So I want you to take time now to make your offer utterly irresistible to your ideal customers. Now once you have nailed it, you can sit back and watch in amazement as your profits soar. Yes, getting your offer right is that powerful. It is everything. Your offer has to be so good, so powerful, that it gets the transformation for your ideal clients.

And if it’s not, then it’s not powerful enough yet. It’s not good enough yet. And nailing your offer is everything. Because you can have great marketing, but if your offer sucks, [00:09:00] then you’re not going to get the results for your clients. And they’re your walking advertisements. So my friends, your offer has to be amazing.

And there is a whole module inside QI Launch called Offer Mastery. It’s one of my favorite modules. So if you are a coach or a consultant or a service provider, and you want help crafting what we call an irresistible offer, that is just so good, your ideal clients feel like actually silly for saying no to it, then I want you to head to shelaunched.

com and we will help you with that. So my friends, the bottom line is. Cashflow profits are the lifeblood of your business. Yet, it’s so easy to let them slip through the cracks without even realizing it. But by being aware of these sneaky pitfalls and actively working to avoid them, you can ensure that your business remains profitable and on a trajectory of growth and success.

The growth and success that you desire, that you deserve. Because you [00:10:00] have so much to give. And you are worthy of achieving exactly what you want, the impact and the income that you want. So remember, success in business isn’t just about what you do. It’s also about the obstacles that you avoid. And I want you to avoid those five obstacles that I just shared with you.

Okay, so Keep these tips in mind and watch your business thrive. So I hope you got a lot out of this. And if you did, please subscribe to the show and leave me a review on Apple Podcasts, because that means that we can inspire and educate even more people together. And it also means that all of my episodes will just pop up in your feed so that you never have to go searching for a new episode.

Now, come and tell me on Instagram at Melissa Ambrosini, what you got from this episode. What is your biggest key takeaway? What are you going to action right away? Okay. Because just listening to a podcast or an audio book or reading a book is [00:11:00] not enough. You need to write down your key takeaways and then action them into your life.

That is how you make change. Okay. So come and tell me over there. And before I go, I just wanted to say, thank you so much for being here, for wanting to be the best, the healthiest and the happiest version of yourself. And for showing up today for you, my friend and your business. You’re amazing. Now, if there’s someone in your life that you can think of that would really benefit from this episode, please share it with them right now.

You can take a screenshot, share it on your social media, email it to them, text it to them, do whatever you’ve got to do to get this in their ears. And until next time, don’t forget that love is sexy, healthy is liberating, and wealthy isn’t a dirty word.

Thank you so much for listening. I’m so honored that you’re here and would be SO grateful if you could leave me a review on Apple podcasts, that way we can inspire and educate even more people together.

P.S. If you’re looking for a high-impact marketing opportunity for your business and are interested in becoming a sponsor for The Melissa Ambrosini Show podcast, please email pr@melissaambrosini.com for more information.

P.P.S. Please seek advice from a qualified holistic practitioner before starting any new health practice.