TODAY, IN 4 MINUTES OR LESS, YOU’LL LEARN:
- The real drivers of profit (that most entrepreneurs overlook).
- The sneaky way that business owners try to save money — but that actually costs them big time.
- Why getting your offer dialed in is absolutely non-negotiable.
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…
1. Not knowing your numbers.
Ignorance is not bliss when it comes to your finances. If you’re not regularly reviewing your financial statements, you’re essentially flying blind.
To turn this around, start small: begin by tracking your income and expenses.
Regularly review this data to identify trends, spot opportunities for cost-saving, and hone in on areas for growth.
You should also have a deep understanding of how each aspect of your business and each daily activity contributes to your bottom line.
Hot tip: Are there activities that take up a large portion of your time but that *don’t* contribute to your bottom line? Consider delegating that activity, automating it, or eliminating it altogether.
Ultimately, when it comes to your finances, knowledge is more than just power; it’s profit. So act accordingly.
Don’t know your numbers?
Schedule a time right now to get acquainted with them.
2. Targeting the wrong customers (or not targeting at all).
If you’re casting your net too wide or targeting the wrong audience, you’re essentially pouring money down the drain.
It’s crucial to understand and laser in on your ideal customer avatar — a.k.a. the people who need and want your product or service the most.
Tailoring your marketing to resonate with these people will increase your conversion rates (and ultimately, your profits) in a way that feels almost effortless.
Hot tip: Struggling to figure out who your ideal customer is? This is one of the first things we cover in SheLaunch, because it’s so fundamental to your profitability. If you want expert assistance figuring out which kind of customers are ideally suited to work with you, we’re here to help.
3. Trying to do everything yourself.
You might think you’re saving money by not hiring help, but in reality, you’re just capping your business’s potential.
Doing everything yourself leads to burnout and stagnation.
But delegating tasks, especially those outside your expertise, frees you up to focus on growth and strategy – the real drivers of profit.
4. Doing busywork, not meaningful work.
Do you often find yourself bogged down in busywork — that is, tasks that have no inherent value and that don’t move the needle?
While this kind of work may make you feel productive, it doesn’t contribute directly to your bottom line.
Instead, focus on meaningful work (the needle movers) that aligns with your business goals and drives profit. This often means prioritizing activities that may be more challenging or demanding, but that are more rewarding financially.
5. Not having your offer 100% dialed in.
Your offer is at the heart of your business’s profitability.
If it doesn’t resonate with your target audience, if it isn’t structured properly, and if it isn’t priced correctly, it will be challenging to make much money at all (let alone achieve sustainable profits).
Take the time NOW to make your offer utterly irresistible to your ideal customers. Once you’ve got it nailed, you can sit back and watch in amazement as your profits soar. (Yep, getting your offer right is THAT powerful.)
Hot tip: Offer Mastery is one of my favorite modules inside SheLaunch. If you’re a coach, consultant or service provider and you want help creating an offer that’s so wildly irresistible, your ideal clients feel *silly* saying no to it, then step right this way.
The Bottom Line
Profits are the lifeblood of your business, yet it’s all-too-easy to let them slip through the cracks without even realizing it.
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 for growth and success.
Remember, success in business isn’t just about what you do; it’s also about the obstacles you avoid.
So keep these tips in mind, and watch your business thrive.
You’ve got this, Beautiful! ✨
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Til next time, sending so much love,