3 Reasons You Are Not Making Business Profit (and How to Avoid them)

Stop doing these three wasteful things in your business to start Making Business Profit!

“Don’t waste, don’t want to waste.” â € ¨ “Don’t waste your breath.” â € ¨ “Waste of time / space / energy.”

The list goes on and I’m sure you’ve heard and said many of these idioms over the years.

I’m a system type personality, so wasting time is my big pet.

My dad, who grew up on a farm, wanted to control thistles that were starting to take over the meadows behind him. I don’t think pesticides were a problem at the time, but child labor was a problem!

One summer he urged me to pull out all the thistle stocks by hand. Armed with adult-sized leather gloves, I grabbed a large thorny stalk at the base and sat in the field, pulling their suckers with all my might to release them from their clutches. I had to make sure that all the bits of the route were captured. Otherwise, the weeds will grow again soon.

I worked on the project all summer (or my childhood memories thought this was true). It wasn’t that easy to pull them out for this 10 year old as it was a large nettle patch with thick stocks firmly embedded in hard ground.

Of course, next summer they were all back to continue to dominate the field.

It was a huge waste of time.

Have you ever felt that you wereted too much on your business? When marketing the services we offer, I often hear that I encourage business owners to stop wasting three things.

1. Waste time

2. Waste money

3. Waste of energy

Examine each of these areas to see if anything resonates with you.

Waste time

One of the biggest problems entrepreneurs have is wasting time trying to learn and do things outside their area of ​​expertise.

Somewhere along the way, especially we women, came to mind that we should know how to do everything related to building a business.

Why is that possible?

Even if they have a master’s degree in business, do they know how to do everything? Sure they know what they need to do, but I don’t argue how.

That is why you cannot build a business by yourself. They need a team.

Companies need to delegate to people who have expertise in areas that the founder does not have. And no, the DIY tools available do not cut mustard. Knowing how to use a calculator does not make you a mathematician.

Ultimately, you don’t know what you don’t know, and it’s ok. There is nothing wrong with you. You just have to learn to delegate!

I asked fellow business owners in the Facebook group that they belonged to what they thought was a waste in their business. Through this work you will hear their reaction.

Christine Awram, founder of the Woman of Worth, shares her valuable lesson about trying to do everything herself.

“Wear too many hats and don’t focus on what you’re good at, and let others shine a certain glow in areas you’re not good at. Mainly for doing everything and micromanagement. It comes with burnout and unintended price tags. It makes people angry from laughter. This is a difficult lesson for me years ago when I thought I was a superwoman and could do everything. bottom.”

Another waste of time I’ve certainly fallen into a trap is attending countless webins and seminars. And I’m not the only one! NLP trainer and master coach Teri Holland wrote:

“I wasted a lot of time and money on something worthless at the weekend seminar, but if I didn’t attend, I felt a sense of“ FOMO ”. Every time I felt deflated, the seminar did not offer what was promised. It’s just a sale of a bigger program.

And there are some good ones too! I now have more insight into where to spend my time and money and have stopped chasing the next glorious offer. ”

Jenn Biddlecombe of Coquitlam Inner City Flooring mentioned the waste of time you might have experienced.

“At first I wasted energy on getting my family to support my business. Only you and you care about your success.”

Waste money

So who isn’t wasting money while pursuing the business of your dreams? I do have!

Like Teri, I spent a lot of money on courses and programs that weren’t offered anywhere near what was promised. On the contrary, I could have taught those courses myself and added more value with them!

Besides spending money on courses and programs, there are other areas where you may be sucking money from your net profit.

One of those things I’ve experienced is hiring the wrong person to our team. Whether you hire employees, contractors or subcontractors, this can be a very costly mistake if you don’t have the right due diligence to make sure you choose the right person. ..

And I’m not the only one! Martin Jongejan, owner of ZOOM Home Cleaning Experts, has expressed dissatisfaction in this area.

“I spent more time and effort on team members than I wanted to succeed in their role, more than I wanted to succeed in their role. It was like trying to push a rope. People. You can’t underestimate the importance of hiring. Your team can get it, want it, and do it. ”

And Renata Kobek of Kobek Immigrations has a similar experience.

“We paid for substandard professional services and spent a lot of time making sure everything was perfect.”

Kevin Foreman, Management Consultant at Black Sheep Business Consulting, shared valuable lessons learned about wasting money.

“I wasted the most in my business by capital. It emphasizes the need to have sufficient financial resources as not all investments in your business will be rewarded. Even the strongest companies have many. You need a lot of money because you waste capital. The loss of opportunity not to waste capital is less than the opportunity to gain market share. You are wasting some capital. ”

Ultimately, to grow your business, it’s important to make sure that everything you invest in has a ROI (return on investment). If you can’t make money by investing in flashy new phones, programs that teach skills outside your discipline, cutting-edge cameras, etc., you can rethink those funds and use them for something. ..

Wasted effort

Sometimes you don’t know how much your effort is worth. It’s neither concrete nor measurable, but it’s very valuable when the push rushes.

Effort is a resource that we sincerely hold and need to ensure that it is being used with the right intentions.

  • Achieving our goals is one such intent. Are your business goals planned? What do you want to achieve in the next 6 months? By next year? 5 years from now?
  • If you haven’t set a goal, you may be wasting a lot of effort in pursuing an unattainable pipe dream.
  • Or maybe you have goals in mind, but have you planned how to achieve them? What do you need to do to achieve those goals?
  • This is where knowing your number is also essential. If you don’t know your number, you’re wasting a lot of effort playing in your business.
  • This example of Marcel Barker and Tami Ann Barker wasted a lot of effort trying to sell before they truly understood what they were selling.

“The biggest waste of our time, energy and money comes from not having a complete understanding of the product life cycle and when and what to do. Earlier, I spawned a lot of hype on social media. When I finally sat down to create a good business plan, I researched and high concept-> design-> development-> launch. -Taking up the collection and creating a complete and highly detailed end-to-end walkthrough.> Sale-> Production. It revealed much of what we were wrong with. ”

  1. Chase those shiny objects that flood us all. single. Day. It can be very attractive when we don’t know our numbers and have business and marketing plans to follow.
  2. Therefore, we go around completely.
  3. Waste valuable time, money and effort to build a successful and sustainable business.

Does any of this resonate with you?

Do you need to help get on track and follow a solid plan for your business instead of playing with it? I offer 30 minutes of free consultation for business owners like you and make reservations to help you get on the right track to build your dream business I invite you.

  • For the success of your business
  • Susan

Recommended resources on our website:

1. Read: Syndrome of chasing bright and shining entrepreneurs. An insidious tragedy is happening to entrepreneurs with the syndrome of chasing the bright. What you need to know before signing up for another program.

2. Read: Why Focus is the number one factor in your business success. Are you distracted by shiny objects? If you’re busy doing various projects in search of business success, you should always ask yourself these questions raised by guest author Cheryl Bishop.

3. Watch: Why a business plan is essential. You’ve heard about the importance of business planning, but do you know why it’s so important? Guest Pamela Chatry shares valuable business plan insights.

4. Watch: Business plan simplification and clarity. Creating a business plan does not have to be scary or overwhelming. Guest Pamela Chatry discusses key components in your business plan.

Susan Friesen, founder of eVision Media, an award-winning web development and digital marketing company, is a web specialist, business & marketing consultant, and social media advisor. She works with entrepreneurs who are struggling with the lack of knowledge, skills and support needed to increase their presence in online business.