Why are you in business
Krista Mollion reminded me to relook at why I am in business in her article the #1 business killer every entrepreneur must avoid!
It’s about financial freedom
Everyone knows that Finance is the heart of any business. You go into a business with the goal of making more money now and in the future
It is not about money or wealth. It is all about financial freedom, business health, and mindset. Ultimately, it is about living a live where you don’t have to work sixty hours forever if you don’t want to.
If you are just working in your business, then you are no business owner.
You are an employee of your business, a slave to your bank, your clients, and your bills and financial obligations.
Working on your business means knowing not only what it looks like now but what you ultimately want it to look like.
If you have built your business on something people truly need – and defined the audience who wants it, sales will be easy. If you don’t have time for sales, there is a huge problem.
Breaking even is not good enough – the business needs to grow and scale.
Why businesses fail
No one really knows how a business is doing….
On the outside they have decent results and sometimes even an impressive client portfolio but when you look at their actual revenue – it isn’t covering costs.
It’s a dirty secret
The business owner sheepishly begin apologizing, often saying “I know, I know, I don’t do enough sales or marketing.” or “I haven’t been working on my business enough lately.”
But the reality is – they are not investing in their business growth – “I can’t afford it. My revenue is only enough to cover operating costs, taxes, loan payments, salary, and random expenses.”
Many business owners feel uncomfortable around money and sales in general and some even undercharge.
They do not focus on sales or where they want the business to be in the future
Here is a cold hard fact ……
It’s about sales
Sales is the heart of your business so you are going to have to master this skill!!
The good thing – is that it is teachable – there is a formula called the growth equation
The growth equation is made up of 4 variables
Current clients x retention
Leads x conversion
The number of times clients buy from you
The price that you charge
Click the link to download the growth equation calculator, the cash flow calculator and the breakeven calculator.
Based on what you need to focus on – identify the strategies that you can implement to
- improve your retention rate
- Generate new leads
- Increase your prices
- Increase the number of times people will buy
(There are over 75 white papers and detailed strategies you can adopt)
Here is the link https://bsi.skillsoptimiser.com/BusinessHealth/
If you are open to it – I will give you a complimentary detailed diagnostic of your business, together with a go forward plan and strategies on what to focus on.
Here is the reality about you and your business
Clients and customers aren’t buying from bits or outsourced sales and marketing people – they are buying from you . Don’t hide behind your products. Know like and trust is at the heart of sales.
Clients need to know like and trust you to buy from you.
You need to know your worth, know the competition and do not sell on price!
Get yourself a mindset coach
Krista Mollion suggests that as a business owner you should have a mindset coach. Someone to challenge your fears that are holding you back from taking your business to the level it should be at.
Read all you can about scarcity and abundance mindsets.
Do exactly what you fear most. Set clear goals and an action plan.
Free yourself from this paralysis around Sales.
Or continue as-is but next time you are scrolling through the news online and you see one of your competitors getting a huge award or announcing a mind-blowing achievement or even (gasp!) selling their business and retiring to sail around the world while you are struggling to stay afloat, you’ll know the reason.