So, your business isn't making money. I'm sure you're asking yourself, "What the
heck do I do?" Well, don't worry. You're not in this
alone. Many business owners deal with this challenge. In this video, I'm going
to go through a few things that might be able to help you look at your business a
little bit differently. Stay tuned.
So, your business isn't making enough money. I definitely feel your pain. This
is a serious topic. I take this serious. I just want you to know that you're not
alone in this. There's so many business owners that deal with this challenge.
Especially in the beginning. Hust getting it right, nailing it. Sometimes you feel
like your business is growing and it is growing but then you're like, "Where'd all
the profit go?" I'm going to go through a few points in this video some definitely
some things that maybe you should think about consider and maybe look a little
bit differently at in your business. First off, let's start with this: When was
the last time you just kind of took a step back and got out of the day-to-day
from your business so you can just look at everything and really identify why
are you not making money. Where is the issue coming from? Is it... You
know, a lot of time you say, "I just need more customers." But is that really the
case? A lot of times there's some things that you can do in your business and
without having to add more people, more sales and you can increase your
profitability. So, when was the last time you really looked at where the issues
coming from? That's super-important. Again, there's not just a simple answer
to identify this because there's so many different businesses. So many different
industries. But you've got to be able to get yourself out of that day to day and
really look at your business at a whole and find out where the issue is. There's
a great book. It's by Keith Cunningham. It's called the Road To Less
Stupid. And I definitely recommend that you read this book. It's really powerful
and it just talks about how when people are dealing with challenges in their
business, they're their first knee-jerk reaction is to throw more employees at
it and and more marketing dollars and more customers and that's going to solve
their problem. And a lot of times, when you really look at your business, you
find that it's just inefficiencies. And if you can run more
efficiently, you'd be able to pull more profit out of your business. And
make the money that you ultimately want to make. Number 2 is: Do you have too
many people on staff? Are you spending money on things that employees
are doing that now technology can do with maybe need 3 employees to do
something. And now through technology, you can do it with one? Now, there's some
great bookkeeping services where you can eliminate having to have a full time
position in your company as a bookkeeper. I mean, utilize a service that's out of
the office that is a fraction of the price. That's just one little area. But
before you just to throw things in are there things that
you can eliminate and take away which automatically would increase
your profit. The third thing is I always tell everybody. And I talk about it
constantly a lot of my other videos. And I'll continue to talk about it is it's
all about structure, processes and systems in your business. Do you have the
right structure processes and systems in place? You know, if you're looking to just
throw money at marketing and getting more customers in, if your business isn't
really ready or set up to book the volume, handle that volume and then
you're just going to pour more money out the window and you're not
going to see that return come back in. So, another thing that you may need to do is
again pause step out of your business. Identify those areas where you need to
implement that structure and process and then pick it back up again
before you look to throw money and people at some of your problems. Another
area that gets overlooked is your existing customer base. You know, if
you've done a great job but already pulling customers in, what can you do to
market back to those customers through some simple emails? Even a follow-up
phone call. Maybe a letter in the mail. But if you've already had those
customers come into your business and trust you to do business with you once, a
lot of people automatically think, "How do I get new customers? New customers. New
customers." And never go back to the lowest and easiest hanging fruit which
is their existing customer base. So, really look at that. The next thing we'll
talk about which is important is: Are you in a business that you're actually able
to make the profit that you want to make. I don't know what that number is.
Are you selling or providing a product or service that people really like and
want to buy? Or are you in an industry where you're going to be able to reach
some numbers that you want to reach? You have to get real serious with that. Don't
fall in love I'm with your business, your product, to your service. You got to get
real to yourself from this one and are you in a business where you're going to be
able to hit the numbers that you want to hit. If you're not, you might have to make
some hard decisions or you might have to pivot. And that's okay. Don't be afraid to
change. When Nintendo got started, they got started selling instant rice and
vacuums. Now, they're one of the largest video game companies in the world. So,
think about that. Don't be afraid to pivot and change. And lastly, do an audit
on your business and what are things that are going on right now whether it's
auto pays, unnecessary expenses, things that you signed up for that you forgot
about that are digging your credit card or your bank account every month. If
you're having a challenge right now with making money and you haven't done an
audit and last 6 to 12 months and looked to
eliminate any unnecessary expenses, then it's really time to do that. It's so
important as your business moves along and grows. You continue to pick up
unnecessary expenses. You have to take the time to step back and look to
eliminate those expenses. Don't just get caught up and adding more. If there's
things right now that you can eliminate, all that money goes right down to the
bottom line and that goes right into your pocket. So, if you've been watching
this video and you're saying, "Hey, I've got got structure and
processes in place. I'm running real efficient on the technology side. You
know, my people are good. I'm not over weighted there. Yeah, I went through
my expenses. I ordered everything. I'm running real mean and mean." Then that's
great. Then all business has really come down to is sales and marketing and it's
time to put your focus into the marketing side of the business and the
sales side of the business. If you haven't been testing new things in
marketing or new ways to attract customers, figure out where your
customers are going. Try new things. I hope you found this helpful. If you had a
point you're like, "Hey, I need to start putting some money into marketing in
some sales. I need some money to help you know get me back on track." My company,
National Business Capital And Services can help you with financing. They can
also help you with marketing services. Check out that link below. Fill out the
form. One of my team members will talk through everything you got going on your
business. I'm going to strategize a plan to help get you to that next level. Also
please subscribe to my channel. And please comment below if you have any
questions. If you need clarity and anything I talked about today. I'm more
than happy to respond back and answer those comments. I enjoy them and I love
them. I hope you get back on track and win real big in your business. Thanks for
watching. We'll talk soon. Take care.