Quick-Tip — Short Story — Quick-Tip — Short Story — Quick-Tip — Short Story
Whether your business is just getting off the ground or it’s been established for quite a while, there are always times when you need to take stock. Not literally inventory your stock on hand, but look at where your business stands and how successful and profitable it truly is. Many internet marketers don’t look at the whole picture to figure out if their products really are making them the money they think, or if they can do a better job.
I bet when you do take the time to evaluate, you’re going to find some leaks. Maybe you’ll find big gaping holes which might actually be easier to plug than the small crack-type leaks. The smaller ones are harder to find and while one little crack might not make too much of a difference, when you put them altogether they do.
So let’s go leak-hunting. Leaks can fall primarily into two categories – monetary and time – but you can have more categories and label them as you wish. It’s all about evaluating and making your business better.
Here are some possibilities:
Time Leaks
- surfing social media
- friendly chatting online or via telephone
- overboard research
- family distractions
- multi-tasking ineffectively
- “coaching” others for free
- blog hopping
- being a perfectionist
- getting ready to start
- entertainment
- reinventing the wheel every time instead of setting up systems
Monetary Leaks
- buying products and not using them
- pricing your products and services too low
- “coaching” others for free
- not backing up your systems or products
- doing it all yourself instead of outsourcing
- not finding the best tool or software for the best price
- not keeping track of your finances
- paying monthly fees for things you don’t use or that aren’t positively affecting your bottom line
- coaching or mentoring if you do nothing with what you learn
Spending money is not leaking money if it’s on something that positively impacts your bottom line right now. Don’t hesitate if it’s going to grow your online business.
We all have leaks, big and small. It’s what we do about them that helps us go forward. Come up with your own list of your business’ leaks and evaluate what they’re costing you. Time leaks are monetary losses too!
Once you’ve come up with your lists don’t spend a lot of time chastising yourself. Instead come up with your hole-fillers. As a creative business owner or entrepreneur, you CAN come up with solutions and ways to successfully implement those solutions. Revisit this leak-finding exercise periodically and consistently; perhaps quarterly, semi-annually or annually. You’ll be glad you did.
