SCOTTSDALE, Ariz. - April 26, 2021 - Most successful entrepreneurs have what it takes to play big: a growing business, a big vision, hunger for more – they're lifelong learners and action takers. But they also know that they can easily get stuck in the day-to-day weeds, getting in their own ways – and end up being the greatest bottlenecks in their businesses. Here are the top ways even the most successful entrepreneurs are leaving $30k-$100k on the table.
Mindset We all know the importance of mindset, but it's especially true- and so often overlooked- when it comes to business. We're not just talking about positivity here, although it certainly plays a role, of course. But in this instance, we're referring specifically to clarity and confidence.
Entrepreneurs have to be crystal clear on what they offer and how they serve to achieve their greatest success. Why? Because confused people don't buy. Next comes the confidence- and excitement. You are the only person who can do what you do, the way you do it. And you do it well, with proven results. Stop worrying about what clients can afford. Stop giving away services for free. Stop playing small and own your talents. And while you're at it, raise your pricing. Did you know that most business owners can increase their rates by 8% with no pushback at all? By making your offers more compelling and exciting, you make it that much easier to hear yes instead of no.
Prospect/Customer Interaction The heart and soul of any business is its customers. Too many entrepreneurs leave this piece of the puzzle to chance, which not only means that there's money left on the table, but that there's plenty of unnecessary extra work, too. The key to scaling your business is in defining and pursuing your IDEAL prospects, and releasing any that are energy-draining and costly. And don't forget about past prospects who may not have yet found a solution and past clients who may have a new challenge they're looking to address.
Once you're working with your ideal clients and not wasting valuable time- and resources- on the wrong ones, the game changes. Why? Because those ideal clients become your greatest assets. They genuinely want to work with you and they know that your success means their success, so they're willing to help in any way they can. Ask them for introductions- and for their feedback. Both are key to taking your business to the next level.
Personal Connection and Business Practices Successful entrepreneurs know that it's easier- and seven times cheaper- to keep an existing customer than to get a new one. Sure, a huge factor is the services and solutions you're offering, but another factor- and one that's so often overlooked- is your business practices. Simple things like sending correct invoices, on time, and including all the extras that you do, can add up to big results.
In today's modern age of hustle, many of us rely heavily on impersonal technology to make our lives easier. But at what expense? The single biggest way that business owners are leaving money on the table is by overlooking the incredible impact of human connection. Face to face interactions are 34 times more likely to result in a positive outcome than emails. Knowing that fact, why would we ever miss an opportunity for a personal follow-up with a prospect? Why would we ever submit quotes or proposals digitally rather than presenting them as part of a collaborative conversation establishing value? Converting digital connections into personal ones is key to scaling your business.
We all know that there are so many moving parts to a successful business and that increasing revenue is the bottom line, so leaving money on the table just isn't an option. But by shifting your mindset, capitalizing on your customer interactions and adjusting your business practices to increase value on human connection, you'll be surprised at how simple it can be to find the $30k-$100k you didn't even know you were missing.
Want to find $100K in your business? Connect with the Business Growth Academy here.
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Whitney McDuff
