3 Reasons Not to Make Business Profits (and How to Avoid Them)

Tales from the Internet Marketing Vault #17

Stop doing these 3 wasteful things in your business to start earning the net profit!

“Do not waste, do not want” – “Do not waste your breath.” – “What a waste of time/space/energy.”

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

Being the type of character system that I am, wasting time is a huge annoyance to me.

Growing up on the farm, my father decided he wanted to control the thistles that were beginning to take over the back pastures. I guess pesticides weren’t a thing at the time, but child labor was!

One summer, he had me work pulling all the stock forks… by hand. Armed with oversized leather gloves, I sat in the field holding the large thorny stems at the base and pulling with all my strength to free these suckers from their clutches. I had to make sure every bit of the root was captured; Otherwise, the weeds will grow again.

I struggled all summer on this project (or so my childhood memory took it to be true). A large piece of nettle with a thick stock was firmly planted in the hard ground, so it was not easy to pull it out for this 10-year-old.

Of course the following summer they all came back to continue their dominance on the field.

What a colossal waste of time that was.

Have you ever felt like you wasted a lot of something in your work? When marketing our services, you often hear me encouraging business owners to stop wasting three things:

1. Wasting time

2. Waste of money

3. Wasted energy

Let’s explore each of these areas and see if anything resonates with you.

Wasting time

One of the biggest problems I see with entrepreneurs is wasting their time trying to learn and do something outside their area of ​​expertise.

Somewhere along the way, especially us women, it got into our heads that we should figure out how to do everything that includes building a business.

How is that even possible?

Even if one had a master’s degree in business, would one know how to do it all? Surely they will know what to do, but I don’t argue with how to do it.

That’s why a business cannot be built with just one person. They need a team.

Companies need to delegate people who have experience in areas that the founder does not have..and no, the DIY tools provided do not cut the mustard. Just because I know how to use a calculator, doesn’t make me a mathematician.

In the end, you don’t know what you don’t know and that’s okay. Nothing wrong with you. You simply need to learn to delegate!

I have asked my fellow Facebook group business owners that I belong to what they find wasted in their business and during this article you will hear their responses.

This one from Kristen Oram, founder of Woman of Worth, shares her valuable lesson about trying to do everything herself:

“Wearing a lot of hats and not staying focused on what I excel at most, letting others shine with their specific brilliance in areas where I am not strong in. Doing everything and/or micromanaging comes with a price, primarily fatigue and inadvertently pissing people off LOL This was a hard lesson for me many years ago, when I thought I was a superwoman and I could do everything.”

Another waste of time I definitely fell into the trap of attending countless webinars and webinars. I’m not the only one! NLP trainer and lead trainer Terry Holland wrote:

“I wasted a lot of time and money on weekend seminars that didn’t deliver any value, but I felt like a ‘FOMO’ if I didn’t show up. Every time I left feeling upset, the seminar didn’t deliver what it promised and was just a sales promotion for a bigger program.”

And there are some good things there too! I’m just more discerning about where I spend my time and money now and have stopped chasing the next illustrious show.”

Jenn Biddlecombe of Inner City Flooring in Coquitlam reports that it’s a waste of time that you may have experienced as well:

“I wasted my energy trying to get the family to support my business in the beginning. You and only you care about your success.”

wasted money

I mean, who hasn’t wasted money while pursuing their dream? I’m sure about that!

Similar to Teri, I spent a lot of money on courses and programs that didn’t deliver anywhere near what was promised. Heck, I could have taught these courses myself and added more value while she was at them!

Aside from spending money on courses and programs, there are other areas that can suck your money out of your bottom line.

One of them I’ve tried is hiring the wrong people for our team. Whether you are hiring an employee, contractor or subcontractor, this can be a very costly mistake if due diligence is not done to ensure that the right person is chosen.

I’m not the only one! Martin Jonggan, owner of Zoom Home Cleaning Experts, expressed his frustration in this area:

“Spending so much time and effort on members of my team that I wanted success in their role, more than they wanted success in their role. It was like trying to push the rope. I can’t underestimate the importance of having people on your team who get it, who want it, and who are able to do it” .

And Renata Kobek with Kobek Immigrations has a similar experience:

“Paying for professional services that were substandard and spending a lot of time trying to make sure everything was okay.”

Black Sheep Business Consulting Business Management Consultant Kevin Forman shared a valuable lesson he learned about wasting money:

“You’ve wasted more in business with capital. It underscores the need to have abundant financial resources, as not every investment in your business will pay off. Some people like to say ‘You don’t need money to start or grow a business, but they can’t be’ wrong. You need a lot of money, because even the most powerful companies waste a lot of capital. And the loss in the opportunity not to waste capital is less than the opportunity to gain market share, which comes from wasting some capital.”

Ultimately, to grow a business, it is important to make sure that whatever you invest money in has a return on investment (ROI). If that investment, like a fancy new phone, or software that teaches you skills outside your area of ​​expertise, or a newer camera, can’t make you money, then reconsider that money and use it for something that will.

wasting effort

Sometimes we don’t realize how valuable the effort is. It is not tangible or measurable, but when it comes to payment, it is of great value.

Effort is a resource that we need to hold onto tightly and make sure we use it with the right intentions.

Achieving our goals is one of those intentions. Do you have specific business goals? What do you want to achieve in the next six months? By next year? 5 years from now?

If you haven’t set your goals, you may waste a lot of effort chasing unattainable dreams.

Or maybe you have goals in mind, but have you figured out how to achieve them? What must happen to achieve those goals?

This is where knowing your numbers is also essential. If you don’t know your numbers, you are wasting a lot of effort playing your job.

This example from Marcel Barker with Tammi Anne Barker wasted a lot of effort trying to sell before they really understood what they were selling:

“The biggest waste of time, energy and money comes from not fully understanding our product life cycle and when we should be doing what we do. We generated a bunch of hype on social media long before we figured out what we were selling and how it would be produced. When I finally sat down to write A proper business plan, I researched and wrote a complete and highly detailed end-to-end tour, taking the group through High Concept -> Design -> Development -> Launch -> Selling -> Production. It revealed a lot of what we were doing wrong.”

Chasing those shiny things that overwhelm us all. Not connected. day. It can be very tempting when we don’t know our numbers and have a business and marketing plan in place to follow.

And so we begin a full cycle.

Wasting valuable time, money and effort trying to build a successful and sustainable business.

Does any of this resonate with you?

Do you need help getting on the right track and following a solid plan for your business instead of playing with it? I offer a free 30 minute consultation for business owners just like you and invite you to book an appointment so I can help you on the right track to building your dream business.

for the success of your business,

Susan

Recommended resources on our website:

1. Read: Sparkle and Shine Body Syndrome Exposure to Entrepreneurship. There is a malicious farce happening to entrepreneurs with SBS. What you need to know before you sign up for another program.

2. Read: Why focus is the number one factor in your business success. Do shiny things scatter? If you are busy doing various projects seeking business success, you should always ask yourself these questions from guest author Cheryl Bishop.

3. Watch: Why Business Plans Are Essential. You’ve heard about the importance of business plans but do you know why they are important? My guest Pamela Chatree shares valuable insights into the business plan.

4. Watch: Simplify and Demystify a Business Plan. Creating a business plan doesn’t have to be intimidating or overwhelming. My guest, Pamela Chatree, covers the important components of a business plan.

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