If you’re finally ready to stop messing around and grow your online business, then listen up. Before I get into the things that most entrepreneurs are doing that kill their online business, let’s just start off straight away with an entrepreneur quote that in my humble opinion is spot on
Benjamin Franklin once said, “If you fail to plan, you plan to fail.”
With all the moving parts of a business to look consider, it’s no wonder that some things fall through the cracks. This is what I see in my client’s businesses as well as my own. These complexities are now doubted affecting your business growth and bottom line profits.
In this blog post, I’m dishing up 5 mistakes that tremendously reduce the amount of income you can make in your business and what you can do to fix them right away so you can grow your business online.
Grow Your Business Online With Smart Strategies
Growing your business online whether you’re a coach, consultant, freelancer or even if you are into creating passive income, you’ll want to work smart, NOT hard! Trust me, I’ve gone down that road and it’s a journey to burn-out! We have to stop doing these business-killing habits if we truly want to succeed.
Here’s a few strategies that will help you. Let’s see if you can pin-point what you may be doing wrong and how you can correct it so you can get off of the struggle-bus!
1. Inconsistent Marketing
The first place that I’d like to start here is by talking about a topic that so many people struggle with and that’s marketing. Listen, if you want to grow your business online, you’ll need to shift some of your mindset issues around marketing.
It’s just not enough to publish one Facebook post or a couple of tweets every week. Likewise, ignoring your email list is also detrimental to your business. If you don’t keep up with a consistent marketing plan, people will forget your name, will forget how they ended up on your email list, or forget why they’re following you on social media.
These forgotten people need to be won over yet again and they need to hear and see your company name on a consistent basis before they decide to spend money on your products or services. A business coach can offer solutions and ideas to make your marketing more consistent and more effective.
2. Failure to Automate
Are you stuck in the old school way of doing things, like making phone calls to confirm appointments instead of using SMS technology to send text message reminders to confirm? Even posting on social media can be automated using platforms such as Hootsuite or Meet Edgar.
Yes, these automation tools cost money but compare the monthly or annual costs to the cost of an employee or a virtual assistant doing the same task. The old school ways are much more time-consuming, thus costs you more money in the long run. A business coach will be knowledgeable about the latest technology that can help you automate while sticking within your budget.
3. Poor Branding or Messaging
What is your company’s mission? What is your Unique Selling Point? If you can’t answer these two questions, you need to revisit your messaging and your business image. Branding is more than your logo and business colors; branding is your overall image and what you promise to your customers. A business coach can ask the right questions that help you drill down to those core principles that drive your business.
4. Bad Money Management
What processes do you have in place for your bookkeeping and paying your monthly invoices? Do you have any idea what your income vs expense spreadsheet looks like? Do you have a habit of buying training classes that you don’t have time to use?
There’s no reason you should be surprised at tax time with how much (or how little) profit you made in the last year. Businesses that are positioned for growth have good money management solutions in place and a business coach can help you create a budget for your business along with solid processes for handling your monthly expenses.
5. Reluctance to Reinvest in Your Business
Think of reinvesting as a way to grow your business. Instead of taking the extra profits out to pay yourself every month, keep those profits in the business and use them to hire a virtual assistant, purchase software or training tools that will help your business, or invest in a business coach.
Each of these reinvestment options will help your business run more efficiently so you can have more time to serve your customers and prospects. Of course, you should pay yourself a salary every month. It’s the profits (or a percentage of the month’s profits) that should remain in the business to help it grow.
Here’s a video you might like.
Free Content Prompts
Take all the guess work out of the "what to post" mind-drama. I've created a cheat-sheet perfect for giving you a shortcut in your marketing.