I Bet You Have 6 Holes In Your Businesss and Don’t Even Realise It
So you have been working your business for a while, but you seem to continue having issues with your business planning and execution. Have you considered that you might have holes in your business plan?
Holes, you ask? I am glad you asked. Holes are those things that may cause you to lose money unaware or along potential business clients to slip through your fingers.
Some examples of holes are as follows:
No defined income funnel — An income funnel allows you to build your mailing list while also allowing you to upsell your products to your mailing list.
Missing outsourcing opportunities — Outsourcing allow you to hire others to handle tasks that would be more financially reasonable for someone else to complete. However, you should only outsource those tasks that make sense to outsource. Personally, I keep full control over the marketing and technical engineering aspects, but your skillset may be different, so adjust accordingly.
Not holding teleseminars/webinars — when you hold a teleseminar/webinar, you can also record it so that you can sell the audio or transcript as a product via your website…. not to mention the initial publicity as a live event. A properly executed live event can bring in a very significant sale volume.
No financial plan — To understand where you business is going financially; a plan must be in place. The plan will help you by showing when you should make changes in your business too reflect growth. Don’t bother with creating lengthy projections, at least right away. Make a logical guess, write them down and move on to the next task.
Lack of a crisis management plan — Having a crisis management plan in place will help you be ready to handle tragedy when it happens. Examples of tragedies are computer failure, fire destroying office equipment, or flood damage to office. Backing up your data and documents should be a no brainer.
Finally, having a trusted business partner and/or business mentor to bounce ideas, questions and help you with the workload is a huge requirement. Going at it totally alone is very difficult.
A business mentor is some who provides sound advice and direction to you as you manage your business. Some of the characteristics of good a business mentor are:
- Ability to give you constructive feedback
- Successful in own business
- Experienced at mentoring business owners
- Able to be real and truthful to you
- You are open to receiving their feedback
- You respect their opinion
These are just some of the most common holes that I have already found in my business, by properly plugging the holes in your business, you can ensure you stay afloat for many years to come.