It’s easy to believe that in order to make more money you’ll need to get more clients. More clients can definitely increase your revenue but that doesn’t always translate to profit especially if you’re spending money at a rate faster than it’s coming in. And on the other hand, if you’re not charging for your services then adding more clients will not boost the bottom line.
Below are 3 costly activities that you must stop doing if you’re going to hit the 6 or 7 figure mark.
- Focusing on administrative tasks and not hiring a virtual assistant impacts your ability to focus on your highest money-making activities. There are services available that offer administrative solutions to business owners with limited budgets. #1 – Stop focusing on administrative, non-revenue producing tasks.
- Posting, pinning, liking and tweeting for hours each day instead of connecting with your online community and finding out how you can support them. Be strategic and intentional about the time you spend on social media. Once that minute, better yet that hour is gone, it’s gone. How much is an hour of your time worth? How much money can you generate in one hour? Think about it. #2 – Stop wasting your time hanging out on social media instead of connecting with your community.
- Not having a set fee or payment schedule can create lots of frustration not to mention a large receivables balance. Create a fee schedule and communicate your payment options. Everyone has a story but don’t let their story determine your fees. Think of it this way – how many times have you been able to go into your favorite store and pay with your story? I already know the answer — NEVER! Why is your business any different? It shouldn’t be. #3 – Stop letting a potential client’s story determine your fees.