Large corporations invest millions of dollars annually to improve efficiencies and improve profit margins! They know that there is a huge return on investment when they do!
So I guess you might be wondering…do small businesses, like yours and mine, have those same issues?
Do coaching, consulting and service-based businesses have inefficiencies?
Where could we be wasting time and leaving money on the table?
Truth is that studies show that most consultants (and employees) waste more than 10 hours per week. YIKES!!! So let’s calculate how much that could be costing you.
If you pay your consultant (VA, bookkeeper, etc.) or employee $25/hour and on average they waste 10 hours a week… that could mean that inefficiencies could be costing you $1000 per month PER PERSON and that my friend, adds up fast.
It adds up to lost profits!
Inefficiencies and time wasters could be draining your profits. Let’s look at the top 3 and see where you could improve your profits and re-gain some time:
- Unnecessary complexity is a massive time waster. And it could look like:
- too many inefficient meetings
- daily reporting that no one looks at
- spreading yourself too thin (on several social media platforms for instance)
- unnecessary customization of programs, products or services
That’s why, when I start working with a client, we closely examine where are you and your team spending your time.
I look at things from an outside perspective and often see things that you would not! For instance, where could lead conversions be improved or content marketing be made more clear to your ideal client? Often these things are just tweaks that result in HUGE time savings.
- Constant Content Customization
This is a HUGE time-waster for many consultants, trainers and expert-based businesses. Time and time again, I’ve heard my clients tell me how they spend evenings and weekends ‘customizing’ or personalizing training for their clients! And to be truthful – I used to do the same.
So how do I help you stop all of the customizing and save time?
- I partner with ALL my clients to help them develop their own Intellectual Property (IP) and use this framework for everything. Yes – it’s a framework for them to use in every scenario – whether it’s hosting a webinar, a retreat, working 1:1 or in a group format.
- BTW – I’ll talk more about this in my upcoming September workshop.
- I partner with my clients to help them focus their time on OPTIMIZING the content that they’ve already produced whether it’s their main offer; or their signature talk.
- Working on the WRONG Activities.
In general, there are 5 different types of entrepreneurial activities:
A great exercise for you is to analyze where you are spending your time!
Very often, the business owner is spending 80% of their time doing administrative or operations activities (such as posting on social media, creating graphics, making training look pretty, tweaking a website, and handling HR problems) and only 20% of their time doing marketing and sales or business growth and development. It should be the other way around!!!
An entrepreneur who wants to grow and scale their business will discover that true Revenue Generating Activities are those that drive sales and their own development.
There are several more ways that I help clients uncover hidden profits and time… And we are going to be discussing them more fully during my upcoming workshop – Uncover Hidden Profits & Time – September 20, 21, 22 at 11:30 – 1:30 ET. Comment if you’d like to register!
YOU CAN DO THIS
Diana
