3 Reasons Why You Aren’t Making Trading Profits (And How To Avoid Them)

Tales from the Crypt of Online Marketing #17

Stop Doing These 3 Useless Things In Your Business To Start Making Net Profits!

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

The list goes on and I am sure you have heard or said some of these idiomatic expressions over the years.

Being the set personality type that I am, wasting time is a big pet peeve for me.

Growing up on the farm, my dad decided he wanted to control the thistles that were beginning to take over the back pasture. I guess pesticides didn’t exist back then, but child labor did!

One summer he put me to work pulling out every thistle…by hand. Armed with adult-sized leather gloves, I sat in the field grasping the large thorny stems at the base and yanking with all my might to free those suckers from their clutches. I had to make sure every part of the root was captured; otherwise the weeds would grow back.

I worked all summer on that project (or so my childhood memory has held true). It was a large area of ​​nettles with thick stems firmly planted in the hard ground, so they were not that easy for this 10-year-old to remove.

Of course, the next summer they all returned to continue their dominance of the field.

What a colossal waste of time that was.

Have you ever felt that you have wasted too much of something in your business? When marketing the services we provide, you’ll often hear me encourage business owners to stop wasting three things:

1. Wasting time

2. Wasting money

3. Residual energy

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

wasting time

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

Somewhere along the way, especially us women, it occurred to us that we must know how to do everything that goes into building a business.

How is that possible?

Even if one had a Masters in Business, would they know HOW to do everything? They would certainly know WHAT needs to be done, but I’m not arguing how.

That is why businesses cannot be built with just one person. They need a team.

Companies need to delegate to people who have experience in areas that the founder does not have… And no, the DIY tools that are available are not enough. Just because I know how to use a calculator doesn’t make me a mathematician.

Ultimately, you don’t know what you don’t know and that’s okay. There is nothing wrong with you. You simply need to learn to delegate!

I asked other business owners in a Facebook group I belong to what they found to be wasteful in their business and throughout this article you will hear their answers.

This one from Christine Awram, founder of Woman of Worth, shares her valuable lesson about trying to do everything yourself:

“Wearing too many hats and not focusing on what I’m the brightest at, letting others shine their specific brilliance in areas I’m not as strong at. Doing it all and/or micromanaging comes at a price, mainly burnout and unintentional burnout. people LOL. This was a hard lesson for me many years ago when I thought I was a superwoman and could do anything.”

Another time waster I certainly fell for is attending countless webinars and seminars. And I am not the only one! NLP Trainer and Master Coach Teri Holland wrote:

“I wasted a lot of time and money on weekend seminars that didn’t offer any value, but I got a “FOMO” feeling if I didn’t attend. Every time I left feeling deflated, the seminar didn’t deliver what was promised and was just a sales pitch for a larger program.

And there are some good ones out there too! I’m more discerning about where I spend my time and money now and stopped chasing the next brilliant deal.”

Jenn Biddlecombe of Inner City Flooring in Coquitlam mentioned a time waster you may have experienced as well:

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

wasting money

I mean, who hasn’t wasted money while chasing their dream business? Surely yes!

Like Teri, I spent a great deal of money on courses and programs that didn’t deliver anywhere near what was promised. Heck, I could have taught those courses myself and added even more value while doing it!

Besides spending money on courses and programs, there are other areas that could be sucking your money out of your bottom line.

One of them that I have experienced is hiring the wrong people for our team. Whether hiring an employee, contractor, or subcontractor, this can be a very costly mistake if proper due diligence is not performed to ensure the right person is chosen.

And I am not the only one! Martin Jongejan, owner of ZOOM Home Cleaning Experts, expressed his frustration in this area:

“Spending too much time and effort on my team members who wanted to be successful in their role, more than they wanted to be successful in their role. It was like trying to push a rope. I can’t underestimate the importance of having people in your team who gets it, who wants it and who is capable of doing it”.

And Renata Kobek of Kobek Immigrations has a similar experience:

“Paying for professional services that weren’t up to scratch and spending too much time trying to make sure everything is perfect.”

Business management consultant at Black Sheep Business Consulting, Kevin Foreman shared a valuable lesson he learned about wasting money:

“I have wasted more in business through capital. It underscores the need to have ample 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 couldn’t be more wrong. It takes a lot of money, because even the strongest businesses waste a lot of capital. The opportunity loss from not wasting capital is less than the opportunity to gain market share, which is gained by wasting some capital.”

Ultimately, to grow a business, it’s important to make sure that whatever you’re putting money into has an ROI (return on investment). If that investment, like a fancy new phone, a program that teaches you skills outside your area of ​​expertise, or a state-of-the-art camera, can’t make you money, then reconsider and use those funds for something. that will

wasted effort

Sometimes we don’t realize how valuable an effort is. It’s not tangible or measurable, but when it comes to pushing, it’s extremely valuable.

Effort is a resource that we must hold on to and make sure it is used with the right intentions.

Reaching our goals is one of those intentions. Do you have your business goals outlined? What do you want to achieve in the next 6 months? For next year? 5 years from now?

If you haven’t mapped out your goals, then you could be wasting a lot of effort chasing unattainable dreams.

Or maybe you do have goals in mind, but have you planned how to achieve them? What needs to happen to achieve those goals?

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

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

“Our biggest waste of time, energy and money comes from not fully understanding our product life cycle and when we should be doing what. We would generate a lot of social media hype long before we had figured out what we were selling and how it would be produced. When finally sat down to write a proper business plan, researched and wrote a complete and very detailed walkthrough from end to end, taking a collection through high concept -> design -> development -> launch -> sale -> production. a lot of what we had been doing wrong.

Chasing those shiny objects that find us Every. Unique. Day. It can be so tempting when we don’t know our numbers and don’t have a business and marketing plan to follow.

And so we complete the circle.

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

Does any of this sound familiar to you?

Do you need help getting on track and sticking to a solid plan for your business instead of participating in it? I offer free 30-minute consultations for business owners like you and invite you to schedule an appointment so I can help you get on the right path to building your dream business.

For the success of your business,

Suzanne

RECOMMENDED RESOURCES ON OUR WEBSITE:

1. Read: The Business Shiny and Shiny Object Syndrome Exposed. There is an insidious transvestite happening to entrepreneurs with shiny shiny object syndrome. What you need to know before you enroll in another program.

2. Read: Why focus is the #1 factor in your business success. Are you distracted by shiny objects? If you’re busy tackling projects in pursuit of business success, you should always be asking yourself these questions posed by guest author Cheryl Bishop.

3. Watch: Why Business Plans Are a Must. You’ve heard about the importance of business plans, but do you know why they’re so essential? My guest Pamela Chatry shares valuable information about the business plan.

4. See: Simplifying and Demystifying the Business Plan. Creating a business plan doesn’t have to be scary or overwhelming. My guest Pamela Chatry covers the important components that are part of a business plan.