Why My Business Isn't Making Money?
The number 1 question business owners ask, "Why my business isn't making money?" My response is usually "I don't know. What's your strategy?" Their response is usually, "I promote on social media, that's where it's at." 🙄
1. Cut Unnecessary Expenses
Think about it, you're probably paying for subscriptions you're not even using and paying people that's not contributing to your bottom line. We don't realize it, but those expenses add up quickly and that's money going down the drain. Ask yourself, "What am I paying for that's not beneficial right now?" (Don't worry, we all are guilty of this, including me!)
2. Look At Your Marketing Strategy
Please note: This is the first place to look when revenue is down.
Have you built a relationship with your core audience? Are they connecting with your brand? If you didn't know, your brand and your core audience are in a relationship! Not just any relationship, but a fully committed relationship; in which you have to consistently nurture it. What do you know about your potential customer/client? What do they know about you? What issues are they having? It is your responsibility to speak to their pain points.
Before I forget, have your potential customer/client seen you? Are you catfishin? How are they going to know you can help them if they don't know who or where you are?
3. Bring in Outside Help
Working and managing your business day and night can be exhausting and mess up your perspective. The smart thing to do is to ask for help. Often times, we CLAIM it isn't in our budget or feel like we can just do it ourselves. WRONG! To build something that's worth having, you'll have to sacrifice something, whether it's time, money, etc. With that said, it's okay to hire a business coach or consultant to help you organize, plan, and navigate throughout your process. This is why it is important to cut unnecessary cost so you can contribute to your bottom line.
4. Revamp Your Offerings/Services
Maybe your clients/customers aren't interested in what you're offering. It happens, so you need to always keep an open-mind. Create a new service or product, keep it fresh! Remember, you're in a relationship so you always have to keep it entertaining or your partner (which is your customer/client) will become bored and can possibly leave.
5. Reinvest Back Into Your Business
Do you reinvest back into your business? There are many entrepreneurs that don't practice this and I don't understand why 😕. You really don't begin to see profits for at least 3-5 years. Many business owners don't know how much to reinvest or where to reinvest. If you ask different consultants, you will receive different answers. However, I suggest you reinvest based on your actually strategy rather than a set amount. Truth be said, every area in your business will need money, but it's important to keep a healthy balance. Strategy and planning will be very important when reinvesting back into your business. Remember, you're creating value within your business. Your products/services should be valuable to your customers/clients. Don't half ass it!
Being a business owner is tough. This is not for the weak because you will experience failures, sleepless nights, doubt, and make many mistakes. One thing I've learned throughout this journey of entrepreneurship is consistency and hard work is the key. Your time is coming and when it does, will you be ready?
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