Have you ever felt like you were running a rat race? Everything seems like it takes forever, costs 10 times as much as you expected and you still feel like you are a million miles away from achieving your financial goals?
That’s because people often approach their financial growth with the wrong strategies. You may have heard the saying, “The strategy you used to create your million is drastically different than the strategy to maintain it.” It’s the same thing here. The strategy you used to get started is drastically different than the one you need to grow consistent six and seven figure revenue.
Here are six of the common mistakes entrepreneurs make when trying to grow their bottom line.
Mistake #1: Setting unrealistic expectations. I conducted a workshop where one of the students shared she planned to create $500,000 in new revenue in the next 12 months. She was barely making $50,000 and was launching a brand new business. This plan seemed unrealistic to me. Unrealistic expectations are different than setting ‘stretch goals.’ When you are unrealistic, you will often over spend and under perform because you believe you have everything on track for a huge leap in income.
Mistake #2: Focusing on price versus payoff. This being so focused on what everything will cost you that you miss the opportunities that will allow you to leap forward. The saying, “It costs money to make money” means that when you invest in high payoff opportunities, you will leap forward. Many people who are stuck financially don’t have the financial resources to invest in the tactics that would actually position them for a huge windfall.
Mistake #3: Making short-term decisions that sabotage the long term goal. I once knew someone who would say yes to any opportunity that crossed his desk if it meant he might make a couple thousand dollars. The problem was that most of these opportunities took a lot of his personal time, time he wasn’t spending on his own goals. This man couldn’t understand why his own programs weren’t profitable – when he spent up to 50% of his time on short term opportunities at the expense of his long term, more profitable projects.
Mistake #4: Trying to keep up with the “Jones.” Just because your competitor is experiencing huge financial wins with their strategies doesn’t mean it will work for you. It’s dangerous to just watch what others do and try to replicate it without understanding the entire strategy. A carefully crafted growth strategy will have many steps – you can probably see only one part of it. This mistake can be very costly because you invest your time and money “following the Jones” strategy only to experience a flop because you invested in only one piece of the whole puzzle.
Mistake #5: Doing everything themselves. I can’t tell you how many entrepreneurs find themselves in a growth trap because they won’t build a team. If it is just you, then you can only accomplish what you have time to accomplish. When you build a team, you can leverage your time exponentially. Think of it as a way to finally clone yourself. Delegating and outsourcing is one of the fastest ways to grow your results and your bottom line.
Mistake #6: Sacrificing quality for revenue growth. This is absolutely one of my big pet peeves. And I know it’s the opposite of what many gurus teach. But here is the deal. If you are so focused on growing your bottom line that you sacrifice the quality or experience of a client along the way, you will impact your future revenue opportunities. Unhappy clients don’t come back. And usually they tell A LOT OF PEOPLE along the way.
If you are making one of these mistakes, what should you do? Here are three quick fixes to get you back on the fast track to bottom line bliss.
1. Know your high payoff opportunities. Typically they are based on your values, priorities and goals. If you need help with this step, check out the Unstoppable Goals Method.
2. Slow down and evaluate the real profit story. Just because it looks good doesn’t mean its profitable and a good use of your time. Create a cost analysis for your opportunities. Look at things like: when will it make me money, how much money and time will it take, what are my “hidden” costs, etc.
3. Respond, don’t react. Opportunities will always come at you. If you have a strategic plan mapped out, you will be able to take action on the right ones. Without a plan, you are just reacting to “Bright Shiny Objects™.” Successful people create and follow a strategic plan.
About the Coach:
Melanie Benson Strick, The Entrepreneur’s Success Coach, teaches entrepreneurs how to stop feeling overwhelmed so they can create more money, more freedom and more prestige.
If you’re ready to stop working in your business and start working on your business, go to www.virtualteambuildingsecrets.com to learn the secret to growing your company to a six and seven-figure success without employees or a 90-hour work week!
6 Common Mistakes Entrepreneurs Make Trying to Grow Their Bottom Line - To learn more about this author, visit Melanie Benson Strick's Website.
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