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Solution: Take those glossy brochures and hand them out directly to people at
next possible opportunity.
Mistake #7: They spend a significant amount of time in low-return activities (as measured by dollars and personal satisfaction). If you are spending majority of your day completing tasks which are administrative in nature and/or which can be easily completed by other people you are reducing your profitability.
Solution: Track your time and figure out how much you're making per hour. Hire an assistant if you are spending bulk of your time in administrative work.
Mistake #8: They charge less than they desire. This challenge seems to arise especially for consultants, coaches and solo entrepreneurs who sell services. It is often tempting to accept less money than you need - so you get "some money" rather than "no money". After time, working for too little can leave you exhausted and resentful and it takes a deep cut out of your profitability.
Solution: Commit that, at next opportunity, you will ask for full fee. And then do it.
Mistake #9: They make infrequent or no use of technology which could save them time and effort. As a business owner, you have a fixed amount of time and energy within which you must maximize your profits. Technology can help you do this in form of autoresponders, voicemail, wireless internet connections, speech recognition software and like. All of these tools are designed to save you time and effort. If you are not making consistent use of technology in your business you are likely not as profitable as you could be.
Solution: Look for ways that you can make your business processes more efficient by using inexpensive technology.
Mistake #10: They adhere to outdated business models or plans. If you do not stay up with trends in your business you will notice a steady decline in your profitability.
Solution: Attend meetings and conferences that will keep you on target with your market. Implement new means of doing business and update your business plan at least every couple of years.
If you are serious about improving your business' profitability, start by implementing suggested solutions to these ten common mistakes. Together, these solutions will help you make more money and have more fun in your business. Try them and see.
(c) 2004 Dr. Rachna D. Jain. All rights in all media reserved.
Dr. Rachna D. Jain is a sales and marketing coach, author, consultant and speaker. Sign up for her free email newsletter, "Sales & Marketing Secrets" sams-subscribe@salesandmarketingcoach.com To learn more or to contact Dr. Jain directly, please visit http://www.SalesandMarketingCoach.com.
Dr. Rachna D. Jain is a sales and marketing coach, author, consultant and speaker. Sign up for her free email newsletter, "Sales & Marketing Secrets" sams-subscribe@salesandmarketingcoach.com To learn more or to contact Dr. Jain directly, please visit http://www.SalesandMarketingCoach.com.
