Do You Know How Much Money Your Business Is Losing
It’s Allyson Byrd aka the Profit Accelerator and today’s question: Do you know how much money your business is losing?
Why should you read this?
You’re a woman of purpose or a man of calling you are on a mission to make your goals a reality.
You are powerful.
You are passionate
You have a bias for action.
And a track record of success.
But are you losing money without realizing it?
There are so many moving parts in your business and life before you realize it things can be neglected and opportunities can be missed. That is why it is imperative that you have a real pulse on what is happening in your business.
You all know I want to provide you with clarity, proof, and knowledge that facilitates action not just emotions. I want to hit you with a reality check by telling you about a previous encounter.
Once after a live webinar, I had a woman email me saying, “After your webinar, I calculated that I lost about $76,000 in revenue.”
When I read that I told her we needed to get on the phone. I said to her, “Let me go through your revenue lines and let’s see how much you really lost.”
She told me, “I can’t even calculate the amount of money I’m losing on the products I’m not selling. Products I know would rock the world and make a big difference, but I don’t know how to market them.”
We did the math together.
Her number was $76,000; we estimated during her conversation that there was another $25,000 per quarter ($100,000 annually) she was losing.
That $176,000.
But wait, we aren’t done.
When we talked about the product she didn’t know how to share with the world, I estimated another $125,000 being lost.
She was losing 301K in revenue.
$301,000
You think that number is painful to look at? We took it a step further and broke down what she could have done with that money.
With $301,000 you can:
- Buy 3 Cadillac Escalades
- Buy 296 Pairs Christian Louboutin Heels
- Send 23 Kids to State Colleges
- Build 2 Struggling Families Starter Homes
It’s not always about what you’re seeing. Sometimes it’s about what you’re not seeing.
You have to understand money matters in success. You can’t say I’m about service and not be about the result, reward and return.
The Triple R Effect
Result — The result I bring to the world?
Reward — How it makes me feel. How it does good in the world. How I’m a difference maker.
Return — What are the profits?
Don’t stop with the first 2 Rs. It’s not just money that matters; it’s your money that matters.
Where is there a gap in your business that is losing you money? What products are you sitting on? What is your message missing? Why aren’t you living at the level you know you are meant to?
Remember what helped you get to your current level of success is precisely what will hold you back from the next level of success. If you want to get to a different level, you have to do different things.
Are you clear on each one your 3 Rs? If you don’t know what your result is then you need to clarify your business missions. Defining your business’ mission is step one in my 7Ms Methodology Guide. Download your free copy of Why “Sad Money” Is Killing Your Speaking and Coaching Business to stop losing money.
Allyson Byrd, also known as the “Profit Accelerator™,” is the first and only small business owner to create an international production house for thought leaders to be executive produced in publication, online platform expansion, and offline sales strategies. Allyson is a sought-after speaker, mentor, and expert whose work has touched tens of thousands of business owners in more than 27 countries around the world. Alyson and her team have helped more than 3000 entrepreneurs create over 105 million dollars.
