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7 Ways Entrepreneurs Unknowingly Leave Money On The Table
#4 is the strategy most people don’t apply, losing millions of dollars
I almost gave up on my first attempt at building a business.
I was chasing the wrong metrics and it took me 483 days to see this.
If you want to build a positive cash flow business today, the only goal is to reach revenue generation as soon as possible.
Even venture-backed businesses in today’s environment will see higher chances of success if they can prove their profitability quickly.
The focus should be on selling, upselling, more selling, and social selling.
Unfortunately, so much of what I was doing as an entrepreneur left a lot of money on the table. Money that could have been a game-changer for us.
Money that cost my business, Geeks and Experts, tons of lost revenue.
If you are a solopreneur, bootstrapped founder, consultant, or venture-backed startup founder, you are leaving money on the table if you aren’t:
#1 Following up with your leads
Most sales don’t close after the first touchpoint.
Put yourself in your potential customer’s shoes and see how busy life gets.
My potential customer is a Seed to Series A/B/C/D founder. This founder is swarmed with hiring, fundraising, sales, pivoting, and lots more.
Think about how many times you have signed up for a product, or service at the first instance you came across it. I bet you don’t even sign up for a free newsletter without seeing it across multiple channels or touchpoints.
In the same way, people might know about or love your product or service but they could be caught up in firefighting something that needs their immediate attention.
It could be a situation at home, fighting the flu, traveling for a wedding, or dealing with whatever life throws at them. Adulting is messy, after all.
When every lead is a potential customer, by not following up, you’re essentially saying, “I don’t care if you buy my product.”
