Businesses are meant to make money, and business owners spend significant amounts of time and effort pursuing new opportunities to improve their bottom line. What many businesses often overlook, however, is the internal practices that are left unchecked—often costing businesses significant amounts of money without them even knowing it.
If you’re looking to patch up any revenue leaks in your business practices, here are a few mistakes or problem areas you might want to zero in on (this is a longer topic, so we’ve broken it into two parts):
Not Investing in Your Employees
If there’s one consistency across industries, it’s that hiring new employees is expensive—especially if you’re looking for quality. Not only does it take up time that could be spent on other tasks, but you’ll also need to spend time and resources on training and onboarding.
Though it’s not always obvious, your employees are investments, and you lose that investment if they leave your company—meaning you have to start all over again.
By investing in your employees—through continued training and other benefits—you’ll be more likely to retain them as well as get more efficient and skillful returns from them. This means better work for your clients, which usually means more clients in the future.
Poorly Planned Sales Process
It might seem strange that a process designed to make you money is actually costing you money, but it can be true. If you have an inefficient sales process, you’re likely not converting as many leads as you should be. Which means you’re not making as much money as you should be.
It’s a good habit to regularly examine your sales process for areas that could be improved. Are you pitching your services as well as you could be? Has the industry changed, making the way you sell yourself less efficient? Ultimately, your sales process is the lifeline of your business, so you should regularly invest time in making sure it’s perfect.
Stay tuned for Part 2 this Thursday, when we discuss a couple of other revenue drains that companies often overlook!