Make More Money By Solving a Top Money Leak in Business
Are You Letting Money and Opportunity Slip Away like Water from a Leaky Faucet?
You’re probably losing money in your business by letting it slip away. Stop the money leaks by identifying the main problems and creating solutions to implement now. Keep reading for concrete ways to get more clients and a higher success ratio.
How many times have you thought to yourself, What If I Had Just Done That Sooner? I want to let you know that many small business owners are missing something Vital to their success. There is one major contributing component that potentially drains profits from your business, which you could actually control.
The crazy thing is that on some level, you’re aware of the habit or rather lack of a habit, that’s repeatedly allowing you to lose money and leave opportunities on the table. I’m going to show you how to make more money by solving the top money leak in your business with 4 simple solutions.
Think for one minute…Is there anything you could do differently right now, that might result in more clients for you?? Of course there is, you could have better follow up. A lack of follow-up may be the biggest drain on your business because it inevitably leads to lost business deals.
Why go through all of the steps to find potential prospects or speak with a probable client, and then not do your due diligence with following up. Most decision makers have very little spare time, and they’re actually appreciative when you follow up with them.
A divide exists between many small business owner’s perceptions of follow up and what a decision maker thinks about follow up. Most small business owners, especially in the health field, will invest time in setting up their business, deciding how to market themselves, building a portfolio of presentations, create beautiful websites and campaigns and also scour LinkedIn. Yet, when they get responses from potential clients or make relationships on their own, a flip switches.
The flip goes from business mode to the mode when they question themselves to the point that they back off and don’t follow through properly. Many entrepreneurs suddenly feel like they are intruding on the decision makers time, or maybe they feel like they are being annoying by following up with their prospects and don’t want to “bother” them further.
I want to admit that I fell into this trap for many years as I was building the foundation for my Corporate Wellness Company, Vital Advantage Consulting. It made me feel better knowing that studies indicated this was common, but then it made me mad at myself for falling into that cycle. I spent energy and time on preparing, strategizing and implementing but not on the follow up; therefore sabotaging myself.
I found solutions to overcome the challenge of follow up and I want to share them with you. I identified four major reasons for my lack of follow up (and I believe these will hold true for most people)
Having worked in this business for over 10 years, I identified the Follow Up Sabotages’ as Time, Lack of systems, Fear and the what if aka Lack of Clarity.
Time may be one of the biggest reasons; you’re not following up. Chances are you are guesstimating the time it takes you to cycle through prospecting. Most business owners are trying to wear many hats in their business, therefore letting important practices fall though the cracks.
Solutions to Time: Physically plan each week and weeks activities onto a calendar. Print a weekly calendar, from i Cal or Google, and literally mark it with a pen. Schedule everything from prospecting, time on LinkedIn, client meetings, time to work on website, FOLLOW-UP, billing, content development, etc… Include sleep, car-pooling, time with family, meals, shopping and all personal activities on your calendar. This process allows you to see the REAL amount of TIME you have available for each project.
The Second Time solution is learning how to delegate jobs. Realize, you can’t do it alone. You can hire a virtual assistant, a physical assistant or personal shopper for errands. The bottom line is you need to better allocate your time to be spent on what you’re good at and what closes the deals.
Lack of Systems can hinder follow up. You may have all the right intentions and a perfect memory, but if you didn’t account for the full time needed to close a client (including follow up) and you don’t have systems in place to handle the cycle of prospects to clients, then you will constantly be in “catch up mode” and reinventing the wheel every time you speak to someone new.
Solution to Lack of Systems is to create a system or learn from someone else. You could start by creating something as simple as a Spreadsheet that has initial contact date, notes, future follow up dates (for yourself), notes and next steps. Then be sure to transfer all the info to your calendar and set reminders. When you have a system in place, the next step will be to automate systems, which will add hours into your weeks and days into your years for leisure activities.
FEAR is capitalized because it’s often at the root of things that are lacking. In relation to follow up, first identify and accept what you may be afraid of. This is tough at first but truly the first step to overcoming the challenge for good. Most small business owners are afraid that persistent follow up will be annoying to the decision maker. Another fear I’ve been told is that the small business owner may be fearful of expanding to fast and not being able to execute the program as well as they were able to sell the program.
Solutions to Fear: Realize that fear can create success when you know how to overcome it. Stand firm in the fact that you know your business better than the prospect does. You are the expert in your field and will lead the conversations and programs properly. Lastly, remember that decision makers have a lot on their plates and they actually appreciate that you follow up with them. You’re not bothering them; in fact you’re demonstrating strength and reassurance that you’ll show up after the dotted line has been signed. An added suggestion is to do something that sets you apart, adds value and makes the decision maker feel like a star.
The What If and Lack of Clarity challenge arise when you lack confidence that you’ll be able to answer questions the decision maker has or you are not clear on how your program will provide answers.
The Clarity solution is for you to get clear on exactly what you solve and how you’ll do it. Do some research and understand the market, trends and strategic goals of the company you want to work with. You should also know trends and history, to the best of your ability, as to how your services provide solutions and ROI. When you have this information, you can be crystal clear as to how you can provide an advantage and solution to the decision maker. Know your worth by understanding the value you provide, both intrinsically and extrinsically.
For more follow-ups, I invite you to connect with me on Facebook at Randi Dukoff – Your Final Stop To Health or LinkedIn at https://www.linkedin.com/in/randidukoff
I share my insights, mistakes and more importantly successful methods so you can have success in the Corporate Wellness Market, in the training certification I’ve been teaching for 2 years. Click here http://randiwexler.wpengine.com/group-13-sales-page/ for more information on upcoming Corporate Wellness Business Training Classes.
In Health, Success and Laughter