964. How To Stop Spending Money And Avoid The 4 ‘Money Leaks’ That Are Killing Your Business

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Oct 23, 2023

Learn how to stop spending money and avoid the 4 'money leaks' that are killing your business. Discover when and how to adjust pricing, conduct a time audit to boost productivity, and nurture relationships for sustained growth. Explore leveraging higher-tier offerings, customer retention, and wasted marketing dollars. Regularly assess and address profit leaks in your business to enhance your bottom line.

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Introduction

00:00 • 3min

Competition Based on Pricing Tiers and Maximizing Profits

02:44 • 5min

The Importance of Customer Retention and Counteracting Inflation in Business

07:41 • 3min

Team Time Audit and Increased Profits

10:48 • 6min

Taking Action to Identify and Monetize Money Leaks in your Business

17:06 • 2min

Kelly addresses how to stop spending money and the four hidden ways your business may be losing money.

Inflation is on the rise, but price increases can be tricky. We explore when and how to adjust pricing or find alternative solutions. Learn how team time can be misused and how conducting a time audit can boost productivity. Discover the untapped potential within your existing leads and customer base and how nurturing relationships can create sustained growth. Small tweaks and innovative thinking can significantly enhance your bottom line. Tune in and start plugging those profit-draining holes today.

Also in this episode:

Inflation And Price Increases: Assess whether your customers are getting significant results compared to their investment before considering a price increase.
Leveraging Higher-Tier Offerings: Explore opportunities to promote your higher-tier products or services more effectively to maintain profitability without raising prices across the board.
Retention And Renewals: Focus on keeping existing customers engaged and satisfied to save on acquisition costs.
Team Time Management: Audit how your team spends their time to identify non-productive activities and streamline their efforts toward profit-producing tasks.
Wasted Marketing Dollars: Instead of solely focusing on lead generation, concentrate on improving conversion rates, engagement, and relationship-building with your existing leads and customers.
Addressing Profit Leaks: Regularly assess your business processes, such as credit card fee management and follow-up on payment collections, to plug profit leaks and enhance overall profitability.

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This Podcast Is Produced, Engineered & Edited By: Simplified Impact