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The Kelly Roach Show
964. How To Stop Spending Money And Avoid The 4 ‘Money Leaks’ That Are Killing Your Business
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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Quick takeaways
- To maintain profit margins amidst rising inflation, businesses should either consider increasing prices for exceptional results or focus on innovating within their product or service delivery.
- Conducting a time audit with the team to prioritize profit-producing activities and eliminate non-essential tasks can significantly increase productivity and boost profit margins.
Deep dives
Inflation and pricing
Inflation has risen significantly in recent years, causing expenses for businesses to increase. However, most entrepreneurs have not adjusted their prices accordingly, resulting in shrinking profit margins. To counteract this, businesses should consider increasing their prices if they are providing exceptional results to their customers. Alternatively, they can focus on innovating within their product or service delivery to enhance customer outcomes. Shifting the mix of business to emphasize higher-tier products or services and improving customer retention and renewal rates are also effective strategies to maintain profit margins.
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