Almost every time I speak with potential clients, I find hidden profits in their businesses. It's one of the things I love doing most.
Often I notice they are missing the obvious, but also, they are so busy trying to generate money, they aren't seeing the big picture. Increasing your income doesn't always generate higher profits, by the way. You can double you income, but if it's costing you a lot of time and money to generate those dollars, you haven't necessarily made more profits. You just have more cash flowing through your business.
Hidden profits are easy profits. They're no brainers. They don't involve big projects or high-risk propositions. They're efficient ways of generating cash.
Here are ten areas you can explore right now to find the hidden profits in your business:
1) Pipelines — A pipeline is a way of drawing people toward you who need what you have. With the right design, your marketing pipeline will do almost all the work for you. People who don't have effective pipelines spend massive amounts of time trying to figure out how to generate more income or push their offers out on people with little to show for it. A pipeline is your best source of passive income, too. Pipelines can be online or offline, but without them, you'll always be chasing the money.
2) Packages — This is probably the number one mistake I see people make. They have the wrong offers, not enough (or too many) offerings and don't understand how to price their offerings correctly.
3) Productivity — Which will generate more money? Floating along day to day, or giving yourself the gift of structure in your day? Structure doesn't mean a rigid schedule where you don't get to have any fun. You can structure each day as it comes depending on how you feel, but unproductive people have lower profits, plain and simple. How much money could you make if you wasted one less hour a day doing unimportant stuff, and spent that hour doing profit-generating activities?
4) Priorities — Plain and simple: a big mistake is focusing your time and energy on stuff that just doesn't matter. Profits come first — that's why you're in business! Look at the real root of the profits in your business as you set your priorities. It might not be what you think. For example, the real root of profits in my business is my creativity. So creativity should be one of my top priorities, even though it doesn't directly generate money, like having conversations with potential clients or creating a marketing campaign for a new product would.
5) Pricing — One of the easiest ways to quickly increase your profits is simply to raise prices when it's warranted.
6) People — It's very difficult to generate profits going it alone. Surround yourself with people whose joy comes from supporting you in your mission. Hire support professionals, mentors and experts who can help you. Your business will reach a ceiling very quickly without the right people in place to support your goals.
7) Pleasure — If your'e not having fun in your business, you are missing out on profits. I guarantee it. Every time you choose fun over energy-drainers, you'll increase your profits very quickly. Why? The energy of fun creates easy money and opens you up to higher possibilities.
8) Perfection — Perfection is a profit squelcher. We all want things to be perfect, but "good enough" makes money far more rapidly than obsessing over perfection. Let go of the idea that if things aren't perfect, people won't buy. It's just not true.
9) Purity — Complicating your marketing is one of the surest ways to prevent your business from generating higher profits. Purity in your marketing means simplicity. Keeping things simple increases your income efficiency and makes it easier to find the tweaks that are needed when you try something out.
10) Presence — Your state of being is everything. Taking action in your marketing from a Striving or Wanting energy will get you nowhere fast. (If you don't know about The Four States of BeingTM you can download my free e-book here.) Give yourself the gift of checking in to see how you feel and spending a little time at the beginning of your day making sure you are spiritually present in your business. You will make better decisions and you will get a far better response, because people can feel you.
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Which of these profit areas do you think holds the highest amount of profits just waiting for you to find them? Leave a comment below. I'd love to hear your thoughts.
Beth A. Grant is a writer, speaker, marketing strategist and thought leader who helps you be yourself in business, in love, in life. She blogs at www.truthandconsciousness.com