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

The Kelly Roach Show

Kelly Roach

Business, Entrepreneurship

4.9 • 965 Ratings

🗓️ 23 October 2023

⏱️ 19 minutes

🔗️ Recording | iTunes | RSS

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Summary

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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Transcript

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0:00.0	Welcome to the Kelly Road Show, the place for no fluff, easy to implement 20 minute or less business and leadership lessons to help you build a sustainable business
0:15.8	that scales, lead with integrity and create a lasting legacy.
0:21.5	I'm Kelly Roach, former NFL cheerleader and Fortune 500 executive turned 8 figure
0:26.5	entrepreneur. Let's get started.
0:30.3	Welcome back and thanks so much for tuning in to the Kelly Road Show. Today we are
0:34.8	exploring and unpacking for invisible ways that you are losing money in your
0:41.0	business, what to do about it and how to change it right away.
0:45.5	We're continuing our theme of innovation because innovation saves businesses.
0:50.4	Innovation drives the economy and innovation can be the key to growing faster
0:56.4	with less effort without spending any more money in your business.
1:00.6	So I want to start off with one of the biggest invisible money leaks that almost all businesses are
1:08.0	experiencing and it's something that unless you put an eye on it once a quarter a couple times a year
1:14.4	it will continue to grow and compound and actually can destroy your profit
1:18.5	margins. Now number one who here can tell me how much inflation has increased the average spend of an everyday person in our country.
1:38.0	Inflation has gone up massively over the last couple years. Now here's the interesting thing.
1:40.0	Because it's become a harder climate, most entrepreneurs have not increased their prices.
1:48.8	So what does that mean?
1:50.6	If you do the math on that, if your expenses as a business have risen coinciding with
1:56.5	the inflation, which they absolutely have, we all know we're paying more for health care,
2:01.6	we're paying more for the services that we use. We're paying more to vendors. We're paying more for our employees, right?
2:09.0	All of our expenses and costs have continued to go up.
2:12.0	In a normal environment, you know, we speak often and loudly about the importance of doing
	...

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