Make Your Business More Profitable

Written by Aqleema Anwar

You’ve got a great product or service and you’ve been fairly successful at making money selling it. You’re past the “this is just a hobby stage”, but you always seem to come up just short of making your wildest dreams a reality. It’s all too familiar because you’ve been stuck there for a while and you know you’re so. damn. close to being more financially successful but the needle just won’t budge. Several things could be standing in the way of your business growth.

Being Revenue Blind:

“Six-figure business” seems to be the buzz phrase lately and although it’s great to be celebrating wins, no matter how big or how small, this phrase can also be detrimental. It’s awesome to have that six-figure goal but it’s also important to not be blinded buy numbers or outcomes that don’t tell the whole story. Before you start spending like all of this money is profit, make sure you know what your profit is.

Tip on moving past this block: calculate how much you need to make in revenue to achieve those big, sexy profit numbers. Celebrate reaching THOSE goals.

Not Looking at Your Spending or Expenses:

Advancing your skills, whether it’s got to with marketing, or something else related to how your business runs is great, but there comes a time when you have to stage a self-intervention as well. A masterclass, much like the 6 you took before it, isn’t always the answer in how to run your business better, especially if it’s costing you more money than you’re bringing in.

Tip on moving past this block: keep detailed track of your expenses when it comes to courses and if they don’t have a good return on investment, shift what you should be spending that money on.

Not having a profit and loss statement:

How are you even running a business if you’re not tracking your money coming in and the expenses you’re incurring? One look at your profit and loss statement should be able to tell you what month was the best for you, which investments (like a virtual assistant) benefited you and which decisions you won’t make again because they didn’t help your business at all.

Tip on tracking business finances: this is a non-negotiable, you need a profit and loss statement.

Not Charging Your Worth:

This block looks different for so many different people. Not charging your worth can look like trying to charge what you think people can afford or it can encompass the fear that increasing your prices might result in losing your current clients or not onboarding new ones. Although the emotions and feelings are valid ones, they do not live in an abundance-based mindset. Instead, these thoughts tend to flourish in a scarcity and lack-based mindset. Not charging your worth can also mean that you are targeting the wrong market for your business or your products.

Tip on changing your mindset: read this blog