“What is my marketing plan? Who is my ideal client? I think I need to do search engine optimization. I have to incorporate social media. Should I brand myself? How do I control my email? I need to network more often. How do I generate more referrals?”
In all of this spinning and worrying, do you notice one factor that is not mentioned? Money.
We can get so tangled up in the strategies we make the mistake of overlooking whether or not money is flowing into our businesses. Trust me on this, I know what I’m talking about. At one point in my entrepreneurial career, I got so caught up in finding the perfect strategies, branding, and systems for my business that I forgot how to stay in business.
Confession time: I got so caught up in the chaos I went bankrupt. Literally.
I don’t share this story often, because it is painful and embarrassing. No one likes to admit they totally screwed up in the money department – especially not a business coach. But it’s so important to understand how taking your eye off your income can lead to being out of business, out of your home (yes, I lost my house, too), and totally demoralized.
What are some reasons business owners take their eyes off money? They –
- Don’t want to be seen as greedy
- Are so focused on serving others that they forget to take care of their own needs
- Think if they build it, clients will come
- Are afraid of the reality of their situation
- Confuse busy-ness, recognition, and involvement for profitability
The last reason is the worst offender, and the one I see most often. What can you do to combat this confusion and lack? In 2014, look your cash flow squarely in the eye and…
- Let go of what isn’t working
- Look for additional income streams
- Keep track of the money coming in
- Tie your goals, strategies and actions to income
Let me help with the last reason. I’m giving away free passes to my class “How to Set Dynamic, Income-Producing Goals”. If you want a pass, just email me and I’ll set you up!