Repair the Leak
“Beware of little expenses. A small leak will sink a great ship.”
Have you ever had a leaking roof that you knew needed to be fixed… yet it just seemed easier and more cost effective in the moment to put a bucket down and let it catch the water dripping in?
Well sometimes money can be that way as well one small problem might lead to another and another and another. In the Victory Circles we have an exercise we do called Money Leaks that I thought I would share with you today.
These are some common leaks you may have in your business… some may surprise you...
Leak: You can’t easily describe what you do in a powerful way – or you keep changing your offering.
Repair: Write up three different ways to summarize your product offering. Pick the best one and start sharing it with others to see how they react.
Leak: People don’t know exactly who your ideal client is or how to refer to you.
Repair: Make a list of your top ten customers and what they share in common.
Leak: You flip/flop on what you are selling and how you talk about it.
Repair: Focus on the products that give you the best ROI and you have the most passion talking about.
Leak: Your unique gifts and brilliance aren’t shining so the question, “Why should they hire you?” is a hard one to answer.
Repair: Research your competition and discover what makes you special in the marketplace.
Leak: Sales suck.
Repair: Actively reach out to at least 3 - 5 people per day via email, phone or in person.
Leak: Money comes and goes, but you have no clear path of how it comes or where it goes.
Repair: Start tracking your finances even if it is starting with a simple excel spreadsheet.
Leak: Your time is spent doing things that are low payoff activities.
Repair: Re-evaluate your time and how you have priced your products or services. What would happen if you raised your pricing by 50%?
Leak: Overwhelm or procrastination is the normal state for you.
Repair: Consistently pay attention to your calendar. What is working and what is not? Begin to eliminate tasks that are wasting your time and distracting you from the important work to be done.
What is the top leak that sticks out for you?
Perhaps this is the one that has been leaking the longest. What if you did something today to take one step forward to repair this leak once and for all?
Imagine a leak free life. You have the power to fix all of them – now all you need to do is go take the step forward.
To Your Success and Victories,
- Cheri
Cheri Ruskus
Business Strategist and Founder of the Victory Circles
Email me: cheri@businessvictories.com
