“If you fail to plan, you plan to fail.” ~ Benjamin Franklin

There are a myriad of moving parts in a business to attend to so it’s no wonder that some things fall through the cracks. And this adversely affects your business growth and bottom line profits. In my work with entrepreneurs, I have found 4 common mistakes that will diminish your profits if not fixed right away.

Mistake #1: Inconsistent Marketing

My mantra: Consistency, Consistency, Consistency

Business killing mistakesIt’s just not enough to publish one Facebook post or a couple of tweets every week. Likewise, ignoring your email list is detrimental to your business. If you don’t keep up with a consistent marketing plan, people will forget your name, will forget how they ended up on your email list, or forget why they’re following you on social media. These forgotten people need to be won over yet again (which costs more money) and they need to hear and see your company name on a consistent basis before they decide to spend money on your products or services.

As a smart entrepreneur, you know this. But like many things in life and business, putting out client-attracting content on a CONSISTENT basis isn’t as easy as it seems. Are you tired of staring at the blank screen, wondering what to write that will attract your perfect clients and bring them deeper into your world?

Mistake #2: Failure to Automate

Are you stuck in the old school way of doing things, like making phone calls to confirm appointments instead of using SMS technology to send text message reminders to confirm?

Even posting on social media can be automated using platforms such as Buffer or MeetEdgar. Yes, these automation tools may cost money but compare the monthly or annual costs to the cost of an employee doing the same task. The old school ways are much more time consuming, thus costs you more money in the long run. An experienced virtual assistant will be knowledgeable about the latest technology that can help you automate while sticking within your budget.

Mistake #3: Bad Money Management

What processes do you have in place for your bookkeeping and paying your monthly invoices? Do you have any idea what your income vs. expense spreadsheet looks like? Do you have a habit of buying training classes that you don’t have time to use?

There’s no reason you should be surprised at tax time with how much (or how little) profit you made in the last year. Businesses that are positioned for growth have good money management solutions in place. A user friendly accounting software I recommend is Wave.

Mistake #4: Reluctance to Reinvest in Your Business

Think of reinvesting as a way to grow your business. Instead of taking the extra profits out to pay yourself every month, keep those profits in the business and use them to hire a virtual assistant, purchase software or training tools that will help your business, or invest in a business coach.

Each of these reinvestment options will help your business run more efficiently so you can have more time to serve your customers and prospects. Of course, you should pay yourself a salary every month. It’s the profits (or a percentage of the month’s profits) that should remain in the business to help it grow.