I am always looking for ways to improve profit in business so when someone asked me if what I was doing was actually producing income, I stopped in my tracks.
The truth is, I had been spending a great deal of time researching a certain project, believing it would be worthwhile, where in fact I could have been using my time to greater effect elsewhere. I was so enthusiastic about the potential of this project, I failed to manage my time in a suitable manner.
Persistence is an important trait in a business owner but there comes a time where you are throwing good money after bad. For me, this research time ended up being unproductive time because after due consideration, I shelved the project. If time equals money, I wasted a lot of both.
Do you have a product that is not hitting the mark or a business process that, in the long run, is ineffective? It is often the case that we continue to work with the products or processes we have without paying attention to their actual effectiveness.
And now for the challenging question. Where is your business throwing good money after bad? No one likes to waste money, so here are some tips.
· Dairy your time for a week then reflect on how you spent your time
· Review your marketing plan
· Analyze your lowest performing products
Once you have a clearer idea of these, your business will be in better shape.
If you would like some assistance, please contact me directly for a free chat.
I look forward to hearing from you.
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