Business Coaches ask all the time, “How can I make more money?” Truth be told, what you really want is to increase profits without adding clients. Am I right?
Have you downloaded your free copy of the CEO Day Planning Workbook yet? This workbook is designed to set your quarterly strategic planning up for success. It walks you through important operations like your Product & Service Creation and Personal Growth.
It is the process I go through when I strategically plan each quarter and I’m sharing with you for free. Visit my website at vimandvigor.biz/ceoday to grab your free copy today.
Did you catch that last episode where we caught up with the first 4 wastes in your online business that could be leading to your Big Hairy Inefficiency?
During that episode we talked about inefficiencies related to your client experience, visibility & engagement, financial steadiness and operational efficiencies and I think there’s some pretty good tips in there for you so loop back to that episode and let me know if you found something you think might help in your business.
In today’s episode we’ll explore inefficiencies you should be looking for in your business regarding Team Growth, Personal Growth, and Service Development.
So let’s start with Product & Service Development
Product & Service Development
This is one of new entrepreneur’s biggest waste in the first year of their business – they produce everything from ten service packages to courses to memberships to masterminds in the name of making an immediate return on their investment.
This oftentimes leads to imposter syndrome and debt.
Now, let me just say, that it is okay to feel around and play and test the market with different business models, approaches and targeted niches, because this is quite a bit art and lot of science. The problem is, only a few people have figured out which science for which platform and they kind of stumbled on it through data analysis trying to figure out why something went viral so they could duplicate or turn it into a course to teach you what they stumbled on.
But after you’ve tested a few things sat back and learned, remember to pause, breathe, then make a decision. Sit down, and work with a coach to evaluate the type of product your client needs because you will waste a lot of time trying publish a great idea that means nothing to your clients.
Which means you need to know who that ideal client is.
Remember, If you’re trying to reach anybody, you’ll spend money on everybody, reaching nobody, because you couldn’t identify your somebody.
So let’s nail down that ideal client so you can focus your time and energy on products and services that will add value and cut out the inefficiency of creating something that may be pure genius but has nothing to do with what your audience wants.
When I think about inefficiencies within team, the issues often circle around either confusing processes (remember last episode about operational efficiencies) or confusing communications.
Inefficiencies occur when Expectations are not clear. When the leader and the employee disagree or have a different perspective, then the outcome is often interpreted differently, yielding in disappointment on the part of the leader and frustration on part of the employee. Either way, lack of clarity is an inefficiency that costs you money.
If expectations continue to be unclear and the frustration levels of your employees continues, you will undoubtedly reap the consequences of turnover in your business. The costs of turnover can be up to 2x the annual salary of the open position.
Avoid disappointment and confusion by having honest and clear dialogue with your employees, seeking their input but communicating your expectations for the outcome and results. Invite and give permission to your employees to tell you they need more information or, on the other hand, may be feeling micromanaged. You are not a crystal ball and each employee is different. Give them the freedom and space to let you know what they need as much as you communicate what you expect.
And finally, let’s talk about one of the most underutilized risks we find in business inefficiencies- our own personal growth.
I know many business owners who also have an abundance of training materials, books and downloaded podcasts awaiting them each and every day. Even if they didn’t pay for it, there are lost opportunity costs there.
Make sure that you have a repository of those unused courses, images, engagement cop documents, contacts, courses and such tucked away so you can pull them out and use them later. It’s important to keep growing, learning, and stretching our brains so we can offer the very best for our clients.
But when was the last time you did something that didn’t tie to anything? I know – it may seem very averse to my brand – to plan and systemize everything, but I’m not a robot. I like to have fun and relax and do meaningless things sometimes.
And self-care got really popular in 2019 and 2020 but there’s a reason for its popularity.
Inefficiency with personal growth comes when we don’t take time to perform a health check in with ourselves.
Your personal growth can come in many shapes, forms and colors, but consider treating yourself to one of these:
- Buy flowers for yourself
- Visit a winery by yourself
- Buy a romance novel and read it in a weekend
- Buy a weighted blanket and commit to ten minute ‘naps’ in the afternoon
- Pray, meditate, and write ten things you’re grateful for each day.
- Take an entire day off. From the moment you wake up to the moment you fall asleep- Do. Not. Work.
According to Psychology Today, breaks throughout the day help restore your mental energy and can prevent decision fatigue, increasing your productivity and reducing your inefficiency.
I hope you’ve enjoyed these last two episodes where we really plug away at finding your Big Hair Inefficiency. I’d love to work with you in helping you find YOUR Big hairy inefficiency. You can find a link to my services by visiting Vimandvigor.biz/onetoone
I also don’t want you to miss your free CEO Day Planning Workbook. This powerful framework will help make planning your CEO Day a blast and gives you a sneak peak into my strategic planning framework. You can download that at vimandvigor.biz/ceoday
Also, I’d love your review where YOU listen to podcasts. Send me a screen shot or tag me on social media so I can be sure and give a shout out to you too.