Have you ever wondered where the term, “Money is being left on the table…” came from?
It actually came from the game of poker, and it references a situation when a player does not play intelligently… they’re essentially leaving money on the table.
The same thing applies in business, however… there are some things other than intelligence that can contribute to a business owner leaving money on the table… Here are just a few:
1. You don’t market
Business Owners around the world in today’s age believe that if they make a few posts on social media, then they can check the box in their business for “marketing”.
There is NOTHING that is further from the truth.
Marketing is essentially defined as the front end of one’s sales pipeline. So as a business owner, you must first create…. THE FRONT END OF YOUR SALES PIPELINE!
All a business owner needs to do this task well is some basic initial presumptions. These presumptions comprise “things” that a target prospect will need to experience in order to be led closer to a buying decision.
Typically, a prospect’s attention is captured. They’re provided some information that will make them more excited to buy. Then they’re presented with an offer.
The next item on this list is the tail end of this challenge that business owners have.
2. You don’t follow up
The most successful business owners and sales people will tell you the following quote:
The Fortune is in the Follow Up!
You MUST follow up with individuals whom you were successful in capturing their attention in some way or another. Too many business owners have the thought that the moment they capture one’s attention is the moment they should be making a buying decision. That thought is one of the most destructive thoughts a small business owner can possess.
You must focus on harvesting, which comprises of planting seeds and nurturing them so they grow into the garden of opportunities that you desire for your business.
You’re absolutely leaving money on the table if you’re failing to follow up with people.
Want to get a Full Marketing Audit for your business? Send me a quick message and I’ll send you a $15 Voucher to use within the Audit Marketplace.
3. You don’t focus on building your base
Speaking of harvesting… Did you know that there are studies that show that 98% of small business owners do not have a Client/Customer Relationship Management tool or some form of Email Marketing program?
“Studies have also shown that 98% of businesses fail within their first 3 years.”
A Client Relationship Management tool is simply a tool that keeps track of your engagement with people throughout their buying journey. It can record valuable information such as the last time you’ve spoken with them, what you spoke about, things they’ve identified as their needs or concerns, etc.
You cannot grow what you do not measure
You’re most definitely leaving money on the table if you’re not capturing information in some type of tool and making business decisions based on the growth of this base.
4. You don’t let go, to get more
Small business owners far too often hold on to things that inhibit their ability to grab onto things even bigger.
One of the most relevant example is the small business owner who has the desire to hold on the responsibility of completing every single task within their business without hiring or employing others to offload some of the work.
There is a cost to growth. And many times, it requires you to let go of things… (1) money, (2) responsibilities, (3) margins, (4) offerings, and more.
Don’t skip over dollars to pick up pennies
Focus on the dollars… it may cost you… But it will ultimately enable you to grow your business, which is the aim in the first place.