Are you leaving money on the table?
June 20th, 2018 by Morna
We’re into the last six months of the year. Just where did the first six months go?!
Our ICAP Members’ Studio peeps regularly look at their numbers. How about you?
Have you look at your numbers for the first six months? What did you discover? Were you on track or were your results not quite what you were expecting?
I talked with one of my private clients recently about this, and she said she needed a cash infusion. I think finding that cash infusion comes down to two items: ideas you didn’t take action on and things you didn’t follow-up on.
Ideas that you didn’t act on
First are those items you didn’t take action on. One of my good friends has something she calls “the $5,000 notebook.” I bet you have a similar notebook full of cash and you don’t even know it.
Do you often make notes of the great ideas you had? You know, the new pattern you wanted to create, the class you think you should develop, the cards to print based on your paintings, the new line of jewelry you want to work on.
And what happens to the idea? In many cases, mine included, it stays on the page in your notebook or journal or on those little yellow sticky notes. And, it stays there because you move onto the next idea and forget that last great idea.
If you are looking for a cash infusion in your business, go back and find that notebook or those slips of paper and look through them. Highlight those good ideas and then start to take action on one of them. You only need one idea, so don’t get bogged down in more than one.
Actions you didn’t follow up on
Next are the things you didn’t follow-up on. We all do this, so don’t feel bad about it.
This can be a gold mine if you go back and look at where you forgot to follow-up. I’ve always heard that the fortune is in the follow-up, and that’s true.
Go back and make a list of people who’ve asked about your products or services in the past. It could even come from that stack of business cards you got at the last trade show that is still sitting on the corner of your desk.
In sales lingo, these are warm leads. They already are familiar with you.
Set aside time to connect with them again. Block a time in your calendar each week for follow-up and stick to it. If you aren’t sure what to say, create a script with bullet points.
Regardless of whether it’s the money in your $5000 notebook or the lack of follow-up, it’s what I call “leaving money on the table.” And we are all leaving money on the table.
This week I plan to go through the notebooks and highlight the ideas I had that could generate cash in my business and take action on one. I’m going to look and see where I should have some follow-up. How about you?
It’s your turn!
Where have you left money on the table and how are you going to find it?
Tags: business, creatives, money, new ideas, old ideas, profit, services, tracking