3 Hidden Revenue Leaks That Are Costing Your Business Money

Welcome to the Limitless Women Podcast. Our mission is to

help women business owners like you grow profitable businesses

and actualize your opportunities to serve and give to yourself

and others. Here's your host, the founder of Limitless Women,

Laura Gisborne.

Do you find that you get to the end of the month

and you have more month than money? Chances are, if you've

been in business for a while, you've figured out kind of those

basic systems that need to be in place where you can create

revenue. You've got paying clients; things are working okay

on the outside, and it looks like the numbers are good. The

challenge is if you're not paying yourself well, and if you

feel like you're losing traction, you could be

experiencing revenue leaks. Now, there's three that I've seen

over the years that are pretty common for most women business

owners, and the good news is they're easy to find and easy to

fix. The first most common revenue leak I see for women

today in business is the slippery slope of one more

subscription. You sign up for a service that you need. You sign

up for an app. It looks like something small, but the next

thing you know, you need another one. And the next thing you

know, there's two of them or five of them, and you're on a

year-long subscription. And when you go to get your credit card

statement, what started out as a zero has all these charges.

You're not sure where they came from. If you're paying

attention, you might catch this. But what I see all too often

with women is life is busy. Life is full. There's so many things

pulling on us that often this slippery slope starts to really

become a snowball. So what I want you to do is to check two

places for this month. I want you to go back and look at your

bank statement, and I want you to look at your credit card

statements. If you're using one credit card for business, that's

ideal. You have one place to look. If you've got multiple

credit cards for business, you need to look at all of them.

Okay, go back through line by line. Give yourself permission

to take some time and look at this and say, "Am I really using

these? Are they really giving me the return on investment that I

invested in when I first signed up for this package?" If you

haven't used it, let it go. Don't make the mistake that most

women do of like, "I'm just going to hold on to it, and I'm

going to make time to use it six months from now. Guess what?

That's six more months of payments that are not paying you

back. If you need this, you can sign up again in six months. But

right now, my invitation to you is to stop the leaking. Let's

get you tightened up and get things on track for you. Okay.

The second thing that happens all too often for women in

business is that they don't raise their prices? Inflation

happens. Life happens, and what's more important, your

value increases. The longer you're in business, the more

people you serve, the clearer you are about how to help

people, the clearer you are about who your ideal people are.

You get into action and you get results. There is a value

proposition that's gone up. If you haven't raised your price in

the last three to five years, I invite you to consider

reevaluating that right now. Look at what's going on in the

marketplace. Not there's a person out there who's doing

something similar for less money, but look at the results

your people are getting. Are they getting great results?

What's the value to them in that proposition? Ask your clients.

Ask them what are the things that are really making them feel

so happy that they're working with you, and get more of that

feedback, more case studies, more social proof, so you can,

with confidence, increase the value and make your pricing on

par with what you're actually worth. The third thing I want

you to consider in this video is: Are you putting money away

for taxes? You know, when Scott and I got married, he hadn't

done taxes in a few years. We were both in real estate. It was

easy to kind of get those big checks and forget. You've got to

be partners with your money.

You need to worry about not only making more money, but you need

to keep more of what you make, and you need to pay your taxes

when it's time to pay your taxes. So, having a system

around when revenue comes in and pulling some aside for what you

need to do with your bills is one thing. Having revenue come

in and putting some money aside for the tax bill that's coming

is another thing that I need you to pay attention to. Now, here's

the great news: if you get aggressive and you've got really

good tax strategy and you don't need the money for taxes, you

can use it for something else. But that's a way better place

for you to be in than getting to the end of the year and having a

big surprise where you owe money that you weren't counting on.

Okay, so money comes in, pull off your percentage for the IRS,

put it aside. It will be there when you need it, and you won't

have to be surprised. If you found these tips helpful, I

encourage you to take our complimentary business

assessment at legacyleadersurvey.com. This is

an assessment I created for you that will tell you exactly where

you need to focus in your business. It'll shine some light

on some things that you may not be seeing, and it may also help

you to see ways that you can streamline your revenue, make

more money, have a little more fun, and find some more time.

I'm Laura Gisborne, founder of Limitless Women. If I can be of

support, it's my pleasure to support you.