December 2, 2022

Today I’m challenging you to think differently about your business investments, and I’m not just talking about money. If you are like most relatively new coaches and consultants, you have money leaks in your business from overspending, underinvesting, and other needless waste that is slowing your growth and draining your ability to generate bigger profits.

I know investing in your business is scary. It can kick up all kinds of fears and can make you afraid that you will run out of cash. But what you might not be aware of is your near-term thinking is having a negative impact your longer term business results.

Intrigued to learn more? Let’s dive into how to make the right investments in your business success. If you enjoy this newsletter, please SUBSRIBE and share with your connections.

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Four ways you are underinvesting in your business success

It’s important as the CEO of a growing coaching and consulting business that you are continually investing in growth. And not just financially. Investing your time, your focus, your CEO skillset, and in building your team.

If you are coming to entrepreneurship with a scarcity mindset – if you are afraid of running out of money or hoarding every last dime for a rainy day, you may be underinvesting in your business.

Symptoms of under investing are:

  • Building your business strategy around the free training, advice and strategies you can get from searching the internet.
  • Taking every opportunity that comes your way as a consultant because you are afraid that if you turn down business, you will be struggling for cash.
  • Purchasing low-priced courses or programs for your coaching business that promise to teach you a marketing skill that you believe will help you get more clients.
  • Discounting your services or adding on lower priced offerings because you are afraid to leave money on the table.

In all of these scenarios, you are underinvesting in the strategy and supporting plans that will guarantee your results. 

In fact, this approach guarantees that at the end of the year, you will end up feeling exhausted and confused about why you didn’t hit the revenue number you were hoping to reach.

Let’s explore how making the right investments in your business can help reduce your money stress, avoid burnout and actually multiply your revenue and profits.

First, let’s look at how you are investing your TIME.

You may be finding yourself in a time bind where you are working in your business – satisfying clients, constantly marketing your services so that you have a funnel of new prospective clients, struggling to keep up with the demands of client delivery, sales and marketing, that you have no time to work ON your business.

If you are waking up day after day and feel like you are a slave to your schedule, but you are not really working on what you want to be working on, you are taking clients who are not ideal, and you feel you are on a hamster wheel of creating social content, networking and marketing your services to keep your funnel full,

You are underinvesting your TIME in working on your business.

Most of my clients end up working LESS in their business and working more ON their business when we work together. 

It’s possible you are doing too much marketing – or too much of the wrong kind of marketing.

Maybe you have too many products or programs. Maybe the program you have is not working the way you want it to. Or you could be reinventing the wheel each time a new client comes to you.

I know I hear that all the time with the consultants I reach. They are taking on TOO much work and not getting paid enough for it and don’t have enough time to do what they want to do.

You can fix that now but carving out a day a week – or two half days – to work ON your business–to assess, what’s working, and what’s not. To refresh your vision for where you want to be. To ask yourself, “What needs to change?” And, “What is the most important thing I need to do NOW do get more of what I do want?”

There may be many different answers to that question depending on our business model and how mature your business is.

It might mean releasing a client.

It might mean canceling a program that isn’t profitable.

It also might mean to stop DIYing your marketing and hire a pro who will get you better results than you are getting on your own.

Which brings me to my next point…

How are you investing your FOCUS?

Are you focused on TOO MANY moving parts to your business, and not investing in your attention in the ONE THING that will make all the difference?

There’s no ONE THING that is the same for everyone.

Your ONE THING might be launching a new higher-end program.

It might be increasing your prices.

It might mean elevating your visibility in your market

It can mean a lot of things.

The most important action you can take now is to carve out some time to reflect on what’s working and what isn’t working in your business.

Anything that is causing you stress or anxiety is an indication that your strategy is not working. 

You may be focused on a marketing strategy that worked for someone else and doesn’t work for you. (Which is the danger of investing in low-end courses or challenges that promise any kind of secret formula for getting you new clients.)

There is no one size fits all approach to growing a sustainable and profitable and scalable business. 

Which brings me to my next point.

How are you investing in SUPPORT?

And there are two types of support that are important to you as you scale:

Are you working with the right coach?

The first is the coach you choose to help you create the right strategy and tactical plan that is right for you and right for the stage of growth you are at right now.

Your coach needs to also see you. What I mean by that is you get 1:1 time with your coach as well as time in a small cohort of other founders.

You can’t get support in a room of 50 or 100 other CEOs and expect to get the customized support you need based on your goals, your unique skills and your unique challenges. There’s no one size fits all approach that will get to you multiple 6 or 7 figures.

So while investing in a coach–especially a high-end coach who gives personalized attention and customizes a strategy to fit you and your business–might feel like a big investment up front, you end up making more and doing less in the long run.

Think long term on your investments. Short term thinking will get you short term results. 

A Fixed Mindset results in a Fixed Income.

You have a growth mindset when you know you also need to grow as a CEO in order to grow your business. You have a growth mindset when you see your own limitations and you seek the skills and support you need to be the she you need to be to realize the ultimate dream that you have for your business.

Whether that is affording a comfortable lifestyle with your family. Taking the kids on memorable vacations or giving back to the causes and people you care most about. You can’t make a large scale impact on the world on a tiny budget.

You need to invest in your business BEFORE you feel ready to.

Which brings me to my final point.

You need to invest in help.

Not just a coach, but a team. And you need to build your team before you feel ready to hire.

These team members – they may be part time or freelancers when you first start out – give you the freedom to focus on what you do best – LEADING this fledgling business to scale to deliver the impact you want to make. 

You didn’t leave a corporate job with tons of support resources to struggle through on your own. You need to focus on what the highest value of your time is. What do you do that produces the greatest results. 

If you are focused up front – on building your brand and becoming known and dominating your market – you don’t need to be doing graphics in canva or keeping your own books. You need to be speaking, writing, delivering podcast episodes, and being ever present in front of your ideal clients.

If you are doing back office tasks like graphic design, bookkeeping, uploading or downloading anything for distribution. If you are doing anything other than being present and up front and delivering great outcomes for your clients, you need to automate it or delegate it.

Where are you underinvesting in your business? Are you underinvesting your TIME and working in, but not on your business?

Are you underinvesting in your focus? Are you focussed what’s easy and cheap as opposed to what is going to be most effective in delivering the results you want?

Are you underinvesting in support? Are you signing up for anything that is free? Or cheap training that delivers cookie cutter strategies?

Did you hire a coach because she fit into your budget or because she was the best person with the most skills who is able to support you in a deep and fundamental way to get to YOUR next level of success?

And are you underinvesting in support of a team? People who for very little money, can take a huge burden off of your back and enable you to invest your time and your focus wisely.

A Fixed Mindset will keep you on a Fixed Income.

Would you like MORE support with growing your coaching or consulting business?

Join me for a LIVE 5-day event designed to make revenue growth a predictable outcome for your coaching or consulting business. Get all of the details for how you can join this CEO experience that will only take you 45 minutes a day and give you a lifetime of success in growing your 6-Figure coaching or consulting business.

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