If you let anxiety about money seep into your business model, or if you are wondering why you are not seeing larger returns on your work, you have Money Leaks. In fact, most businesses do—they just might not know it yet. By looking closely at those areas where you’ve turned a blind eye, you can stop Money Leaks and create immediate, profitable, change in your company and a strategy to manage and guide your future choices.
The truth is that Money Leaks really add up. Maybe you have a shared financial obligation with a former partner, or a client you can’t stand working with. You might discover recurring fees for services you don’t use, or you consistently avoid paying a vendor that you owe money to—all while continuing to go deeper into debt.
Ignoring Money Leaks isn’t a business plan for long-term success. It’s absolutely essential to staunch the flow. Don’t get overwhelmed—just focus on one step at a time. To keep it simple, you can think about solving Money Leaks in two waves:
• First, create an inventory of things you’ve avoided taking action on. Free up that brain space so you can get focused on solutions.
• Then, identify the steps that you need to close those leaks. Don’t worry, not all solutions have to be earth shattering. It might just be a baby step—maybe you find out your toxic client doesn’t bring in enough income to make it worth continuing to work with him, so you set a date to let this client go.
If you can make the commitment to discover Money Leaks, the solutions are just around the corner. You’ll find yourself feeling challenged instead of overwhelmed, excited for the next step instead of dreading it. When you identify Money Leaks, you place yourself on a path to success so that your business can begin to work for you—not you for it.