Benjamin Franklin once said, “If you fail to plan, you plan to fail.”
With all the moving parts of a business to look after, it’s no wonder that some things fall through the cracks, thus affecting your business growth and bottom line profits. So let’s examine five mistakes that will diminish your profits if not fixed right away.
LNC Business Growth Mistakes
It’s just not enough to publish one Facebook post or a couple of tweets every week. Likewise, not offering a gift to get an attorney’s email, and staying in touch with attorneys on your email list is also detrimental to your business.
If you don’t have a consistent marketing plan, people will forget your name, how they ended up on your email list, or why they’re following you on social media. You’ll need to win them over again. They need to hear and see your company name consistently before they decide to spend money on your services.
A business coach can offer solutions and ideas to make your marketing consistent and effective. That’s what I do with the LNCs I help in LNC Success Connection.
Failure to Automate
Are you stuck in the old-school way of doing things?
Are you making phone calls to confirm appointments instead of using SMS technology to send text message reminders to confirm? Posting on social media can be automated using Hootsuite or Meet Edgar platforms.
Yes, these automation tools cost money but compare the monthly or annual costs to the cost of an employee or a virtual assistant doing the same task. The old-school ways are much more time-consuming, thus costing you more money in the long run.
Do you know the latest technology that can help you automate while sticking within your budget? Are you using a calendar system so that people can easily make appointments with you? I love Acuity Scheduling. It makes my life so much easier.
Poor Branding or Messaging
Review your messaging and business image. Branding is more than your logo and business colors. LNC branding is your overall image and customer promise. Determine how you want to be seen and take steps to do that. If you’re unsure how to do this, research what others in your field are doing and be inspired to implement it in your business. Never copy; just be inspired.
Bad Money Management
What processes do you have for bookkeeping and paying your monthly invoices?
Do you know what your income vs. expense spreadsheet looks like?
There’s no reason you should be surprised at tax time with how much (or how little) profit you made in the last year.
However, businesses positioned for growth have good money management solutions in place. Create a budget for your business and solid processes for handling your monthly expenses.
Reluctance to Reinvest in Your Business
Think of reinvesting as a way to grow your business. Instead of taking the extra profits out to pay yourself every month, keep those profits in the business and use them to hire a virtual assistant, purchase software or training tools to help your business, or invest in a business coach. Each of these reinvestment options will help your business run more efficiently so you can have more time to serve your customers and prospects.
Of course, you should pay yourself a salary every month. The profits (or a percentage of the month’s profits) should remain in the business to help it grow.
In conclusion, it’s good to review your marketing plan at least once a year. Are you staying on top of the latest technology and satisfied with your LNC business? If not, do the research necessary to learn how you can do better.
Pat Iyer is president of The Pat Iyer Group, which develops resources to assist LNCs in obtaining more clients, making more money, and achieving their business goals and dreams.
Pat’s related websites include the continuing education provided on LNCEU.com, the podcasts broadcast at podcast.legalnursebusiness.com, and writing tips supplied at patiyer.com.
Get all of Pat’s content by downloading the mobile app, ExpertEdu at www.legalnursebusiness.com/expertedu. Watch videos, listen to podcasts, read blogs, watch online courses and training, and more.