I’ve got a really important question to ask you today:
Are you leaking money in your business?
One of the Lucky Bees in the community (Raine Boyd, Hi!) asked this question recently and yes, I totally was leaking money in my business.
So let’s talk about how you can find those leaks and how you can plug them up so you can keep more of that money.
I am Denise Duffield-Thomas from LuckyBitch.com, let’s talk money leaks.
Prefer to listen? Click below.
Lucky Bitch Video Transcript – How to Find Money Leaks in Your Business
This was actually a really timely question because at the end of last year I realized I was spending a whole bunch of money on a lot of stuff that I never ever used.
So I actually did something quite extreme to find my money leaks.
I actually cancelled my credit card and you might think that was kind of a little bit extreme but I was changing bank accounts and that kind of felt like a really good time to do it.
I thought, I’ll just see what payments were coming out of this card. So I called the bank and said, I need to cancel my card, I need a new one and they sent it out to me and then over the next couple of weeks, I just saw what was coming up in my email with people who are saying, you know, your payment defaulted, can you send us your new credit card details?
And it really gave me the opportunity to look at each of those things with a fine-tooth-comb and say, “Do I really need this?”
Some examples were:
- teleconferencing software that I never used anymore,
- software from my blog that I never used anymore,
- fees that I was paying unnecessarily,
- old blogs that were renewing just randomly,
- URLs that were renewing that I’ve never, ever used and I probably will never use in my life.
All of those things were costing me just a little bit of money each month but all of those things really added up. So cancelling my credit card, even though it might feel a bit extreme, was a really great way to identify those leaks.
Feeling some money blocks come up as we talk about this? Let’s take care of that! 3 Ways Your Money Blocks Are Killing Your Business.
Now, if you don’t want to do that, that’s totally fine as well.
Just make sure that every month, however you do your bookkeeping or reporting, even if it’s just printing things out or just looking at your bank account every month, look at each line item and ask yourself:
Do I still use this, do I really need this and could I use something different instead?
So some of the other things that I did, I called up PayPal and asked them to reduce my monthly fees. Anybody can do this. You don’t need to negotiate, you just simply have to ask. It is really not scary at all. And you can actually do it on your PayPal account but it’s easy to call up, you know, and just get them to do it over the phone. That was one of the things I did.
So just by going through and thinking, do I need this? Can I get a better deal on it? Is this something that I could replace or get something cheaper? I actually saved myself $6000 just by paying a little bit more attention to where my money was going.
Want more tips on managing your money? How to Manage Your Money as a Female Entrepreneur.
When you do things like that, the universe does reward you because you’re taking care of your money, you’re becoming a better steward of what you already have and then the universe can send you more.
So I would love to hear from you:
What are some money leaks that you have found in your business recently?
Are there things that you really don’t need to be spending money on and what actions have you taken to plug up those leaks?
Let’s get the Lucky Bee community doing really great stuff with our money.
And if you haven’t done any of that yet, I want you to write down below that you are committed to doing that for the last couple of months just to see where your money is going and being committed to doing something about it, plugging up some of those leaks because, hey, what could we spend that money on, something way more fabulous than autoresponder subscriptions that we don’t even use.
Feel like you need some support on your money team? You can see how I have my team set up right here: Who Should Be On Your Business Money Management Team?
We could spend that money on shoes, holidays, food, lots of amazing things, investing in your business and something that actually makes a difference to help you make more money.
So Lucky Bitch, if you want some more advice about how to make more money and have way more fun in your business, come over to LuckyBitch.com and I would love to play with you. Bye!
Did you miss last weeks post? Check it out here: The End of Year Ritual to Finish 2014 with a Bang.