COACH-CREATED©: 7 Bad Habits Costing You Money by Linda M. Lopeke

This COACH-CREATED© blog piece comes to you from Linda M. Lopeke, Business Growth Specialist and Founder/CEO of SMARTSTART Omnimedia Management Consultancy, based in Ontario, Canada.

 

When someone says, “I’ve been rich and I’ve been poor and rich is better!”, it’s not hard to understand what they mean.

However, the question I have for you today is, “Are you willing to change the bad habits limiting how much money you can make in your coaching/consulting business?”

Let’s find out!

BAD HABIT #1: Failing to negotiate

While you won’t always get what you want, pretty much everything is negotiable. You can practice this at home today. It’s an easy place to begin building this critical life skill.

Note that negotiating and bullying are not the same thing. In a successful negotiation, everybody gets something they want out of the deal — regardless of what it is you’re negotiating. This give and take is all part of the process.

There’s really little risk involved. The worst that can happen is the person says no; but often there will be a counter-offer. Also, at the very least, you’ll grow confident in asking for what you want. This makes it less likely clients and suppliers will be able to take advantage of you in your coaching/consulting business.

Sometimes you’ll be negotiating for more money, other times you’ll be negotiating to spend less. However, until you start negotiating, you’ll be leaving money on the table either way.

BAD HABIT #2: Failing to invest in yourself

There is no better investment you can make than to invest in yourself. That means, spending money to learn more, to better your skills, and to improve your mental and physical health.

The more you do this, the more likely you’ll make better decisions and participate in activities that increase your value to others. Ultimately, that’s a great way to earn more money in your business while ensuring reduced expenses and less downtime due to illness or lack of stamina.

Plus, with innovative business accelerator programs available to help you invest in yourself more affordably while building your business dream, not applying for subsidized expert support and professional guidance is simply foolish.

BAD HABIT #3: Holding tunnel vision

Going all-in can be admirable, but only when you don’t let holding tunnel vision interfere with your long-term ability to make more money.

You have a responsibility to give yourself the best chance to succeed in business. That means setting up multiple streams of income (not just one) and not relying heavily on any one source or client for revenue.

It also means never building critical assets on platforms you don’t own as they can be lost without warning and most often there is no contingency plan or means of disaster recovery and support available.

Disruption happens and it usually isn’t planned. Backup strategies don’t mean you’re less committed to your business; they mean you’re less likely to be ruined by a devastating event you don’t control. Don’t neglect this important responsibility.

BAD HABIT #4: Becoming complacent

It is hard to maintain your enthusiasm and motivation over time. That’s not an excuse for maintaining the status quo.

It’s easy to become complacent with who you are and what you do; but it’s not productive or rewarding, and it certainly doesn’t lead to higher revenue.

Slowing down to avoid burnout is one thing; not moving or growing at all is something completely different. Rocking inertia is deadly in every way.

BAD HABIT #5: Doing only what’s expected

Setting targets can easily trick you into achieving the bare minimum to keep yourself going with anything in life. Setting stretch targets, whether or not all are achieved, keeps you striving beyond your comfort zone.

That’s where exponential growth and reward reside. If you never go there, you’ll never know how good things can be with just that little bit more applied effort!

BAD HABIT #6: Sacrificing goals for loyalty

There will come a time (and perhaps many a time) in your life where you’ve reached a dead end in a relationship, business partnership, or even in your business. Thinking about leaving might feel like disloyalty on your part which makes staying an easier, more comfortable decision to make.

However, these are times when staying, not going, is the act of disloyalty. When you sacrifice your goals out of misdirected loyalty, it becomes an act of disloyalty against self. Such loyalty does not serve your better good (or theirs) and is, in fact, a disservice to all.

BAD HABIT #7: Failing to put your money to work

You do have to spend money to make money. So, once you’ve accumulated some savings, put that money to work for you by investing in more education and opportunities for yourself. And, if the timing isn’t right to do that, work with a financial planner to get that money out of the bank and working for you in other ways.

Money is energy; keeping it moving is the way to keep it growing. Making more of it is the obvious first step to accumulating wealth.

Just remember, the only true wealth is health — it’s the one thing money can’t buy. So, while I’m all for changing any of the bad habits that might apply to help you make more money, do not make any change that will ultimately cost you your health. Once your good health is lost, no amount of money you might spend can buy it back for you.

Is 2020 the year you’ll invest in yourself? Visit wbecs.com/programs and discover your next learning journey.