The Cost Of Standing Still in Business – Steve Mills

At a time when all we hear about in the media is bad news.  A recession is coming.  We are getting and not really wanting a new prime minister.  The war in Ukraine is getting worse.  Covid will come back. Is there any wonder why some businesses are choosing to stand still like a rabbit caught in the headlights of a car? But, what is the cost of standing still in business?

Is there any wonder businesses are nervous about the cost of moving their business forward?  We all hear that the cost of living is going to continue to go up and up. What does that actually mean to you as a business owner? It means – if you don’t do something NOW, your quality of life is going to go down and down!

What is standing still costing your business?

What has sitting back waiting for times to improve cost your business over the past five years. Look at it this way. 80% of businesses fail within five years. Why is that? The No.1 reason without a doubt is a lack of sales.  So what have you lost due to standing still and doing nothing or very little in terms of selling and marketing?

I don’t know your answer, but what I do know is:

1. People have been looking for your products and services on Google and if you are not there, then you have lost a potential fortune
2. If you have not been communicating on a regular basis using email marketing targeting your current and past customers and your past prospects then you have also lost a small fortune in sales and your competitors might be emailing them
3. If you are not investing money in paid online advertising, you are also losing money. I am talking about pay-per-click advertising on Google, Facebook, LinkedIn, YouTube, Bing, and Instagram and also re-marketing and geo-fencing which you probably have never even heard of!
4. If you are still saying “I’m on LinkedIn, but I don’t really use it much”. Then I know you are using money because I earn £100,000+ on LinkedIn without spending £1 on marketing. (I do spend time)
5. If you are one of those people who think Facebook is not for business, then again you are missing out on what is probably the most sophisticated marketing machine ever known
6. If you are relying on networking, repeat orders and referral to win you business, then you are losing a fortune in lost leads, opportunities, meetings, sales and money.  Basically the money that could be sitting in your pocket, is sitting in your competitors pocket.

So what does all this mean and what should you be doing? It probably means you are leaving a load of cash on the table. It probably means you need to get better at marketing your business and converting your increased leads into sales.

It probably also means that if you don’t do either of these things, then you are going to continue surviving but both thriving and you are going to lose money every day because you did not take action.

I hope you enjoyed reading this blog post. If it made you think seriously about your business and your situation, then get in touch. If you want more help growing your business, then…

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