11 Hidden Costs of Business
Hidden costs of doing business show up many different shapes and forms.
Eliminating or reducing some of your hidden costs can directly and positively impact your bottom line.
How much are they costing you?
Use this list to identify how and where they show up for you so that you can calculate what they are costing your business.
Cost of Inaction
The cost of doing nothing means the issue or problem remains unsolved and, as such, a money leak.
Being willing to take action means you get to see what works and what does not work so that you tweak and adjust the actions you take along the way until you refine exactly what works for you.
Cost of Indecision
Not deciding keeps you stuck where you are.
Making a decision changes your energy, gets you into action and moves you forward.
There’s power in deciding; remembering that no decision you ever make is set in concrete.
You get to choose and decide repeatedly.
Cost of Invisibility
Hiding, not letting others see you, whether that is online or in your local community inevitably costs you.
People cannot do business with you unless they know you exist.
The more visible you are, the more people you connect with and potentially the more money you make.
Cost of Idealism
In business, idealism most often show up as perfectionism.
Done beats perfect, hands down at any time.
Whenever it is good enough, that is enough for now.
You can always go back and improve it later.
When you wait for it to be perfect you delay your receiving.
Cost of Impulse
Changing your mind on a sudden whim rather than for good reason or following your intuition costs you.
While it can be easy to feel excited that a certain strategy has worked out well for someone you know; implementing that same strategy in your business may end up being an expensive exercise unless it is aligned for you.
Cost of Instability
Without a firm, unshakable foundation, your business and life lack stability or strength.
This may show up as frequent changes in direction or attitude.
Basing your business and life on a firm foundation creates a stable platform for you to grow your business and you.
Does your foundation have capacity for growth? Are you building a woodshed or a skyscraper?
Cost of Ignorance
This may show up in different forms including being unaware of costs that may be unnecessary or services you are not utilising.
Knowing your numbers and where you are spending your time, energy and money is essential for a well-functioning business.
Cost of Inconsistency
Inconsistency means your business is unsustainable.
When sometimes you do and sometimes you don’t it means you are always new to potential customers. This can include networking, being visible, posting on social media, or advertising.
Knowing what you need to do consistently, your must-dos – those activities you must do to maintain and grow your business, is vital for your sustainability.
Cost of Incongruence
Being unaligned in your business is an unsustainable energy drain.
Checking your alignment and realigning where necessary is vital for you to keep on keeping on doing what you need to do without experiencing burnout or overwhelm.
Cost of Irresponsibility
Taking ownership, being responsible, for the consequences of what you do and do not do is vital.
Being responsible for yourself, your decisions, and your actions is essential for every individual on the planet to be functioning fully and well in whatever role they undertake.
Cost of Incompatibility
Knowing how to check your clients and staff are aligned for you and your business means they are compatible with one another.
This means your business, runs more smoothly than otherwise.
While this may not be imperative for businesses selling goods, it is an essential requirement for the smooth operation of your service-based business or coaching practice.
Book a free consultation if you want my help identifying, reducing, or eliminating any of these hidden costs in your business.
