11 Hidden Costs of Business

by | Business, Numerology

How much are they costing you?

Hidden costs show up many different shapes and forms.

Eliminating or reducing some of your hidden costs can directly and positively impact your bottom line

In this article, I’ve outlined 11 of them to help you identify how and where they show up for you.

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 doesn’t so that you tweak and adjust the actions you take along the way until you refine exactly what works for you.

 

Cost of Indecision

Indecision keeps you stuck where you are. Making a decision changes your energy, gets you into action and moves you forward.

There’s power in making a decision, remembering that no decision you ever make is set in concrete.  You get to choose and decide over and over again.

 

Cost of Invisibility

Hiding, not letting others see you whether it’s online or in your local community inevitably costs you.  People can’t 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

Aka perfectionism.

Done beats perfect, hands down at any time.

Whenever it’s good enough, that’s 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’s aligned for you.

 

Cost of Instability

Without a firm 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’re not utilising.

Knowing your numbers and where you’re spending your time, energy and money is essential for a well-functioning business.

 

Cost of Inconsistency

Sometimes you do and sometimes you don’t means you’re always new to potential customers. You’re constantly starting at ground zero.

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 is an unsustainable energy drain.

Where are you not aligned in your business?

Checking your alignment, and realigning along the way, 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 for the consequences of what you do and don’t 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, they get along.

This means your business, runs more smoothly than otherwise.  While this may not be imperative for businesses selling goods, it’s an essential requirement for the smooth operation of your service-based business or coaching practice.

 

Sing out if you want my help identifying, reducing or eliminating any of these hidden costs in your business. 

 

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about the author

Daphne Wells coaches women to design a life and business that feels free by helping to release expectations that don’t resonate and fully embrace what makes them happiest. An advocate for independence and author of Decide – Choose your own path, Daphne helps women find their inner strength and take courageous action all over the world.

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