What are the leaks in your business?

Asking the question “What are the leaks in your business?” can cause  a myriad of emotions. Think of it this way and see it for the golden opportunity it is:

“Leaks are not the problem; they are the symptom. They reveal a disconnect between what people want and need to know and what they actually do know.”
~Heather Brooke

When was the last time you did a full audit of your business?

If you’re counting up the months (or years) on your fingers, it’s time to take a closer look at your operations and see where things can be tightened up! A business is a moving machine, an ecosystem that requires a lot of different elements, parts, and systems. It can be daunting to take a close look at all of those little details to find the leaks!

Just like an unknown leak in your house, a steady leak can be disastrous, causing extensive damage. Download the worksheet at the end of this article and keep it handy to consult as you tackle this extremely important area of your business.

Here’s a list of questions and points to consider when you’re answering the question “What are the leaks in your business?” Identify financial, time, or energy leaks in your business.

What do I spend the most time on? Make a list.

• Is doing them the best use of your time?
• Are there better or faster ways to do those things?
• Do you have to do all of them? Could you outsource some tasks?
• Are you spending time on something that isn’t really supporting your business? Could that task be reduced or eliminated?

What isn’t getting done in my business? Make a list.

• What is the ROI for each activity if it were accomplished?
• Can the profitable activities be outsourced?
• Can I outsource a less profitable task to free me up to focus on the activities that need my attention?

What do I spend the most money on? Make a list.

• Do you really need all the services you’re paying for? Are they each worth the money you are spending?
• Are there alternatives that are less expensive but work just as well?

What parts of my business constantly stress me out? What parts of my business am I avoiding? Pay attention to the times you think “there’s got to be a better way?”

• Can someone help me with them?
• Are there systems that could make those things less stressful? If I don’t know, where could I go to learn about options?

Is my business growing as much as I’d like? Why or why not?

• Do I need to work with a mentor? In what areas?
• Do I need to invest in more education? Tip: Limit this to what you can conceivably accomplish along with your other responsibilities.
• Do I need to hire another team member?
• Can my systems handle growth? (Web hosting, mailing list provider, procedures, etc.)
• Do I have any mental or emotional blocks that are preventing me from growing my business?

Are my systems still working for me?

• Can my web hosting support the amount of traffic I have?
• Is my site light and speedy or does it lag? Do I need to clean out my site or upgrade my hosting?
• Does my mailing list provider have all the features I need?
• Is my project management software fulfilling all my needs?

For bonus points, write down your answers! Taking the time to really think about the different parts of your business will really help you refine your tactics. It’s worth the effort!