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If money is flowing into your business but just as quickly flowing out again then it’s time to examine money leaks that could be draining away your hard earned revenue.

Although it’s important to put your focus on generating revenue to grow your business unless you’ve got a solid financial foundation in place you can find yourself on a hamster wheel of working harder but with little in the Bank to show for it.

Money leaks are often not that obvious but over time can seriously erode your financial success.  So here’s what to look out for so that you can stem the flow:

Giving away services for free in the HOPE of winning business uses up a very precious resource – your time (you just can’t replace it).  Now I do think that it’s helpful to offer a sample or taster of your services, particularly if you are offering high end programmes or consulting services, as others need to have trust and confidence to work with you.  But when you give away many years of experience and knowledge without a guarantee of work you’re likely wasting hours of valuable time and money which you potentially can’t recover.

Undercharging and over-delivering. This is a BIG trap that many solo professionals fall into and shows up in working more hours with no capacity to develop new products and services.  The fear of charging what your worth stems from the belief that clients won’t pay or you’re not good enough.  Although raising your rates might initially mean a drop in client numbers you’ll soon find that as you adjust to the principle of ‘fair exchange’ new clients will show up who can pay and will value what you offer.

Having weak money boundaries with clients.  By not having clear and robust agreements in place about payment terms and conditions you run the risk of being paid late, having to chase outstanding invoices or not being paid at all.  This of course will impact your cash flow and again uses up time and effort which could be better directed towards income generation.

Failing to track, review and make changes to your outgoings. With many personal and business expenses being paid by direct debit or standing orders it’s very easy to become accustomed to outgoings without questioning them.  I recommend having a financial review at least once a year when you check everything from insurance, club membership, mobile phone, utility expenses, suppliers, printers etc. to ensure that you are getting the best value for money.

Tolerating last minute cancellations or no shows. These are big money drains if you don’t have cancellation policies in place and fail to take action to follow up on them.  Not only do you lose income for the time you had booked but it also sends a signal that you don’t value yourself or your time.

When you become aware of the money leaks in your business (many of us have them) and begin to patch them up, then practically you are committing to building a sustainable, profitable and financially successful business.  And energetically you are indicating that you and your business have value and worth……which in turn starts the process of attracting and generating more wealth.

Being a business owner requires a LOT of mental, physical and emotional energy.  Even if you have a supportive team around you ultimately you are responsible for yourenterprise and accountable for your business results.

This means that you have to maintain peak performance, for most if not all of the time, no matter what may be happening.

You have to have enough energy to meet deadlines and get the work done, you have to be at your best to serve existing and potential clients and you have to have clarity and focus when making important business decisions.

That’s why it’s important to have in place 3 key environments that will provide the rock solid foundation for your current and future success, sustaining and energising you through the ups and downs of business life. Without them you risk depletion, distraction and doubt….

Environment # 1 – Whether you work from home or in a rented space your office or work environment is probably where you spend a good proportion of your time planning and working on your business.  Having spent many years in a traditional corporate environment which was grey, plastic and open plan I have relished the chance to personalise my work space and send a signal that I value myself and my work.

The opportunity to create a home study that is individual, professional, energising, creative and attractive (and smells good!) consistently reinforces the way I want to feel about myself and my business.  Being surrounded by my own pictures, furniture and technology in a clutter free environment helps to sustain that sense of achievement and success on a daily basis.  If your office space doesn’t currently inspire and support you, even if you have limited space or funds, find ways to demonstrate the ‘I value myself and my work’ factor with interesting books, music, stationery, quotes, candles, plants and flowers.

Environment # 2 – Who you spend time with socially and professionally will also have an impact on how you feel about yourself.  As business owners we tend to be our own fiercest critics so we don’t need to others to drag us down further.  I recommend both personally and professionally surrounding yourself with others who are supportive and encouraging and who understand that as an entrepreneur you will and need to take some risks to grow.

Otherwise, if all you hear are other people’s fears and concerns you’ll start to doubt yourself, stay small and never pursue your dreams.  As Jim Rohn said, ‘If you don’t design your own life plan, chances are you’ll fall into someone else’s plan. And guess what they have planned for you? Not much.’

Environment # 3 – Intellectually it’s important to feed your mind and soul with information and ideas that will develop your understanding and awareness and trigger new ways of thinking and working.  This might mean reducing the amount of time watching TV, listening to the news or reading negative press.

For me, personally, I choose not to read newspapers and I’m very discerning about the TV/films I watch.  I l prefer to use my time learning from mentors who are several steps ahead of me, reading inspiring books and updating my business knowledge.  This helps me grow and expand my knowledge which in turn means that I provide better value and service for my clients.

Having these strong and supportive environments in place will not only help you build your confidence but will free you up from any negative or draining input, inspiring you to focus on the most important task of growing you and your business.

I have yet to meet a business owner or entrepreneur who didn’t start out with a big dream for their business.  Do you recall that sense of excitement and possibility which gotyou out of bed in the morning and kept you going through all the ups and downs and struggles and triumphs?  You might be experiencing that right now!

Thinking big has the potential to make a difference not only to your life but to the lives of others.  It will encourage and inspire you to begin the process of changing your current situation and creating your future.

For example, in July 2005, Pete Cashmore launched his Scottish social media news site, Mashable, from his home in Aberdeen.  Recently an American media firm is said to be negotiating to buy the technology website for more than £100m!  Wow!

Unfortunately for many of us day to day living often gets in the way and we get caught up in the familiar thinking and doing routines which gives us more of the same.

So if you’re feeling stuck, overwhelmed or exhausted it’s time to recapture the art of dreaming big dreams……

• Allow yourself the space, without limits, to visualise and imagine the life you want to lead, the business you want to build and the people you want to work with.  Write out or draw your vision for three years’ time and think how you’ll feel when you’ve achieved this.  It will engage or re-engage your determination and desire to succeed.

• Make time every day to work on your big dream. As Ursula Le Guin, the American Author says, ‘It’s good to have an end to journey toward, but is the journey that matters in the end’. Just like compound interest taking a small step every day will generate momentum and at some point you will be swept along to ultimate success.  Otherwise another week, month or year passes by and nothing changes.  Disillusionment sets in and it all becomes a bit of a pipe dream.

• Let go of excuses such as ‘I’m not good enough’, ‘I don’t have enough money’ or ‘I’m not qualified enough’.  They just keep you trapped and are probably covering up your fear of taking a risk.  Courage is not the absence of fear, it’s the willingness do what you’re afraid of.

• Professor David Schwartz wrote that ‘The size of your success is determined by the size of your belief.  Successful people are not superman.  They just dream big and have belief in themselves to turn their dreams into reality’. If you truly believe you will succeed or fail you’re probably right.  Focus on believing in your ability to achieve your big dreams rather than on your belief that you can’t have it.  And most importantly surrounding yourself with colleagues, friends and mentors who will keep you accountable and cheer you on every step of the way.

For final words of encourage, Cecilia Stoll, Executive National Vice President Arbonne, who is responsible for generating millions of dollars in revenue each year for her share of this network marketing business, shares that ‘even though the mountain to climb was high and rocky, the view from the top is breathtaking’.

Prosperity is the state of flourishing, thriving & good fortune which leads to a rich and rewarding business and personal life.  Something most of us aspire to and many go on toachieve.

It begins with letting go of any anxiety, struggle, worry and fear that can hold you back from your brilliance.   This enables you to step into the creative flow which will open up more and better opportunities.  When this happens you can then put more of your focus on sharing your unique gifts and talents with others.  Which in turn increases your client attractiveness.

But just how can you generate more and consistent abundance so that you create this steady flow of prosperity in your business?

Here are 3 tips to get you started….

Tip # 1 – Value yourself! The way you think about yourself will impact all areas of your life.  It will show up in the clients you work with, the income you generate and the relationships that you develop.  If you undervalue what you offer you are more likely to undercharge, give too much away for free or turn down projects that might be a bit of a stretch but could be personally and financially rewarding.

Everything that you have learned and experienced is of value to your clients and each day you are adding to this.  Some of us take this for granted and suffer from the fear of ‘not being good enough’.  Would you hire someone who thinks they are ‘not good enough’ or someone who is confident in their capabilities and can demonstrate that they will add value to your life?

This is useful quote from tut.com ~ ‘the presumption, at all times and under all circumstances, should always be that you are good enough, worthy enough, and lovable enough. And that you are exactly the right kind of person, in the right place, at the right time. Otherwise, you wouldn’t have been instilled with such dreams in the first place’.

Tip # 2 – Let go of busyness. It’s hard not to be side-tracked by every day ‘stuff’ that we’re all exposed too….but being busy can be an illusion of success.  If you’re spending too much time on non-productive, non income generating activities then your business will suffer.  By increasing the percentage of time you spend on marketing and revenue generating activities you can’t fail to see a difference in the number of clients and opportunities you attract.  The best way to achieve this is to be ruthless in setting up systems and hiring virtual administrative assistants who are experts in their field.  Shift your focus for the next 30 days and see what happens!

Tip # 3 – Become financially savvy. I’m one of those people who feared and struggled with numbers even though I worked for a large accountancy practice at one stage in my career.  Since setting up my business, however, I’ve come to appreciate that understanding finance is an essential part of running a successful business.  I’ve brought my whole awareness and attention to my relationship with money and now enjoy setting financial targets and measuring my progress.

If you’re like me and it all seems a bit baffling get a financial coach or accountant who can explain things in plain and easily understandable terms.  Being financially savvy in your business will help you make more conscious choices about where your money comes from and where it goes.  And as you get to grips with and focus on your finances you’ll start attracting and retaining more money in your business.

Once you bring all of the above into your awareness you can start to change your thinking, your actions and the choices that you make.  From there you can take more control over the flow of work and prosperity in your business.

William Gladstone said that ‘No man ever became great or good except through many and great mistakes’.

Mistakes are one of the best learning opportunities we have in our businesses but sometimes we’re not aware of them, choose to ignore them (praying the situation will change) or try to dodge them by staying in the comfort zone.

If you feel that you’re not making progress check out these 6 common business mistakes that can keep you spinning your wheels…….

Mistake # 1 – Lack of vision or not being on purpose in your business and your life can have you heading off in the wrong direction, wasting time and energy on the next bright shiny thing that promises to make you money or solve your problems.   When you get on purpose life begins to flow.  As the author Erwin McManus, said, “We were created with a great purpose, Are you living up to your calling? There are people who don’t have the opportunity to live a life worth dreaming of, and they need you to pursue great dreams for them. They need you to live up to your opportunity so they might have one.”

Mistake # 2 – Negative and critical thinking patterns can blind you from noticing positive aspects and potential opportunities that surround you every day.  These limiting beliefs and low expectations can keep you in that familiar comfort zone when you could be taking a few risks, expanding your experiences and who knows ‘hitting gold’ from time to time!

Mistake # 3 – Not having a handle on the numbers! When you don’t keep track of conversion rates, profit margins or pricing then it’s difficult to make decisions that are going to have a real impact on your business success for the long term.

Mistake # 4 – Offering too broad a range of services for too wide an audience. It’s tempting to want to offer as much as possible to as many people as possible, in the hope that something sticks, but the problem with this approach is that it dilutes your message and your brand.  Experts and specialists are more sought after and are usually paid higher fees than generalists.

Mistake # 5 – Inconsistent marketing. When your tweets dry up or your blog has not been updated for months it sends a message that you are neglecting your business.  It may be that you’re busy but keeping your marketing fresh and engaging keeps you at the forefront of other people’s minds for when they do need your services

Mistake # 6 – Neglecting your self care.  Running a business can use up huge amounts of energy and time but business owners often put themselves at the bottom of the list of who they look after.  Neglecting your health and vitality can lead to exhaustion and burnout in the long run.  If you are a solo business owner you are your business’s most important asset.  So put the oxygen mask on yourself first!

If you would like help to expand your business success then join us for the Prosperous Business Programme, starting Thursday 22 March 2012.  Click this link for all the details http://www.realcoachingsolutions.co.uk/prosperousbusiness/