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Business Undercover: Finding the Holes in Your Business

By Charles Hopkins Published 11/27/2007 | Home Based Business
OK, so you have been working your business for a while but yet you seem to continue having issues with your business planning. Have you considered that you might have holes in your business plan?

What are holes? Glad you asked. Holes are those things that may cause you to lose money unaware or along potential business clients to slip through your fingers.

Some examples of holes are as follows:

Income funnel not present: an income funnel allows you to build your mailing list while also allowing you to upsell your products to your mailing list.

Missing outsourcing opportunities: outsourcing opportunities allow you to hire others to handle tasks that would be more financially reasonable for someone else to complete.

Not holding teleseminars: when you hold a teleseminar, you can also record it so that you can sell the audio or transcript as a product via your website.

No financial plan: in order to understand where you business is going financially; a plan must be in place. The plan will help you by showing when you should make changes in your business too reflect growth.

Lack of a crisis management plan: having a crisis management plan in place will help you be ready to handle tragedy when it happens. Examples of tragedies are computer failure, fire destroying office equipment, or flood damage to office.

The above list is just a short list of holes that you might find in your business. Regardless of what type of holes that you find in your business, you need to take action to fix them.

One final area that would be considered a hole is not have a business mentor. A business mentor is some who provides sound advice and direction to you as you manage your business. Some of the characteristics of a good business mentor are:

Ability to give you constructive feedback
Successful in own business
Experienced at mentoring business owners
Able to be real and truthful to you
You are open to receiving their feedback
You respect their opinion

These are just a few of things that you should consider when looking for a business mentor. Just keep in mind that a good business mentor will fit well into your business plan. If the mentor does not fit, you need to give more thought to whether you want to keep them or get a new one.

So be an undercover agent and work to find the holes that may be holding back your business.