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3 Business Mistakes That Cost Me Millions (And How to Avoid Them) – The Fail To Win Podcast Episode 264
Home » Blog » 3 Business Mistakes That Cost Me Millions (And How to Avoid Them) – The Fail To Win Podcast Episode 264

3 Business Mistakes That Cost Me Millions (And How to Avoid Them) – The Fail To Win Podcast Episode 264

December 3, 2024 By fastforwardamy Leave a Comment

If you’re feeling frustrated by the slow pace of your business growth, you’re not alone. Many entrepreneurs fall into similar traps that keep them from reaching their revenue goals. I’ve been there myself, and over the years, I’ve pinpointed 3 critical mistakes that cost me millions in revenue. Today, I’m sharing these with you so that you can avoid them and accelerate your success.

Whether you’re aiming to hit your first six figures or level up to seven, learning from my mistakes can set you up for a more profitable year. By the end of this post, you’ll understand why attracting new clients, retaining existing ones, and planning ahead are essential for sustainable business growth—and how to implement these strategies effectively.

Mistake #1: Not Prioritizing Marketing

One of the biggest mistakes I made was spending most of my time on my day-to-day and existing clients and not enough time attracting new leads. While nurturing your current audience is crucial, it’s easy to fall into the trap of “fishing from the same pond” and relying solely on your existing followers or clients. This approach will eventually limit your growth because, over time, your audience can become saturated with your offers, and sales may plateau.

Why It Matters: When you focus only on those who already know and love your brand, you miss out on new potential clients who could bring fresh energy and revenue to your business. “Attraction content” is designed to bring new people into your world, building your audience consistently so that you don’t have to scramble for leads when it’s time to launch a product.

How to Fix It:

  • Schedule Weekly Attraction Content: Dedicate time each week to creating content that speaks directly to people who haven’t yet discovered your brand. This can include SEO-optimized blog posts, high-value social media posts, or ads targeting new audiences.
  • Engage with New Audiences: Don’t just focus on creating content—actively engage with potential clients through comments, partnerships, and collaborations that introduce your brand to new people.
  • Use Analytics to Measure Reach: Track your progress to ensure your attraction efforts are paying off. Look at metrics such as reach, engagement, and new follower counts to gauge the effectiveness of your attraction content.

Mistake #2: Not Offering Follow-Up Programs (Retention)

In my early years, I would wrap up a program or course and then move on, assuming my clients had everything they needed. What I didn’t realize was that many clients wanted to continue working with me and deepen their growth. By not having follow-up or “ascension” programs in place, I was missing out on the potential to increase my revenue through existing clients who were eager to stay engaged.

Why It Matters: Studies show that increasing client retention by just 5% can increase profits by 25% to 95%. Retaining clients is significantly cheaper than constantly acquiring new ones, and loyal clients are more likely to refer others to your business. Plus, long-term clients benefit from continued support, accountability, and guidance, which helps them achieve even better results.

How to Fix It:

  • Create a Client Journey Map: Outline a pathway for clients that starts with an entry-level offer and progresses to more advanced or personalized programs. This can be a membership, a one-on-one coaching plan, or specialized workshops.
  • Focus on Relationship Building: Regularly engage with past clients through email newsletters, check-ins, and valuable content that keeps them connected to your brand.
  • Offer Tiered Programs: For clients who want more support, consider offering tiered programs where they can access different levels of services based on their needs, ensuring that there’s always a next step available.

Mistake #3: Not Planning Ahead for Sales and Content

This mistake might seem simple, but it’s one that can make or break your revenue goals. In the past, I would often jump from one month to the next without a clear plan for my launches, promotions, or content strategy. This reactive approach left me scrambling, which reduced the effectiveness of my launches and made it difficult to deliver consistently high-quality content.

Why It Matters: A strategic plan allows you to warm up your audience in advance, set up content that aligns with your sales goals, and ensure that your audience is ready to buy when you launch. When you don’t plan ahead, you’re forced into a cycle of last-minute content creation, rushed launches, and missed opportunities to engage your audience.

How to Fix It:

  • Map Out Your Yearly Calendar: Take time to plan your entire year, identifying when your biggest launches will be, what content will be needed to support them, and how to nurture your audience leading up to these sales periods.
  • Batch Content Creation: Set aside dedicated days each month for content creation. This will allow you to create and schedule content in advance, so you’re not left scrambling each week.
  • Focus on Building Warm Leads: Ensure that you’re nurturing potential clients through valuable, relevant content that aligns with your upcoming offers. When your audience is engaged and warmed up, they’ll be more likely to convert when it’s time to sell.

Final Thoughts: Mistakes are inevitable, but the key is learning from them and using them to improve your strategy. By focusing on attracting new clients, retaining existing ones, and planning ahead, you’ll set yourself up for consistent growth and success. I’m here to help you make these changes in your own business, so you can reach your revenue goals in 2025.

Ready to dive deeper? Tune into the full podcast episode to hear more about these mistakes, how they impacted my growth, and the steps I’m taking to ensure a profitable 2025.

Listen now for the complete breakdown, and DM me the word “unlocked” on Instagram to join my free 100K Training or register here directly: fastforwardamy.com/100kjaar

Filed Under: Blog, Business, Podcast Tagged With: BLOG, BUSINESS, podcast

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