82. 4 Hidden Leaks Stealing Your Profit And How to Fix Them Today

In this week episode, I discuss the silent killer of profits—money leakage—and how it affects businesses, including accountants and bookkeepers. Leakage isn't just about small expenses or unnecessary subscriptions; it’s about hidden inefficiencies, poor systems, and a lack of financial clarity that drains profits monthly. Many business owners think they need more clients, but fixing leaks is crucial before pursuing growth. I’ll break down common money leaks in sales, productivity, margins, and debt. I also share a real-life example of Maria, my integrator, uncovering £60,000 in unbilled fees for a consulting firm. As advisors, we have a unique opportunity to help clients spot and fix these leaks, ensuring profitability and sustainable growth.Key Takeaways:1. Sales Leaks: Poor follow-ups and processes cause leads to slip away. "Leads falling through the cracks...is not a sales problem; it's a follow-up problem." – Amanda C. Watts2. Productivity Leaks: Time wasted on low-value tasks impacts efficiency. "If the wrong people are doing the wrong work, they're leaking money without even realising it." – Amanda C. Watts3. Margin Leaks: Underpricing services and scope creep reduce profitability. "Many of you give advice away for free...you’re sitting on so much value." – Amanda C. Watts4. Debt Leaks: Slow payments and poor cash flow management hurt businesses. "Businesses don’t just leak money from inefficiencies—they can literally be owed money and not collect it." – Amanda C. Watts5. Advisors’ Role: Advisors should help clients identify and fix leaks effectively. "Your job as an advisor is to help them spot leaks, help them fix it, and prevent it from ever happening again." – Amanda C. WattsWant more? Join THE FREEDOM TRIBEHere's all the FREE BONUSES you'll receive when you join our exciting community on Skool; The Freedom Tribe Global Community Of Peers: CPAs, accountants, fractional CFOs, bookkeepers and finance professionals from all over the world sharing ideas, best practice and innovations with each other. Digital copy of Amanda's NEW BOOK, the Business Advisor Playbook: 300+ pages that will transform your approach and share the strategies you need to create, sell and deliver business advisory services. Digital copy of 500:200 Model™ Guide: My tried-and-tested formula for taking home at least 200K with business advisory revenue of 500K. 12 Days Of Business Advisory video series: that walks you through creating the perfect advisory offer. Hand Picked And Categorised episodes of the Business Advisor Podcast to accelerate your journey from a compliance-led to an advisory-led practice. PLUS: There are a few other surprise bonuses that can be UNLOCKED once you are inside the community: Get Clients Course and 5 Day LinkedIn Challenge. Super excited to see you there, and looking forward to helping you achieve all that you want in life. -Speak to you in the next episode...

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