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Making or Losing Money: Which are you Doing?

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If you were to write a list of everything you worked on in a day, how many of those items would be profit-generating activities? In order to grow your wedding photography business, you need to spend more time on tasks that increase your profit, and less time on those that make you lose money. While this sounds simple, it can be easy to get quickly distracted by tasks that reduce your energy and do not help you reach your goals.

Focusing on profit-generating tasks ensures you can start avoiding those that drain your time, energy, and money. Often times, it can be difficult to know where to start. Here are some ways to help you sort through your workload, find out what tasks benefit your business, and what you can delegate to someone else.

Make Time for Profit-Generating Activities

From booking clients, shooting weddings, sharing on social media, and fulfilling your clients’ orders, you have plenty of activities that can help you generate profit. These are also tasks in your business that need your attention on a daily basis. In this situation, you want to set up systems to help you devote the majority of your time to these areas. Additionally, working on profit-generating activities will help you become an expert in your field, which will help you book clients looking for your skills. The more time you spend working to build relationships, the easier it will be to communicate during in-person sales. Also, the more shooting you do, the better you will become in capturing the images your clients will love. The time you spend on your profit-generating activities can help you create a brand message that speaks to your ideal clients. It also helps you grow as a wedding photography business owner.

Related: Does your business plan have your long-term goals in mind?

Identify Areas that do not Increase your Profit

Profit-leeching activities are tasks that need your attention, but do not directly generate profit for your business. This can include several items, such as color correcting images, album design, and bookkeeping. It is crucial that you identify these areas so that you can find efficient ways to manage them. This way, you can focus on the areas of your business that only YOU can do and help to generate a profit.

Start by looking at the ratio of how your time is spent. Do you notice that tasks that do not generate a profit are taking up a majority of your work hours? It is important to understand exactly how much time is being spent on these tasks, and how much money they are actually costing you. Remember, just because you are a business owner does not mean you have to work on every single necessary task.

Partner with a Specialist

Once you assess what activities are not immediately increasing your profit, consider partnering with specialists. Before making the decision, measure the opportunity cost of working on all of the tasks on your own versus outsourcing. Analyze each area of your business to determine where you could hire a person or company to help. For instance, partnering with a company that specializes in wedding photography editing services can help you reduce hours from your post production workflow, which helps you save time (and money!). Think about the profit-generating tasks you could work on when you do not need to spend those hours on your images. The specialists you partner with are experts in their respective areas, and because of that, they can do that task efficiently.

Utilize Workflow Tools

As well as using partners, create systems that fit in with how you already operate your business. Find ways to automate the processes that take the longest, such as communicating with clients and vendors through email or other resources. Rely on workflow tools that can help you speed up the time you spend on these tasks, so you can go back to profit-generating projects. Additionally, utilize programs for your blog and social media that help you schedule and save messages in advance. Finally, find an option for organizing client details and information that is important to you. The smallest systems can help you stay on top of the tasks that are important to your business, but are not immediately going to increase your overall profit.

Related: Are you referencing these tools when you want to improve your speed?

Finding the tasks in your business that are profit-generating is a necessary part of growing your business. Find the right partners and systems to help you meet the goals you have. Once you have your profit-generating tasks in order, you will have the ability to spend more time with your clients (who will continue to buy your products and services!). Learn more about activities that help you make money in your business and ways to partner with specialists with our How to Grow Your Wedding Photography Business Guide: 2015 Updated Edition!

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