Too many entrepreneurs are unknowingly bleeding profits, losing money they should be keeping. On Black Entrepreneur Blueprint podcast episode #587, Jay Jones breaks down a real-life case study to reveal 5 hidden leaks that drain your business income.
Discover the subtle mistakes that cost entrepreneurs thousands and walk away with proven strategies to plug the holes, reclaim lost revenue, and finally keep more money in your pocket.
If you’ve ever felt like your hustle isn’t matching your bank account, this is the episode you can’t afford to miss.
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BLACK ENTREPRENEUR BLUEPRINT SHOW NOTES – EPISODE # 587
5 Subtle Mistakes Costing Entrepreneurs Thousands
1. Not Tracking Hidden Expenses
The Leak: Small recurring costs (subscriptions, unused SaaS tools, unnecessary services) quietly pile up. Many entrepreneurs forget about them because the amounts seem insignificant individually.
The Fix:
- Run a monthly expense audit and cancel or downgrade tools not directly tied to revenue.
- Use a simple spreadsheet or apps like Truebill or Mint to flag unused charges.
- Apply a “ROI or cancel” rule: if it doesn’t generate or save money, cut it.
2. Underpricing Products or Services
The Leak: Fear of losing customers keeps prices too low, leaving thousands on the table.
The Fix:
- Benchmark against industry standards.
- Introduce value-based pricing instead of cost-plus pricing.
- Test tiered offers (basic, premium, VIP) so clients self-select and upsell themselves.
3. Weak Follow-Up on Leads
The Leak: Entrepreneurs spend money on marketing but let warm leads grow cold because of poor follow-up. Most sales happen after 5+ touches, but many stop after 1 or 2.
The Fix:
- Automate with a 5–7 email follow-up sequence (using ConvertKit, ActiveCampaign, etc.).
- Use retargeting ads to stay in front of warm leads.
- Track leads in a CRM so no opportunity slips away.
4. Ignoring Upsells & Cross-Sells
The Leak: Focusing only on the initial sale instead of maximizing customer lifetime value.
The Fix:
- Create a post-purchase upsell (e.g., “Would you like fries with that?” but for your business).
- Bundle related products/services.
- Introduce a continuity program (memberships, retainers, subscriptions).
5. Not Negotiating Vendor & Supplier Costs
The Leak: Paying retail or standard rates for vendors, contractors, or suppliers without questioning them.
The Fix:
- Negotiate bulk or loyalty discounts.
- Shop competitors at least once a year.
- Ask vendors for “early pay” discounts if you have cash flow flexibility.
Big Takeaway
Plugging profit leaks isn’t about working harder, it’s about working smarter. Audit your expenses, price correctly, follow up relentlessly, upsell strategically, and negotiate aggressively. Do this consistently, and you’ll reclaim thousands that used to slip right through your fingers.
