Okay… I’m guilty of it.
Guilty of reading a book and then thinking it is the absolute thing that is going to change my life and my business.
I’m also guilty of thinking I HAVE to tell everyone 🙂
Well, this time I’m being careful and prudent AND letting you know what I’m doing.
I’m talking PROFIT FIRST!
This is the title of the book I am reading right now. The author is Mike Michalowicz and he has been mentioned to me several times including by my dear friends Meredith Canaan and Kristi Pavlik. Kristi is our OBM (Online Business Manager) and has been using this system for years.
So you know how the story goes from here. When one person tells you, you say that’s nice. When a second person tells you you start to take notice.
I did not wait for the third person. I ordered the book.
What I love about what I am reading and doing is that it makes SO MUCH sense.
I’m sure you’ve heard that we need to pay ourselves first.
But what Mike adds is to also set aside money for PROFIT and TAXES before expenses.
Literally set it aside in a different bank!
For most of us, me included, we HOPE there will be profit at the end of the day but although it may look like it on paper, where is it actually?
Mike tells some funny stories about his accountant and the snort-laugh he gets when he asks the accountant “so where is the profit?” as in actual money. To which the accountant says “You spent it! This is only a profit on paper”
That’s what we do as entrepreneurs.
When we see money in our bank account, we spend it.
We hope there is a profit at the end of the day.
But what if you forced yourself to move that money away?
Forced yourself to use what left to run your business?
Most of the time we operate that way when there is not enough money.
We scrimp, extend, innovate, make calls, have sales.
Let’s face it, we do this a lot anyway. I know I do!
What I like about this system is that we also have profit and money for taxes.
So there you have it. I’m guilty of hope.
Guilty of dreaming.
Guilty guilty guilty.
If you’d like to know how it is going, connect with me.
Let’s see what’s working for you.
BTW I’m also looking for 2 more (I now have 3 people I am working with to learn what’s “under the hood” of their business) willing business owners to work with to see what’s going on in your business and it is FREE of CHARGE (I will want a testimonial).
This MY marketing research so I can reach the people I want to work with and learn their challenges fears and frustrations.
Let me interview you and work with you to move the needle of your business at least one inch forward.
Post your answers and comments here on the blog and in our Facebook community.
And if you want to talk to me about how I can move your business, click here to book me for a coffee chat.