Author: dawnk

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There are steps all across your business processes that have the potential to create or reduce profit for your business.

Profit is the key to growing your business and it is the money left over after everything is paid.

Remember, business isn’t about breaking even, because breaking even keeps you small. The more profit you generate, the more you will have growth to create an impact in the world.

 

Here are 5 tips to maximize your profit and avoid losing it.

 

1. Manage your time

 

Your time has value. The longer you spend on things that aren’t revenue generating, the more profit you can use every day.

If you have a process to make widgets, for example, but you are interrupted every 15 minutes to answer emails or to take calls, the time it takes you to produce the product is longer, but you aren’t getting more money for the widget!

The time interruption takes you off task, and actually costs you real profit!

Make a list of everything you have to do and decide what is actually going towards making money. Use time blocking to manage your schedule and prioritize those things that make your company money.

Delegate the things that aren’t generating revenue and are not in your zone of genius.

 

2. Manage your costs

 

Every time you pay for something you don’t need or will not use you are taking money from your profit.

Perhaps it’s a subscription that you are no longer using or maybe you haven’t looked at your suppliers in a few and their prices have creeped up or you have gotten into a groove and haven’t looked at your expenses in a while.

It is important to be as “lean” as possible in business to keep as much profit as possible.  Every unused subscription at $12.95 a month adds up!

Review your processes at least once a year and check your providers for new or different capabilities and packages.

Are there places to streamline to one provider, or to change providers that allow you to be more efficient in your process?

 

3. Manage your delivery process for your products and services

 

When you coach clients, do you typically go over time? Do you run to the post office every day to mail orders?

Is your process clunky in returning emails to customers who have questions or problems? Do you have a client flow process from onboarding to completing your service or product delivery? 

Your delivery process for your products and services can directly impact your profits.

If the processes are not clear and there are inefficiencies anywhere along the line you will eat into the profits you are creating. Keeping your process as simple as possible while giving legendary service is crucial.

 

4. Watch the “flash sales” and cutting prices too often, it can look like desperation

 

When sales slow, it can be an immediate instinct to cut prices and try to make money on volume. Every time you cut your prices, you cut profit.

I know holding sales can be great for business but do it with a plan. If you get desperate every month and hold a flash sale the last week, your customers will get smart, and wait until then to order.

Plan your sales and tie them back to some business purpose. Are you holding a sale to add customers to your list? Or maybe for a product or service launch? An early bird?

Cutting prices early and often is a recipe to eat your business profit.

 

5. There is more money in your follow up.

 

I recently read that over 80% of sales is in the follow up, after 5 contacts. So have a follow up process.

Whether it’s an email newsletter or email nurture sequence, a plan for phone call contact, the follow up is critical to the sales, and therefore the profit your business makes.

Additionally, it is easier to keep a client than to acquire a new one. You can resell products and services to your existing clients with less effort than gaining new ones.

As I’ve moved to more online business, I’ve realized that I’m actually pretty bad at this one and have been working hard to create a good system for myself. I know it is critically important.

If you are here it’s because you are trying to maximize the profits in your business, right? You want more growth and impact.

You can grab a spot on my calendar for a free 30-minute call by visiting https://dawnkennedy.as.me/support and we can talk to see how I can help you and if we are a good fit to work together in your business.

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Every entrepreneur starts with a passion project, because if you don’t have a passion, what exactly are you bringing into the world? Of course, you can just have a business without loving it, but in reality, it is your love of what you do that resonates with customers and brings in the sales.

Passion is the key to getting up early and staying late. It is the secret sauce that makes your eyes sparkle as you serve your audience.

As you can see it is a critical component to successful entrepreneurship.

 

But passion is not the only element

 

You need more than passion, it’s a necessarily element, but not the only one. I love this quote by Dixie Gillaspie:

“Passion without a plan, without action, and without hard work may be doggie do-do, but without passion you’ll run out of energy long before your actions yield the desired result.”

The action portion of entrepreneurship comes from a different place. It comes from decision.

 

What does this mean?

 

Looking to Merriam Webster dictionary, “decide” means: “to make a final choice or judgment about”.

The root of the Latin word actually means “to cut off” and when you make a decision you cut off any other choice. Decide isn’t an action we are supposed to take too lightly, in that there are other choices available and this should be done after careful consideration.

Many people believe we decide with our heads and in some ways, we do. We do a quick analysis around what each choice should mean and the result we should expect.

But when we truly “cut off” any other option except for the one we pursue; it has to come from your gut, and you need to mentally “burn the boats” that keep you on your decision on track.

In 1519 Hernan Cortes landed on the shores of Mexico with 600 men, and upon arrival, he destroyed their boats, meaning, there’s no going back.

This is a powerful psychological commitment to the decision. It’s important to recognize that Hernan probably had a good idea about “how” to take over the country, but probably every step didn’t goes as originally expected.

Making a decision doesn’t mean knowing exactly how to execute, just that you are committed to get it done and to keep going no matter what comes up on the journey. Once you burn your boats you will show up in a different way, with an attitude that you will reach your goals, no matter what.

That failure is not an option, even if you haven’t nailed down exactly how to reach your definition of success. Mix this power of decision with your passion and you will have an unstoppable internal mix for entrepreneurship.

That decision keeps you showing up when things get rough or go south for a bit, and your passion will keep you creating, selling, and serving.

Once you make that decision, you don’t have to put the processes in place by yourself. I’m here to help your passion business make more money and keep more profit! Let’s get on a free call to talk about your goals and your vision for your company. Visit https://dawnkennedy.as.me/support

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One of my favorite programs is called, “The Profit” which airs on CNBC. In this show the CEO and multimillionaire Marcus Lemonis helps struggling entrepreneurs by injecting his expertise and own money to invest in these businesses and make them profitable.

One thing I hear in the show over and over is, “this business generated $4.2 Million last year but had a loss of $30,000”.

And that tells me that many, many entrepreneurs do not know the difference between generating revenue and cash and making a real profit in their business.

 

It isn’t the money you make, it’s the money you keep

 

How can a multi-million-dollar business post losses? Because having sales doesn’t mean you will have anything left after all of your liabilities.  Just because they sold millions doesn’t mean there will be anything left over after they pay salaries and expenses and service any debt the business may hold.  This is why I am so passionate about making sure your pricing, expenses, and offers are right to make and keep money. More profit means more growth, more impact, and more service.

 

Business revenue and cash

 

Sales generated for your products and services are revenue and the money you collect is business cash. If you receive ongoing payments for services or reorders, those are revenue that we can project for the month they are due.  Basically, every dollar that comes into the business is business cash. The more you bring in every month, the more sales you are making. That is the first half of the equation.

The key is to have profit, that amount of money left over every month.

 

“Gross Profit” and “Net Profit”

 

Gross profit is the difference between your cost to create your offer, product or service and your retail price you sold it for. For example, your widget costs $7.00 to make for materials and labor, and you sell it for $15.00. Your gross profit is $8.00 per widget. This is the number many entrepreneurs rely on for pricing and for expenses. But it’s the wrong one.

What’s missing in this number is the amount of the “hidden” expenses, such as all of your operating expenses of rent and utilities, plus taxes. 

Let’s say your operating expenses add an additional $2.00 to the cost of each widget, your net profit is really $6.00 each. That $6.00 is the one we want to know, and it is the one to work with when we look at growing the business.

 

Start by ensuring every product or service is profitable

 

Do the quick math and make sure that everything you sell is generating a profit, an amount left over after everything. Remember that your profits don’t have to be equal, one offer can be 10% profitable and another offer $25%, but each one must be profitable on their own.

You will be well on your way to a profitable and thriving business!

It was September 1st, 2019 and I was buying the Entre Money Coach domain for email and website to start my business.

I was taking my financial coaching practice online, and I was working more with entrepreneurs than families. And I had a mixture of excitement and a little fear.

I had no experience in the online space or with marketing. My previous business experiences were primarily referral based, and I really didn’t know anyone in the online space.

It’s been quite a ride! A mix of frustration, success, self-discovery, and growth at a level I never knew I needed. Here are some things I learned, and some tips as you grow your business.

 

What I have done right with my business

 

1. I got support for my business

 

Every new thing has a learning curve, so if you don’t have experience with it- get support!

Trade services, hire a coach or consultant, attend trainings, spend time in learning and setting up those systems that will create a successful business.

I work with all types of businesses on their numbers. Because I know numbers, profit, and how to make money and not lose it. I don’t know marketing, social media, how to be visible online, all of the nuances in running an online business.

So, I got a coach and social media help. I continue to work with those whose expertise will make my business better. You do not have to go it alone, and you shouldn’t.

 

2. I created a “success or bust” policy and started mindset work immediately

 

If you’ve followed me, you know that this isn’t my first business.

The model is completely different from anything I’ve done before, and I got frustrated pretty easily early on (I’m going to be completely honest here).

Recognizing that I didn’t have the best mindset for the rigors of the online space helped me start immediately on mindset work in addition to my strategy development.

I’ve always been able to separate business stuff from personal stuff, but I haven’t always seen my own blocks and biases preventing high performance as a business owner.

Entrepreneurship is a long game, a marathon if you will, and you must be mentally tough and clear to make the right decisions at the right time.

 

3. I immediately started working on my approach to stand out in the business market

 

There are many financial coaches in the marketplace. Many deal with personal finance, and many are money mindset coaches. I am neither.

I am a business money management and strategy expert. I have my own Breakthrough Number approach developed through my practice and training, and I have my own message related to profitability and entrepreneurship, paying yourself and protecting your legacy.

That message has been on podcasts, articles, my blogs, and social media. People know what I stand for, and some people resonate, and some do not.

You must have your message for the world in order to meet your purpose. Some people are destined to work with you.

 

What I could have done better

 

1. I didn’t find a business bestie and accountability partner

 

I joined a mastermind and met amazing fellow entrepreneurs, coaches, and got incredible support.

But these incredible ladies aren’t on speed dial. I didn’t prioritize my business bestie. I don’t have an accountability partner, except for my husband, who isn’t doing what I am doing.

I don’t have anyone to squeak my success with or to cry learning experiences with.

Entrepreneurship can be very lonely because most friends and family don’t “get it.”

So, I realized that I am missing this critical piece of entrepreneurship, and I’m still looking for that person!

 

2. I resisted some of the self-development practices, like meditating and journaling

 

I’m sometimes a very rigid person and when I start something, I want to know that I will be good at it and that I can sustain it.

If I try something, like meditating, and I spend ten minutes berating myself for having “stupid” thoughts, it just doesn’t work.  So, I quit for a bit.

The more I read about it I realized that I had a gap in using the power of my mind to create my reality.

I realized that this work is critical to my growth and success, so I might as well do it. But I’m being flexible in HOW I do it for my own success.

I’m adopting video journaling because I sometimes struggle to sit still and write so I am listening to audiobooks with meditations in them.

 

3. I had spent more time developing new things rather than selling

 

“Build it and they will come” doesn’t apply to online business.

You can have the BEST mousetrap in the world, but babe, it’s the numbers. People have to know about you and your product.

That takes marketing and telling people about it and you have to reach the masses online, you need to have money to reach those people.

So, you have to start organically, growing your audience follower by follower and you need to sell to your audience. In all honesty, everything I created sold! Workshops, courses, programs. They all sold. But I didn’t sell nearly as many as I could have or should have. Because I sold a few of something and immediately went on to create something else.

Not focused on getting my offers out to the numbers and the worst part is that I help my own clients do just that, get their numbers stable by developing repeat business to their masses.

I could have grown much faster by taking my own advice and doing what my own clients do. That was a painful realization.

With the first year in the bag, I’ve enjoyed reflecting on and adjusting in my business.

As Entre Money Coach enters its second year, I look forward to serving more entrepreneurs and helping businesses become profitable.

What hasn’t changed is the passion I have to helping business owners pay themselves and create a legacy. Here’s to year two!

And by the way, if you are you getting my tips and strategies to support your business profitability helpful you can visit https://entremoneycoach.lpages.co/5-steps-to-create/ and grab my 5 Steps to Creating Your Winning Money Management Strategy.

You will receive my newsletter every other Thursday designed to celebrate and support entrepreneurs in their business. Talk to you soon!

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When we get into the “groove” in business, it’s easy to just let things roll. There are areas of business we are good at, that are in our zone of genius, and areas that aren’t. Even after you contract out or hire others to handle the “not so much fun” stuff, you should do an overarching wellness check across five key areas of business at least a few times a year. Take a few moments this week to consider any place that needs your attention. It’s a great time to tackle any changes in these areas before we head into 4th Quarter in October.

 

  1. Marketing.

 

Always keep what is working, but marketing, particularly digital marketing, changes constantly. Algorithms are always changing. When is the last time you looked at your marketing strategy?

 

  1. Sales and Business Development.

 

When is the last time you looked at your sales strategy? Do you have anything new coming out the rest of the year? How is your networking?

 

  1. Branding and PR.

 

Do you need a refresh, or just to ensure that your offers are consistent with branding? How about your PR? How are you staying visible in your business?

 

  1. Finance.

 

Is it time to revisit your breakthrough number? Do you have an income plan for the rest of the year? What do you want to make month over month, and how are you going to reach that goal?

 

  1. Systems and Productivity.

 

Do you have systems and support in place to help you manage your workload and stay productive? Do you need time management strategies?

 

This list has a lot in it, right? My last consideration for you is what can you delegate from this list?  Get expert support for your marketing, branding, finance, systems, and sales if these are not your zone of genius. Invest in a consultant, a contractor, finally decide to get after growing that team. Each of these areas is key to the health of your business.

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I get this question frequently: “When is it the best time to take a business loan?”

My answer is typically: “It depends”.

Taken too early or too much debt can kill your business. Debt is a huge reason many businesses fail. They can’t generate enough revenue for all of their obligations, not just expenses.

Large debt payments or leveraging equipment or inventory can become a financial burden that is too much to overcome when you are starting and beginning to grow.

That said, I took a business loan for a business coach to help me, and I leveraged my car to do it. At first, I was dead set against getting a loan at all, but the learning curve was very steep getting into the online space and, admittedly, I needed tons of mindset work and support to get out here after Mike’s accident and the UNEQ consulting experience (you can click this link and read about my experience: https://entremoneycoach.com/blog/our-story/)

Here are a few things to consider when thinking about getting a loan (and the things I did):

1. Ask yourself if the loan is for growth or for expenses?

When I took out my loan against my car (using collateral not only made it easier to get but gave me a lower interest rate) I was paying to grow the business.

I wasn’t borrowing money to pay expenses each month. It is always better to pay your monthly expenses from the business or personal money, a side hustle, or even another business rather than borrow to pay the rent or inventory.

2. Do you have a plan for every dime you borrow?

I see entrepreneurs get approved for credit cards and loan amounts that exceed what they really need to make the growth jump.

You should only take what you need, and you should have a plan for all of it. Money without a purpose will run off and spend itself, and this is borrowed money.

You owe it back. If you want to have a “cushion” of about 10% of your project or growth need in the bank, just let it sit there and do not spend it. Once you complete the project, you can pre-pay the loan. Just make sure there are no pre-payment penalties.

3. Do you have a plan, and the capacity to make the payments now?

Another mistake I see is when loans are taken with the idea that once you make the investment, you will make enough to pay the payments.

That’s definitely what happens most of the time, but we don’t know how long things are going to take to make a return.

Call me overly cautious, and maybe I need to work more on my money mindset and manifesting but have a way to make the payments before you take the loan. I already knew that I could make the payments from my other business venture if necessary.

When you decide to take a loan remember that you are leveraging the future of your business until you pay it back.

Again, it can be a good thing to invest in your growth, cut the learning curve, purchase what you need to be able to serve more customers and clients, and expand your impact.

Use loans for growth, have a plan, and have the capacity to make the payments before you start.

By the way, are you part of the Entre Pay Day movement? Join us now and get tips and strategies plus celebrations of everything entrepreneur every other Thursday with the Entre Pay Day Newsletter! Here: https://entremoneycoach.com/payday

I want to see you investing money and taking business loans in the right way! Wish you the best with your business.

 

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We hear the word, “scale” thrown around a lot in business, particularly online when they say you need to scale your business.

According to The Startup Finance it means: “Make more revenue faster than it takes on costs.”

Using that definition, you want to start scaling as soon as possible. That is how you can become more profitable because you will have more income at a ratio to lower costs.

That is actually always a good place to be in business. Here are a few tips you can start using now if you want to start scaling your business.

1. You can create very low overhead products these days.

One way to add revenue with minimal costs is to create a digital course or product that can be sold online.

Another popular low overhead service is online memberships. By adding revenue, and not adding costs to produce each item, this can help to scale your business quickly. You are serving more people without taking on more costs.

2. You can create multiple reasons to buy from you with multiple offers.

Again, without increasing costs you can create a new offer that can be resold to your existing audience. Or perhaps an existing offer can be repackaged for gifts. Or maybe you can add a fun bonus to an offer and give your audience a new chance to buy from you. You are serving your same people again without taking on more costs. 

3. You can keep the costs low by minimizing debt.

Small businesses and start-ups can begin to scale more quickly if they keep business debt very low, or if possible, non-existent.

Using my Breakthrough number approach, everything above the business four walls is profit, and from that amount we must pay debt. Without debt you have more revenue and more money going into those profit parking lots.

4. Scaling can cause short term bottlenecks to push through.

This is one side effect we don’t talk about but, as you are generating more and more revenue, if your systems aren’t in place, it may cause a bottleneck where you can’t generate more or serve more without more money for systems.

It happens and a way to minimize this risk is to have some support in place as a temporary or project-based cost until you get to the next income level. You cannot scale all by yourself. You need support.

5. Always watch your pricing.

Increasing revenue without being aware of any potential profit leaks can defeat some of your scaling efforts.

Generating income at a faster rate than you take on expenses is a beautiful thing! Keep your eyes on the profit margins as your business expands.

Remember that every line of business should be profitable, but they don’t all have to be equally profitable.

Need to get your Breakthrough number? Join us inside First Steps to Profit to get your finances organized, learn your numbers, protect your business and scale your business. Visit this link for more information:

https://entremoneycoach.kartra.com/page/firststeps

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If you are running a business, you are a business CEO and it can be hard to see it at first and hard to grow into.

Actually, I recently coached a client who was still doing everything in her business. Just like we all do when we start, because she wanted to make “more” before she delegated some tasks.

These days you can get recommendations for temporary support for almost any business related task, and you can look for project contractors and freelancers who are on Fiverr and Upwork.

The fact is, there is a mindset shift when you see yourself running a business, and not just as a self-employed person. 

As the CEO you will do the research and set a financial goal to get that new team member or contractor in place. As the CEO you have a vision for your company that goes beyond paying yourself a comfortable living. To bring that vision to life, you must step into the role of the company leader.

So, how did we address my clients need to step into the CEO role? First, I asked her to please define “make more” before you begin to hire out certain tasks that are not in your zone of genius.

“More” is an ambiguous term and an amount you will continue to raise because you can. You can never reach it because you didn’t put a line in the sand.

“When I make $2500.00 every month, I will add…” is much better than, “I will add a… once I make some more.”

Next, we made a list. What do you want to get off your plate first? Her answers were bookkeeping (a top fave for most entrepreneurs!) and social media. Awesome! How can we get this done as fast as possible? Here are a few things to think about:

1. You can start small.

You don’t have to hand off everything all at once. For example, hire someone just to schedule your social media content. The hour it takes to schedule a month of posts is an hour you can be making sales, creating items, generating leads or just being in your zone of genius.

You can get something off your plate NOW. Think about it and start small. What can you hire out this month?

2. You are your best brand ambassador.

A key to letting go a bit and getting started with a team is to understand that you are the best person to make the sales, to promote your company, to generate the leads, to build the brand.

You are sold out to your vision or, if you aren’t, let’s get that way. If you are scheduling posts, writing newsletters, bookkeeping, creating graphics, etc., you aren’t doing the major things that grow the company. Like making the sales.

Let someone else do the things that aren’t directly related to your making money for your vision.

3. If you are nervous about the money, what is a comfortable budget?

It is always nerve wracking to take on a new expense in your business. Many times, we allow fear to stop us from boldly stepping into the CEO role because we may not “make enough next month.”

If someone quotes you a number that gives you hives right now, what is your comfortable budget? Have you ever given it a thought? And back to number one, if your budget is truly small, start with just one thing.

You are the visionary, and you have the vision for the company. Where are you going? You cannot get there if you are bogged down doing everything for your business by yourself, particularly as things start to take off.

Make the decision today to step into your CEO role and make the plan for the next stage of your business.

By the way, the Profit Accelerator closes in a few days! Our signature program will get your business making more money and keeping more profit in just 6 weeks. https://entremoneycoach.com/accelerator for details.

Remember, you can switch from self-employed to business CEO. It just takes analysis and good prioritization.

 

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“When you aim at nothing, you will hit it every time” – Zig Ziglar

This is the quote that reminds me to set my business goals, and that includes financial goals.

Some entrepreneurs are a bit timid in setting income goals because they just want to sell as much as possible. Others set super stretch goals that they will never reach with the belief that “if you aim for the moon and miss, you will land among the stars.“

I understand both approaches. I want to offer you an approach that falls somewhere in the middle.

 

If you don’t typically set goals right now

 

How much money do you want to make, and in what timeframe? That can feel like such a loaded question.

Does reading that have you thinking, “What if I set it wrong? Too low or too high? Am I going to be disappointed? What if I miss it?” right away.

I hear you. The fact is goals don’t have to be arbitrary or decided by throwing a dart at a bunch of numbers. Here are a few questions to help you narrow down a good goal.

 

1. What am I offering, how much does it cost?

 

How many can I sell? This question will help you look at your capacity to make more money. This may be limited by your time, by your production model, or by your own working guidelines.

If you don’t know the maximum that you can comfortably make with each offer in a month, you can’t begin to set a goal, because you can’t figure out what to sell and how many.

 

2. What is my best sales month ever?

 

What made it so good? Was it a new ad? Did you host a challenge? What was it?

These questions can help you to examine what you did in your best sales month, and whether you can duplicate it or do more now. What are you available to do to hit your goal this month?

 

3. What is the purpose for the money?

 

Having a purpose can definitely help you gain clarity on your goals. If you to make $3,000.00 so you can launch a new thing,  then that’s a pretty clear purpose for the money.

Get laser focused on what you want the money for and what it is going to do for you and your business when it is earned.

 

If you set arbitrary goals that you always miss

 

First, follow the questions above! And check on your capacity, availability, and purpose for the money and the goal.

Then ask yourself if it would be better to keep the lofty goal as a “best” goal, but add in a “good” and a “better” goal that is more attainable.

For example, if you set your goal at $10k for the month, but your best month has been $2k and you don’t have the availability to do more than $6k, you can set a “good” goal at $3k (attainable) and a “better” goal of $6k, the “best” (or stretch) goal of $10k.

There is a real psychological boost to you as an entrepreneur as you reach your financial goals. For each of the three goals, make sure you have a clear purpose for the money.

It takes just a few minutes to set your financial goals. It can be for the week, month, quarter, that is up to you. But make sure you have something to aim at and then define the availability and steps you need to take to hit your mark.

By the way, The Profit Accelerator is open again! Grab one of the 12 spots inside the signature program that has helped entrepreneurs focus on making more money and keeping more profit in a six-week sprint. Visit https://entremoneycoach.com/accelerator to learn more.

Wishing you the best with your business goals!

 

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Business money management doesn’t have to be intimidating or complicated. I’m going to give you a four-step foundational framework for your business that covers the four key areas that I believe are the most important to help your business thrive financially. This framework can easily be remembered using the mnemonic “DECK.” Discover your Breakthrough Number, Establish your financial protection, Create your money management system, and Keep more profit. 

 

Discover Your Breakthrough Number

 

This first step is critical to knowing your numbers. You cannot begin to plan or to project anything without knowing your minimum number that you need to bring into your business. This number consists of your four walls of business; access to buyers, critical operating expenses, inventory and product spend, and payroll and payroll expenses. This is the first number that tells you how to be self-sustaining and includes your own paycheck and taxes.

 

Establish Your Financial Protection

 

Now that you know how much it really costs to stay in business every month (at the bare minimum), how do we protect it? Creating a cyclical fund for annual expenses and an emergency fund are two ways to protect your operating account and monthly cash flow. The Cyclical fund is created by making twelve small monthly payments to cover the amount you need for those larger annual expenses. Just add up the license renewals, memberships, and other fees you pay annually or semi-annually, divide by 12, and deposit that littler amount into a fund every month to cover expenses without a huge hit to the budget.

 

For the emergency fund, your first goal should be about three times your breakthrough number. This will ensure that you will cover all expenses including your paycheck. That number may look at little big at first, but adding a little to the fund each month, or committing to a percentage of profits until it is full will get it filled quickly. Once it is full, it just sits there! You don’t have to do anything with it, unless there is an emergency.

 

Create your Money Management System

 

This is the step that many people overlook or ignore because it may seem intimidating. You don’t need fancy software or complicated spreadsheets with calculations to manage your money. You must have a system to track what comes in and goes out (every dime) and a system to plan for future expenses and projects. Because you have your breakthrough number already, you know what your minimum expenses are. We add in any debt payments or project costs here, and make sure that we have a written spending plan.

 

How you write it is up to you! Do you like using an app on your phone? A spreadsheet? A notebook? A template you created?  The beauty of this step is that you decide which tracking and planning system works best for you!  The key is to find the system you will love and use again and again.

 

Keep More Profit

 

My first rule of business is, “don’t lose money.”  My second rule is, “keep your profit.” The first one everybody gets. It’s the second one that I find people tend to overlook. Once we start making money in our business, we seem to find a place to spend it! It seems that there is this point, a bottleneck if you will, where everything coming in is going out. Knowing your profit on everything you offer is critical to avoiding this issue. You must make profit on everything, but the profit doesn’t have to be equal across things. For example, you can have a 10% profit margin on one thing and a 25% margin on another. It depends on what you offer and what it costs you to provide it.

 

My challenge to you is to have a profit figure in mind that you want to keep every single month.  Next step is to create a plan to get there. For example, if you want to make $1,000.00 in PROFIT (not income) what do you have to sell, and how many, to see that figure? Having profit in mind and not just income will give you the money you need to expand and grow and turn your business into your vision.

 

You can find information on each of these steps inside the Facebook group: Stacking the Financial Deck and in the First Steps to Profit Course which is available for a limited time for $27.00.