Tag: business

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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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“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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My short answer: separately. I get this question a lot. Because your personal and business finances are different. But you should have a management system for each. And the systems do not have to be complicated. They need to be separate, but not complicated. Here are a few simple steps for managing the personal finances when you have a business.

 

Step 1:   How much do you need? Know your numbers.

 

Personal: First tally up your “four walls” because these expenses get paid first, always. Food, utilities, housing, and transportation. This is the minimum number you need to eat, cook, sleep in a real bed, and get to work so you continue to make money.  Know this number. Next, add together your minimum debt payments.  You will have two numbers, the “four walls” number and the “total I need to pay everything” number.

 

Repeat for your business.  

 

Business: Four walls of business, your Breakthrough Number. The Four Walls are rent/utilities and internet/ phone (access to buyers), Critical Operating Expenses, Minimum inventory and product spend, and payroll (and payroll expenses).  These four walls will secure your business and allow you to keep the doors open and making money. Next,  figure in any debt payments and other business areas (marketing, projects, team). You will have your Breakthrough Number (minimum amount) and total “All In” number.

 

Step 2: When do I need it? Know when things are due.

 

Personal: To make things smoother in your personal finances, schedule your paydays. Say NO to co-mingling! Do not pay your car insurance form your business account (unless you are a delivery service). Take the time to pay yourself on regular days and then you can begin to count on that regular income. I advise my clients to pay themselves every other week. This way, they can arrange their personal expenses the way they likely would if they were employed somewhere.

 

Business: On the business front you can do two things; Pay business bills as they come due, not early and know which bills can be halved. In business cash is king and protecting the cashflow is critical. Since you are now only paying yourself on regular paydays, the next thing is to preserve cash by paying expenses when they are due. Some of my clients pay bills weekly. Some twice a month. They key is to get into a rhythm and know when you need and how much you need available for expenses.

 

Step 3: Begin to plan your spending.

 

Personal: Once you have regular paychecks scheduled, you can create a personal spending plan (or budget) for what need to be paid and when. You can plan your personal spending for everything. My only rule for my clients is write it down. Your plan. It may change, but you will have the baseline to refer to.

Business: For your business if you don’t know what you are going to spend in a given month or know how much you need to plan for projects and growth, you will stunt your business. Again, my only rule is that your plan must be written. If you are new to this, it may take a moment to set up. How much did you pay for ads last month? How much are you going to pay this month? That’s really all you need to do to have a general spending plan that you can refer to when you work your business the next month.

 

Following these few steps will get you on a good path to managing both the personal and business finances every month. If you’d like more tips and strategies for taking and keeping control of your money stuff, join my Facebook Group, “Stacking the DECK for financial success.”

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Many times, I speak with entrepreneurs who have “turned all that stuff over” to an accountant. Meaning, they don’t look at or control their business money. I get it. The money stuff isn’t as sexy as a new logo or website. The truth is, your bookkeeper, accountant, or payroll company is NOT responsible for your bottom line. They are responsible to keep you compliant and out of trouble. Here is my take: You control the income, let your accountant do the accounting.

These small business professionals SHOULD take care of the reporting and advise you on the best way to manage your responsibilities as it pertains to taxes, withholding, unemployment insurance, etc. But they are NOT invested in making sure your profit margins are “right.” That’s YOUR job.  The thing is, YOU have to control your income.  Don’t delegate that part of your business.

You know what comes in, and decides what goes out, to whom, and when. That’s it. Let your payroll company cut the checks and deposit your taxes. Let your accountant file your taxes and help you stay compliant and legal.

 

First, don’t ignore the money and just let it flow in and out without intention.

 

Make managing your money an intentional act. Take the bills off autopay to protect your cash flow and put dates on the calendar for your paychecks and for tracking your money. It’s so easy nowadays to just let it run on it’s own, but when you aren’t looking at the money management, you aren’t looking at the health of your business.

 

Second, prioritize your expenses and pay them in the right order to keep the doors open.

 

It seems like everything points back to your Breakthrough Number, doesn’t it? This is because it is the simplest way to holistically look at all of your expenses and to calculate the minimum amount of money you need to bring in every month.  If you don’t have your Breakthrough Number yet, it’s free to do and typically takes under 30 minutes! Grab your workbook here.

 

Third, Track every dime that comes in and give every bit of money a job to do.

 

This is the part many people don’t embrace. You have to write everything down. It is way too hard to try and remember where your money went, what got paid, and how much is being used for different things in your business. It is also very simple to do. Just write down your total income for the week (in a log, on the computer, in an app, wherever) and everything you paid or funded for that week. The number “in” needs to equal the number “out.” Meaning, just note where it all went. You may have some left in the operating account. Cool. But note how much came from that week’s sales.

 

Finally, have your accountant do your reports and taxes and compliance stuff.

 

Small businesses need accountants. I would never try to navigate the tax stuff on my own. This is why you hire professionals. You still need your accountant and bookkeeper and payroll person. Particularly if it takes you away from your business and outside your zone of genius.

You do not want to make a mistake here. Use their reports to help you make financial and tax decisions. Just know that they aren’t going to tell you how to make more profit every month or to find opportunities for growth.

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Your brain likes to keep you safe. It likes to talk you out of doing things that are new and perceived as “dangerous.” Like opening a new business, meeting a new income milestone, or launching new products and services. If your brain doesn’t have a point of reference for the “new” thing you are doing it defaults to believing you are in “danger” and it takes immediate steps to talk you out of it. Putting doubts, fears, and sometimes self-sabotaging behaviors into your head. To make you stop. To keep you, “safe.” It’s all laid out in The Big Leap by Gay Hendricks.

 

It’s happened to you before. It has happened to all of us. You get a great new idea and immediately you think, “this will never work.” Or you have repeatable patterns of self-sabotage every time you are ready to launch something new into the world. It’s frustrating and confusing. Why does the brain work so hard to derail anything new? Even if the new thing is good for us, like making more money?

 

It’s actually quite simple. Our brains haven’t adapted to the fact that we aren’t physically in harms way when there’s something happening the brain doesn’t recognize. The ego wants to keep us in the status quo where it can predict everything, and nothing is going to harm us.  This is the part of the brain that watches for cheetahs chasing us.  And it hasn’t adapted to life today in 2020. But you can get past an upper limit problem. We need to get past the brains safety switch so we can level up past our previous “set point?”

 

First, acknowledge that this is new, and you know the brain is feeling fear.

 

Recognizing an upper limit problem is the first step. Paying attention to how you feel and what’s going on around you as you begin to do or attain something new and different is the first step.  Fear may show up in different ways, but the consistent thread is that your brain is trying to talk you out of moving forward and is making excuses for you not to continue. We’ve all done it, had those inner conversations that talk us out if ideas.

 

Second, reassure your brain that you are safe.

 

Give it a little attention and thank it for trying to protect you.  I thank my brain all the time, and remind it that I am safe, and that we are doing this thing. By paying attention and not ignoring it, the negative voices in my head do quiet down a little.  It is okay to feel scared when we try something new.  Anything new in our business may feel scary, and in many cases we are unsure of the outcome, no matter the projections and plans. Acknowledge it. Remind yourself you are safe.

Another trick is to trace and minimize the fear by asking, “what if (this negative thing) does happen?” and  answer the question. For example, “what if we don’t sell any?” then honestly examine the consequence. By answering the questions you give yourself a point of reference. By giving yourself a point of reference, the brain can calm down.

 

Third, do your thing. Just do it. 

Your brain will create a new set point as it experiences your new level.  As you try and succeed (or learn) different things, the brain adapts and knows “how” to do it, and it isn’t seen as automatically dangerous. 

I have my own upper limit problems. We all do. I tend to self-sabotage when “new” things are happening, and the business is readying to break through a level. In fact, as I write this, I am on bed rest from an odd back injury. I didn’t fall and don’t remember hurting myself, but I have a bulging disk in my lower back. Is this my body and brain telling me to slow down? I think so. So, I am going a little slower. But I am not quitting, which is what my brain really wants me to do.

 

Fourth, recognize the growth place and celebrate it.

When you grow and reach the next level, celebrate it. You’ve done it now, your brain has a frame of reference, you are not going to struggle to that level again. Congratulations on staying the course and growing into your next thing.

 

Finally, rinse and repeat.

Every time you come up against something new, scary, your “growth edge” you will likely have to calm your brain and give it reassurance. It is a part of growing and making permanent changes in your life. And once you are aware of them and take the steps to grow around them, your growth potential is limitless. Happy Entrepreneuring!

 

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One of the first things many entrepreneurs do is to create their mission statement, vision statement, and values. These three statements anchor the brand, the business plan, the map for the business itself.  If you have never taken the time to define these things for your business, it’s definitely an exercise in clarity.

A surprising assignment.

I learned the importance of this exercise with UNEQ Consulting. We were late with this process though and we worked with an amazing business consultant to guide us.  Since that experience I have made a point to create these three statements for every venture. But I didn’t revisit them before now. Revisiting them was an assignment from my coach. 

I honestly never thought to review the “big three” statements once I got them written. I guess I always thought that was such a “corporate” thing to do. Not a small business thing. In reality, small businesses change and evolve and pivot and serve different audiences much more frequently than large corporations.

I had created this first mission statement back in October 2019 as Entre Money Coach was fully separating from my law practice and personal financial coaching business into its own entity:

“My mission is to empower and support entrepreneurs making powerful, positive changes to their money management approach, to protect and grow their businesses into the vision they were given, with understanding, enthusiasm, and without judgment.”

Niching Down

So much happened between October and March! I worked with many more people on their businesses. Through those clients I refined the process of calculating my signature Breakthrough Number approach to money management, so it was more streamlined. I definitely niched differently. I thought that start-ups would benefit from getting their financial sh*t together from the beginning, but I realized very quickly that these entrepreneurs were so excited about just, “being in business” that the money stuff hardly entered their mind. 

Rather the clients calling me were entrepreneurs who have been in business for a bit, and who are making money and not keeping much of it. This segment required much more strategy to create income and increase profits. It was less about “open your operating account” and more about, “we need to change this package because you are losing money on this.” The consistent results for my clients was that they made more money and kept more profit. Financial organization and positive changes to money mechanics were byproducts of my approach. Not the reason I was being called.

Time for a Change

So mid-March I revisited my mission, and realized a lot had changed. So, I refined it, taking into account all of the stuff I already talked about above. Here is the March 2020 version of my mission statement:

“The mission of Entre Money Coach is to help small businesses make more income and keep more profit with a money management approach that starts with their Breakthrough Number and prioritizes protecting the business and paying the entrepreneur so they can grow into their business vision. We do this with understanding, enthusiasm, and without judgment.”

Much more specific as to who and how. I plan to revisit it again in October. It’s already on my calendar to take time to review. If you haven’t looked at your statement in a while, or never created one at all, I encourage you to take the time to do it this week. Happy Entrepreneuring!