3 Things You Need to Increase Your Profitability in Your Business

3 Things You Need to Increase Your Profitability in Your Business

We are currently booking in sales calls for our new Profit First Intensives.

If you ARE seriously considering implementing Profit First so you can have consistent and stable cash flow, more than enough money to pay your bills AND provide for your family and have the peace of mind that most business owners don’t have, book a discovery call with me today.

Together we can decide if Profit First is the best thing for you to focus on right now to increase your profitability in your business.

Profit is something I get really excited about, because it’s one of the most forgotten topics in entrepreneurial circles.

Most people are so revenue focused or –  if they are in the online space – they are crazy about scaling.

Profit is left as an afterthought and it’s also the most misunderstood.

For example, the business I worked with who was making about $3M in revenue but ZERO profit.

They thought the answer to their profit problem was it 10X their revenue. 

Essentially, more work would equal more revenue and more revenue would equal more profit. 

This is NOT true.

Or the business that I worked with where we cut out an entire revenue stream, they made less revenue but increased their profit.

That logically doesn’t make sense to some but ask yourself — if in 2021 you set a goal to make the same amount of revenue but keep way more of it — how would that feel?

Or the countless businesses that I work with where cash flow is a recurring issue.

Even growing up, with my Dad, I think he said cash flow more than any other two words.

Consistent and stable cash flow is often thought of as the holy grail in business. 

Most businesses are in feast or famine or living check to check — bill to bill.

It’s rare that I sit down with a business owner and not have conversations on these topics.

SO, I’m super pumped to share some of my thoughts around what you need to increase your profitability.

As a matter of fact, I love profit so much that I’m in the middle of becoming a certified Profit First professional because I know it IS the holy grail and will give my clients exactly what they want the most:

To accumulate real, tangible financial wealth over a lifetime. 

These are women and some men who are less interested in chasing revenue for revenue sake and more concerned with making intentional and discerning decisions about how they run their businesses and leverage their money.

If what I’m saying is resonating with you in a big way, this is for you.

3 Things You need to increase your profitability in your business

Make it a priority.

Very literally put profit first.

People often read the book Profit First and completely miss the point. 

They rush straight to implementation and get hung up around the number of bank accounts they need to open or the confusion around specific accounts and completely miss that Profit First is a behavioral system that is meant to change the way you think and ultimately perform with your money

The second misconception around putting profit first to increase your profitability in your business and making it a priority is that you need to be making a lot of money to implement the system.

That’s so untrue.

As a matter of fact, I just worked with someone who is thinking about starting up a business.

We spent an hour specifically talking through Profit First, and modeling different scenarios so they understood how much they had for operating expenses, how much they had to pay themselves, what their taxes would look like, and how to use those early profits to serve the business owner and the business.

Since they would initially be taking on strategic debt, how long would it take to pay that down.

If this business follows the plan, makes intentional decisions, and works with me to improve their knowledge and accountability, the likelihood of cash flow problems reduces to almost zero from the very beginning.

I honestly wish I had that knowledge when I was just starting out.

It might not have changed the decisions I made but I would have better understood the tradeoffs.

The next thing you need is a purpose for your profit.

I’m going to give you a really big hint — the purpose isn’t to be re-invested in your business.

For business owners, finding a purpose for their profit can be really tricky.

In today’s day and age it can be wildly impacted by the noise of social media and what the business owner on the Instagram page next to yours is doing with their profit.

Additionally, continuing to reinvest the profit into the business and not into you the business owner also becomes a slippery slope that continues to allow you to not pay yourself well and reward you for the hard work you put into your business.

Do you know 87% of small business owners live check to check?

Money needs a purpose.

We hear this a lot.

And I see in way too many business circles both online and offline that this means a spending spree.

So, on one end of the spectrum are the die hard reinvest in the business peeps and on the other side are the spending spree people.

Like most things, we can apply both/and.

We want to find ways to reinvest in the business (by the way, you can do this without raiding your profits) and living the lambo lifestyle.

It’s important to know:
WHY you want to profit?
What purpose does your profit serve in your life?
Why is it important to you to have MORE THAN ENOUGH money instead of getting by living check to check? 

And the last thing I want you to think about are systems and tools

Over the years I have developed a unique set of tools to help my clients create their own  unique way of making profit a deeply ingrained behavior.

We set it up from the beginning to focus on thriving and to redirect the brain from survival mode thinking that paralyzes most small business owners.

I know because I have spent a lot of time in survival mode and honestly…my brain still has a tendency to navigate in that direction because that’s the brain’s job — survival

The reason we need systems and tools is to keep us accountable and on track.

It’s so easy to find ourselves adrift and distracted from making our money a priority and focusing on its purpose.

Especially when times are challenging and adversity is high — having a structure in place is calming for our nervous system.

I always like to give you a quick action to kick start your implementation.

Today’s action is to book a discovery call with me to see if we are a good fit to work together so you can start putting together your own personal profit plan and start implementing now. Not thinking about doing it but actually doing it.

Clients that are working with me on this have thrived during our current economic climate by paying down high leverage debt, having the cash flow to bridge any gaps in sales, and even making large purchases that have them feeling like they are stimulating economic growth and supporting fellow small businesses.

Book your call to get started.

There has never been a better or more important time to start this work.

Book your session right here.

Important links to share:

Listen in on CEO Debriefs and Get 10 BOLD Questions for your own debrief.

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