Do you want to make more money?
Get to know your financials Intimately.
When we speak to many of our clients at our live events and coaching programs they tell us they want to grow and build a profitable and successful business that can work without them.
When I ask them how well they understand their personal and business financials and what their current financial position is they say things like, ‘Oh that’s not my responsibility, that’s my accountant and financial planners job.’ Or, ‘I only look at my profit and loss at tax time.’
People who run profitable businesses are not necessarily trained accountants or financial planner, however they do recognise the importance of good fiscal management.
Successful business owners analyse relevant and timely financial statements so that they can manage and control the cash and profitability of the business. They then use the data to make accurate and informed decisions, armed with facts and figures, rather than a gut feel alone.
Here are two hot tips for creating a profitable business…
- Get Your Financial House in Order
Successful business owners have an inherent belief and understanding that like attracts like. They mastered the financial principle that when you bring your financial house and habits in order, invest energy and focus on it and manage the money that you already have, you will be rewarded with more money to manage. Essentially, the profitability of the business fundamentally continues to grow.
Just like sales and marketing, fiscal literacy is also a learnt skill. Understanding the facts and figures of the business is a key skill for any successful business owner, regardless of the size of the business.
Getting your financial house in order allows you to assess where you are today, decide where you want to be, determine how you are going to get there and keep you on track.
- Take Responsibility for Your Own Financial Future
They key to profitability is being able to understand and track the current financial health of your business without solely relying on your bookkeeper, accountant or financial planner. Whilst they play a critical advisory and compliance role for business owners, the ultimate responsibility still lies on the shoulders of the business owner.
After all, it’s your money, why wouldn’t you want to maintain control of your financial future, all whilst taking in the advice of experts along the journey?
Schedule time each month to read your financial statements – the profit and loss and the balance sheet.
How would you rate yourself on a scale of 1 to 10, 1 being the worst and 10 being the best on how well you know your numbers?
Knowing your numbers will help you make accurate and informed decisions, rather than to take action on gut feel and only to regret it later. Let us explain more in our proven 4-It System that will enable you to break free from the current burdens of running your business . Click here for your FREE strategy call now. Limited bookings available.
Rob Kropp – The Profit Coach
About the 4It System for your business and life: The Make It, Manage It, Keep It, Grow It™ (4-It System) will help you structure your business in a way to make leveraged profit. Manage excess earnings so you can scale effectively. Keep more money in your top pocket. Then grow it, so you can play a much BIGGER game than just the business. Your wealth will expand as your financial freedom turns from a dream into a reality through building a business, living a life and leaving a legacy.
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