How To Find Profit in Your BusinessAug 26, 2022
Where’s the money? That’s the age-old question, isn’t it? Everyone wants to turn a profit, but figuring out how can be tricky. I know how hard it is to be a business owner, and I want to give you ideas and encouragement to help keep you moving forward.
When I started my business, I remember laying in bed at night worrying about profitability. I spent countless hours on the phone calling friends in and out of the industry, and after about two years, I finally started putting it together. I was able to achieve a solid six-figure income and make a seven-figure exit when it was time to move on. Now that I’ve refined the process, I want to share it with you.
Here’s how I turned the corner with profitability in my business: I learned how to use my tools, incentivized my team, and reviewed the financials regularly. This takes intentionality and routine, but the great thing is it’s three simple steps:
1. Learn how to set up your financials so you can tell a story. I started to think about Quickbooks as an instrument that I need learn how to play, and the reports were like sheet music. Lucky for me, I found it much easier to learn than the guitar!
2. Incentivize the team to achieve the financial goals of the company. Find some compensation that works for you and your team so you can reward their performance and contribution toward the success of the business.
3. Refine your process with a disciplined financial review. Look over your company and job level profit and loss statements (P&Ls) on a monthly basis to make sure you aren't in the red.
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