YOUR POT OF GOLD ISN’T AT THE END OF A RAINBOW
St. Patrick’s Day is this month, and one of the most recognizable symbols of this holiday is the leprechaun. A famous figure of Irish lore, these little fairies were said to hide gold at the end of a rainbow. While these legends are pure fantasy, when it comes to cash flow, many business owners certainly act like they expect to find a pot of gold at the end of a rainbow. Positive cash flow is key to a healthy business, but many business owners don’t put enough thought into maintaining their cash flow. Even companies growing revenues can fail if they aren’t generating enough cash flow needed to sustain that growth. The trick to strong cash flow is to take advantage of the resources you have at your disposal. This month, we’re looking at two valuable resources many businesses overlook. No. 1: Debt Annihilation Part of our Profit First methodology focuses on getting rid of bad debt and only taking on debts that bring more money into your pocket. This is what we call “Debt Annihilation.” In some cases debt is unavoidable, but that is the exception not the rule. Debt that creates energy and propels your business to the next level is what debt annihilation is all about. It’s powerful, strategic, and aligned with ALL your goals. No. 2: Delegation
THE GOOD NEWS!
Many business owners are guilty of doing tasks they aren’t suited for simply because they don’t want to pay someone else to do it. They believe they’re saving money, but they’re really missing out on more profitable opportunities. If you are putting time and energy into tasks you don’t enjoy, then you have less time and energy to do the tasks you excel at. You can overcome burnout, frustration and aggravation by embracing the power of delegation. Hire someone else to do payroll, send emails, or fix your equipment. The job will get done so much better, and you will be able to focus your energy on the things you do best. Hiring people costs money, but it costs more for you to miss opportunities to strengthen your business because you were busy doing something you’re not good at. If you need help identifying resources that will support positive cash flow, give us a call! And if you happen to find a pot of gold at the end of the rainbow this month, we advise against taking it. Stealing from leprechauns never works out.
DLJ Wealth Services, LLC is a registered investment adviser. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and, unless otherwise stated, are not guaranteed. Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. Past performance is not indicative of future performance. Advisory services are provided by DLJ Wealth Services, LLC. DLJ Wealth Services, LLC is a registered investment adviser. Tax advice is provided through DLJ Tax Services, LLC, a separate legal entity, but both companies are owned by Deb Matz.
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