GETTING A KICK-START TO PROFITABILITY
A ccording to the Small Business Administration, 83% of small-business owners in America are living paycheck to paycheck. The stress this creates inhibits business growth and sadly impacts the owner’s financial success. However, with a few simple, incremental steps, a business owner can get themselves out of this cycle … all it takes is desire, commitment, and some hard work to get over the initial hurdles. Over the years, business owners caught in this stagnant situation have approached me with the idea of investing their savings in high-flying stocks to get the cash infusion their business needed. This type of cash infusion doesn’t help. Even if it is a successful investment strategy, it does not solve their business problem. What they need are strategic systems to manage their cash flow and generate more revenues. A temporary cash infusion will merely prolong the inevitable unless they institute corrective measures. When these business owners recognize they need to change the way they run their businesses, then progress can be made toward building profitable, satisfying, and sustainable enterprises. The first step is to manage cash flow. That means revenues must be greater than expenses, which every business owner already intrinsically knows. The question is how, or what is the best way, to do that and still grow the business? The principals laid out by Mike Michalowicz in his book, “Profit First,” have been invaluable to many of my clients. The simple formula helps business owners gain control over their business’s finances and establishes guardrails
to help keep the business on course. It builds the nonfinancial business owner’s financial confidence, and it helps them identify essential information they need to grow their business. For other owners, it provides a greater financial clarity then they have had in the past. Cash flow is the life blood of any business. That is why we introduce the Profit First system and strategy at the beginning of our business profitability program. Creating effective cash flow systems will increase profits and can alert business owners if they are falling behind their monthly targets, and it helps owners uncover inefficiencies within their business. It’s the foundational piece to any successful business. If you are a hardworking business owner not earning the income you believe you deserve, let’s talk. There is no cost for an initial 20-minute conversation. You can reach us at 920-944-6020, 678-491-9744, or Office@dljtaxservices.com. To learn more about how we help business owners live exceptional lives with thriving businesses, go to our website at DLJTaxServices.com under "Coaching." The first 10 business owners to call to request a consultation will receive a complimentary hard copy of "Profit First."
3 BUSINESS TRICKS THATWILL IMPROVE YOUR PERSONAL LIFE
2: Develop new and improved processes. While certain activities can’t be replaced with shortcuts (like spending time with family), consider ways to make your current processes more efficient and beneficial. For example, you can’t lose weight if you don’t change your diet and exercise. Adjusting your habits might seem difficult, but there’s actually a straightforward method. According to “Atomic Habits” by James Clear, every new habit has a simple formula behind it: motivation, ability, and prompt. Whether your reminder is an alarm at the same time every day or even another habit (“I’ll exercise before I take my morning shower”), make sure it’s part of any new process you implement.
3: Remember, work is flexible — your personal life isn’t. Bryan G. Dyson, CEO of The Coca-Cola Company, once told his staff, “Imagine life as a game in which you are juggling some five balls in the air. You name them — work, family, health, friends, and spirit — and you are keeping all of these in the air.” In his metaphor, work is a rubber ball. “If you drop it, it will bounce back. But the other four balls are made of glass. If you drop one of these, they will be irrevocably scuffed, marked, nicked, damaged, or even shattered. They will never be the same."
When you're constantly in the “zone” at work, you're not always thinking about what's best for your personal life. While many business owners prioritize balance, what will truly benefit both your home and work life? Check out these three tricks. 1: Start your day with a plan. We know what you’re thinking: Writing out my plan is more work than just doing it. The key is to plan whenever you can. If you jot down things you want to accomplish the following day as they come up, all you’ll need to do is spend a few minutes organizing your list the next morning.
Pro Tip: Remember to include time to unwind and relax!
We hope these tips help you protect the “glass balls” in your life!
2 APPLETON: 920-944-6020 • NORTHEAST GEORGIA: 678-491-9744
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