Research from the U.S. Small Business Associations found that 83% of surviving small business owners are living paycheck to paycheck. This stark reality shatters the image of self-sufficiency by working for yourself. Small business owners work hard, so why do they struggle to be profitable? This is a question Deb Matz has asked herself many times over the years. As a wealth management advisor, her goal is to teach people how to reach that lifestyle they imagined and create a business that fulfills their purpose. After several struggling small business owners approached her over the years to invest the last of their savings in the stock market to save their company, she wondered how she could have helped them before they got to that point. Betting on the stock market was not the answer. Deb knew this ill-fated strategy would ruin them, but she had no solution because they had gotten themselves in such a bad financial situation before they sought her help. A solution appeared several years later, from the wise words of Mike Michalowicz, author of “Profit First.” Michalowicz described the concept of “bank balance accounting.” This is when business owners see money in their account and assume they can, or should, spend it. So they spend the balance in their bank account, often underestimating the other financial obligations they have. This directly impacts their pay and the company’s profitability, often forcing them to work harder and work longer days. All the while they are hoping the NEXT BIG DEAL will change their financial situation forever! But that seldom happens. TIRED OF LIVING PAYCHECK TO PAYCHECK?
THE GOOD NEWS!
To overcome the shortcomings of “bank balance accounting,” business owners must learn to leverage their natural behavioral tendencies to be successful and improve cash flow. This is the goal of the Profit First movement: to manage expenses and expectations with simplicity. It is for this reason DLJ Wealth & Tax Services has incorporated the profit first process into our business model and are working towards the Profit First Professional designation. We have also acquired other business support tools to help the small business owner be successful. This includes resources and strategies for improving and measuring marketing, managing growth, minimizing tax obligations, dealing with personnel, and helping them bring in outside resources or expertise they need to meet their business goals. This year, be profitable with Profit First. Learn how this new service can help you or someone you know by giving us a call or shooting us an email.
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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