This week, over in the Community, we are talking about Profit.
As a successful business owner, making a profit is essential to get paid what you deserve- for the hard work you are putting in on a daily basis.
Honestly, when I first started my business, I had no idea how much I should pay myself. Much more surprising was how much my business was costing me to run- and how that ate into my 'hourly rate'. So, I started off by taking a small amount each month- that contributed to the family bills.
Then I read Profit First by Mike Michalowicz and it transformed my thinking around money in my business. It gave me a framework that I knew would help me create the success that I wanted- financially.
However, when we are looking to a Minimalist inspired business, we know that money is not the only metric.
We can look at profit in at least two other ways in our business.
First, I want us to you to think about the systems you have in your business. Are they profitable? For example, is the way your clients pay you profitable- is it automated? Is it efficient? If it is done manually, chances are it isn't profitable- especially if you have to chase payments.
Look at some of your other systems- scheduling social media- is that a profitable task that you should be doing? Or would it be more profitable for you to be able to use that time to have sales calls?
Secondly, are you working with your team in a profitable way? Even if you have just one VA helping you, you have a team. You are not going it alone.
Let me explain. If you have a VA that you delegate tasks to on an as and when basis, then you are not working in an efficient and profitable way. Your VA ideally should be repeating tasks- the same tasks, so that they can become proficient in them. Which means that they can innovate on your behalf. It also means that they will start to get it done quicker, which means they can take on more tasks- off your plate. Meaning their role becomes more profitable to the business.
So, there you have it. Start thinking of profit aside of money, and your business will start to grow.
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