Profits over gross!Nov 15, 2023
Profits over gross.
I'm going to keep saying this until basically I can't talk anymore.
Profits over gross!
We're about to wrap up 2023 and I'm going to ask you this same question I asked earlier this year:
What's your profit margin? This question just changes the game.
I don't give a damn how much you make.
I care about how much you keep each month, and by that I mean you're still trying to grow your business here and adapt.
You have to operate as a profitable business to cut down on the stress and then to be prepared when things don't go the way they need to go.
Things you can do:
- Check Your Net Profit Margin - here's a simple formula
Revenue – Expenses = Profit
What did you get? Are the numbers looking good?
- Check and Audit Your Operating Expenses
Cut back on unnecessary expenses and make sure they are not outpacing your revenue.
What recurring subscription do you have that you don't ever use?
Take that off of your expenses and then what could you add on for some sales to increase your profits.
- Start listing down your upcoming projects, marketing and lead acquisition plans
Profitable businesses are growing and not stagnant.
Remember, you should no just focus on the revenue, you need to be tracking your profit amount and percentage and make it a game.
Try to get that number up a little bit.
How can you increase your profits? Can you cut your margin a little bit?
Can you sell extra products?
Do you have any upsells?
There are so many different things you can do to increase your profits.
When you've identified your profits, make sure you're taking them out and you redistribute them appropriately from your checking to your savings to your investments.
We'll talk a lot about that and you can also check that out in my book...
The Money Fight: Take Down Your Money Problems, Slam Your Self Doubt, and Fight Your Way to Financial Freedom
Running a business is hard enough as it is. But running an unprofitable business is probably more stressful than having a job.
Make your business profitable, make it one of your goals this (and every) year.
Profits over gross.
I'm going to keep talking about it and I'm not going to stop talking about it until people have more profitable businesses with less stress.
What could you do today to make your business more profitable?
If you want to follow the footsteps of a successful entrepreneur, you hang out with successful entrepreneurs.
You will not only learn business strategies and business pitfalls from them, you will also get their drive and passion to get things done.
If you are a martial arts school or academy owner, check out this free Facebook community here.
We share marketing, sales, business tips, support and answer (relevant) questions in there.
See you inside!
Remember, profits over gross!
Paul Halme | Combat Business