Something I talk about a lot is the importance of profit. And it’s all well and good to say “just make more profit” but how do you actually do it? In today’s episode, I share all the goods you need to add more dollars to your business bank account.
In this Episode:
04.24: Learning the basics of business finance
06.09: How to read your numbers
07.18: Having a pathway to success; What your growth roadmap should look like
09.08: Tracking your finances against your budget and plan
09.55: Hiring the right people to help you manage your money
10.55: The what, when and who for setting up money meetings
11.32: Building your strategy for growth and how you are going to make more profit
Links:
Transcript
Something I bang on and on about is the importance of PROFIT in business.
It’s all well and good to say “make more profit”… but how do we actually do it?
In today’s episode I’m going to be sharing alllll the goods to add more dollars to your business bottom line.
Doors are now open to my long awaited course The Profit Academy Foundations! I am SO excited about this program and the doors have been open a few days already and I am already blown away by the response. This course is clearly something business owners are craving.
Some signs that you need some help with your money:
- You go to pay a bill and worry if you’ve got enough cash in your bank account
- You don’t regularly run your finance reports
- You don’t have a budget or a plan of how to grow your profit
- You have no idea how much tax and superannuation you owe until your bill arrives
- You rarely think about money in the day to day running of your business…
This course if for you if you are ready to step from confused with your numbers into being confident and clear about your money – how to set money plans, how to stay on track to your goals and my favourite part – learning how to grow your profit.
I get that investing in business is scary. But do you know what is more scary? Staying stuck where you are.
This course is me breaking down the scary finance processes and accounting lingo into simple to understand language and a proven system to help you manage your money in just fifteen minutes a week.
This first round of the course includes 7 modules and 7 live Q&A calls so that you can ask me any questions about the course. There are also some epic bonuses and a payment plan so that you can pay it off… so make sure you check it out via the link in the show notes for today’s episode!
So back to our usual programming…
Let’s talk about boosting your profit.
Helping people make more profit is my jam. If you are new around here, my background… I’m a qualified accountant. I’m a CPA and I am also big into money mindset.
I believe that the two tie very closely together and I want people to make more PROFIT because that is the money that ends up in your back pocket!
This framework is exactly how I’ve structured The Profit Academy Foundations – broken down into step by step processes.
Learning the basics of business finance
Profit strategy 1: Learn the basics of business finance.
I spoke about this in the last episode of the podcast. Most people just don’t understand a lot of the fancy accounting lingo, why it’s important and how it can help you to run your most successful business.
Some key things I think are very important to know:
- The Basics of accounting terminology. You need to know what people are talking about, particularly becomes more important as you scale.
- What reports and numbers you need to know
- How to structure your accounts for success. I meet some business owners who don’t even have separate business bank accounts! Setting your accounts up properly is imperative for success and making sure that you have systems to put money aside for tax and superannuation
Inside the academy, I teach you all the finance terms in plain English and how to set up your money so that you don’t have to stress that you don’t have enough put asides for tax and that you understand WHAT the specifics are any WHY they are important
How to read your numbers
The second strategy: Knowing how to read your numbers!
Some people might think this is just about profit… but actually it’s about cashflow, tax, profit, money you might owe without realising it, and money that is owed to you.
Sometimes we want to charge full steam ahead, but before we do so, it’s really important that you actually take heed of where you are and how you are tracking.
This might really open your eyes (and perhaps you won’t love what you see) but it will be the fuel to spur you on to get your numbers back on track, or will give you tingles and get you excited to make even more!
There is a whole module dedicated to this inside The Profit Academy because I believe that it is THAT important!
Having a pathway to success; What your growth roadmap should look like
Profit Boosting Strategy #3 – having a pathway to success.
Everyone wants to be a millionaire. Or maybe a billionaire. Do you even know what your goals are????
Most business owners don’t take the time to do this work. The time to dream. The time to set big targets.
If you want to succeed, you need to know what you want!
And also create a step by step plan of HOW to get there. There is a saying by Brooke Castillo which is “you can’t get big outcomes from small steps.”
And another of my favs from James Wedmore “which is what got you to here wont’ get you to there.”
Many business owners want big profit growth, but think they can keep doing the same thing and get a different outcome?
The process of creating a budget is your roadmap to growth.
Again, I do a whole module on this including my custom created template to show you how to set your budget.
Tracking your finances against your budget and plan
Profit boosting strategy 4 – Tracking your finances against your budget or plan
So once you’ve set your sexy plan… don’t just pop it in a drawer and think “that was nice” you need to track how you are performing against your plan!
This is both from a profitability perspective AND cash.
Sometimes people think that cash and profit are the same… but they are actually different.
You need to track both your cash AND your profit.
Again inside The Academy, I show you how to do both of these things.
Hiring the right people to help you manage your money
Profit boosting strategy 5 – Surround yourself with your dream money team
Why is this important?
Managing money is a lot. And you don’t have to go it on your own. In fact, there are quite a few areas of your money where I highly recommend that you get expert advice.
But who do you hire? And at what stage of your growth?
Do you need an accountant, a tax expert or a bookkeeper? Or do you need all of the above?
Your team are who will support you to success – so you need to choose them wisely!
Module 5 inside TPA is all about hiring your dream money team – who to hire, when to hire.
The what, when and who for setting up money meetings
Which leads me to strategy #6 – Money meetings!
If you follow me on Instagram, you’ll see me having regular money meetings. With my money team, with my hubby and even with myself!
I’m also a big believer in making money fun! I have lots of little hacks for making these meetings less boring and injecting some ways to make them more interesting…
Building your strategy for growth and how you are going to make more profit
And the last Profit Boosting hack I have for you today…. Is well… having a strategy or strategies for growth.
You now understand profit, this is where you learn how to make more!
Are you intentionally creating more profit?
Do you have a clear plan where you say “I desire more” and then work out the practical strategies that you are going to implement to create different outcomes?
It might sound obvious. And yet I bet you are so busy in the day to day of business that you are just putting one foot in front of the other and not stepping back and asking – how do I intend to create really different outcomes?
What are my strategies? And how do I get started?
Creating massive income and profit breakthroughs is my jam. It lights me up on a soul level to help people change their lives.
And that is why I created the course The Profit Academy Foundations.
I want you to have the most successful business. I want you to have clarity about your finances.
When you join the profit academy foundations, I’ll teach you the foundations of money of profit.
Today we spoke about 7 proven strategies for boosting your profit being:
- Learning the basics of finances
- Checking in how you are currently performing with your money
- Setting your big goals and a plan to get there
- Tracking your performance against your plans
- Building your dream money team
- Setting up money meetings
- Having a clear strategy to scale
Don’t forget to check out The Profit Academy Foundations. Doors are closing in just a few days! I would love to welcome you inside.
Tune in next week for your next instalment of money making tips!
