Diversifying your revenue generators is what keeps your business in business.
We have already talked about how important it is not to put all of your eggs in one basket when it comes to the services ...
It might surprise you that one of the most difficult things to do in business is to narrow your focus. Many business owners believe that saying yes to more services or products will help them grow. In...
Income goals are the most fun part of being a business owner. I often hear, “I want to do 7 figures.” I am going to do $6 million in revenue.” or “I want 20% growth from last year.” But what does that...
Profit is not greedy. We’ve just been brainwashed to believe that. But, as a business owner, profit is what allows you to pay your team well, offer benefits, invest in better systems, and serve your c...
Broke even is a concept I teach inside The STOP Method™, and it is one of the most eye-opening numbers for business owners.
Your broke even number reflects the bare minimum required to keep your busi...
What are COGS
COGS, or Cost of Goods Sold, refers to the direct costs required to deliver your product or service. These costs are tied directly to revenue and only occur when a sale is made.
In a p...
If you want to understand and run a profitable business, you must start with your costs and expenses rather than your revenue. Many business owners focus on sales first, but that approach often sets t...
Problem:Â You hate budgeting
Solution:Â Schedule a recurring 30-minute weekly budgeting session in your calendar that you hold to. Do not schedule over it, do not cancel it, and do not now show on yourse...
There comes a point in business where the exhaustion is no longer about working hard. It becomes about carrying the same financial stress month after month and wondering why nothing seems to change.
...
“Cheaper than an employee, but so much better than an employee.”
That is what a bookkeeping client said to me this week, and I had to pause for a second because of how layered that statement really w...
There is something strangely disorienting about hitting a revenue goal you once dreamed about. You hit that incredible top line number. You tell your friends. You celebrate for a moment. And then, ins...
When business owners think about raising their prices, they often panic.
“What if I lose my best clients?”
“What if no one buys anymore?”
“What if I price myself out of the market?”
But here’s the tru...
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