05 Jun Take a Deep Breath and Put Profit First
Last week, I was working with a client who was netting six figures and was miserable! She was burnt out. Her business had turned into a money eating monster. She was feeling out of control.
Even though she was bringing home more than ever, she was ready to pack it in. She had scaled back her production drastically and had taken some much needed time off.
“April, can you help me?’ she asked.
I replied with the same thing I’ll tell you.
“Let’s take a closer look to see if my program is right for you.”
As always, we started by conducting a deep dive into her personal spending. One thing I’ve learned over the years is that how you handle your personal finances is the best indicator of how you’ll handle money in your business.
When I know how much you are spending at home, I can help you build a spending plan so that your business will pay you what you need to cover your personal life. Entrepreneurship can be a crazy roller coaster, being able to pay yourself first means you can enjoy the ride and not get overwhelmed.
Once we knew what her business needed to pay her, we created revenue goals. As it turned out, that number came as a bit of a shock! She wasn’t on board yet. She wasn’t convinced she could pull it off.
All she had to do was tweak her pricing and reduce her spending and we were almost there.
She was selling out her events. She had a client waiting list. She was in demand and her prices should reflect that.
After a complete audit of her expenses, we determined which expenses were profit-making expenses, recurring expenses, and which expenses were unnecessary. We started slashing away at unnecessary expenses that had crept up on her like the subscriptions that she was unknowingly paying for on a monthly base.
Suddenly, in her eyes this was all making sense. Suddenly her business was looking like it could be working for her and not against her. She hadn’t been allocating her revenue correctly.
It is a journey, it is about progress not perfection. I handed over her capacity blueprint and her new allocation goals and she was out the door on a mission.
This is what she emailed me earlier this week:
I ran the numbers as we discussed and, I have to say, I never would have done this before working with you. It helped me really, truly see what brings in significant money and where to put my time – thank you!
I can see now how my business can pay me the gross per month you prescribed and it is completely possible.
Thank you so much for patience, kindness and expertise. I am excited about my business again!
If you want to eradicate entrepreneurial poverty in your business book in for a free 30 minute consultation.