7 Things EVERY Business Owner Should Plan for in 2020
1. Increased Revenue
2. Reduced Cost of Sales
3. Reduced Operating Expenses
4. Reduced Taxes
5. Living Within Their Means
6. Investing for GROWTH
7. Creating an EXIT PLAN
{A THREAD w/ an announcement at the END}
TAKE NOTE!
1. Increased Revenue
2. Reduced Cost of Sales
3. Reduced Operating Expenses
4. Reduced Taxes
5. Living Within Their Means
6. Investing for GROWTH
7. Creating an EXIT PLAN
{A THREAD w/ an announcement at the END}
TAKE NOTE!
1. INCREASED REVENUE
CASH is the lifeblood of any good business & REVENUE is the BEST SOURCE of it.
Not Creditors
Not Lenders
Not Investors
Cash from REVENUE is THE LIFEBLOOD
Have you seen businesses with a lot of investors, a lot of debt but little revenue... is that success?
CASH is the lifeblood of any good business & REVENUE is the BEST SOURCE of it.
Not Creditors
Not Lenders
Not Investors
Cash from REVENUE is THE LIFEBLOOD
Have you seen businesses with a lot of investors, a lot of debt but little revenue... is that success?
Here's a helpful thread you can look at to get a general idea of how you can *start to think* about increasing sales:
2. REDUCE COST OF SALES
Yes making a lot of money is GREAT but if you're ever going to SQUEEZE more money out of the FRUIT that is your business then you'll at some point want to reduce the cost of sales.
Ex:
Advertising costs
Sales commissions
CRM Costs
Marketing Software
Etc
Yes making a lot of money is GREAT but if you're ever going to SQUEEZE more money out of the FRUIT that is your business then you'll at some point want to reduce the cost of sales.
Ex:
Advertising costs
Sales commissions
CRM Costs
Marketing Software
Etc
3. REDUCE OPERATING EXPENSES
Every business has operating expenses, either large or small. It's every business owner's dream to operate a business with very low expenses.
Hint: It's one of the reasons why people love selling online courses. Especially the content thieves LOL
Every business has operating expenses, either large or small. It's every business owner's dream to operate a business with very low expenses.
Hint: It's one of the reasons why people love selling online courses. Especially the content thieves LOL
Make sure you plan for your business expenses, then review that plan so you can decrease them.
Here's my recommendation on how to.
Here's my recommendation on how to.
4. REDUCE TAXES
You can look at taxes one of two ways.
A bill you have to pay at the end of the year, or an allowance that the government gives you to invest in your business.
There are MULTIPLE incentives for business & property owners to continue to re-invest their money.
You can look at taxes one of two ways.
A bill you have to pay at the end of the year, or an allowance that the government gives you to invest in your business.
There are MULTIPLE incentives for business & property owners to continue to re-invest their money.
Remember when I dropped this thread on using OPM (Other People's Money) to make money?
Keep taxes on your mind and read through it again:
Keep taxes on your mind and read through it again:
5. LIVE WITHIN YOUR MEANS
This is the often forgotten, twice over looked, but very important thing about being a business owner.
Just because you're making money doesn't mean you should wild out & spend frivolously.
IF you get triggered at the mention of frugality I got news
This is the often forgotten, twice over looked, but very important thing about being a business owner.
Just because you're making money doesn't mean you should wild out & spend frivolously.
IF you get triggered at the mention of frugality I got news
6. Invest for GROWTH
Investing is the key to growing your money. Initially when you start your business you are investing your time and/or money to grow the revenues & by extension the profits of the business.
But what are you gonna invest if you spend it all?
Investing is the key to growing your money. Initially when you start your business you are investing your time and/or money to grow the revenues & by extension the profits of the business.
But what are you gonna invest if you spend it all?
As the biz grows, you'll be investing more money and you'll want to start thinking about the following:
7. Create an EXIT PLAN from YOUR Business
At the end of the day, if you don't decide to keep the business, then you'll eventually either want to sell a portion or the entirety of your business.
Read this thread for context:
At the end of the day, if you don't decide to keep the business, then you'll eventually either want to sell a portion or the entirety of your business.
Read this thread for context:
Now for the announcement...
I'm launching a Concierge CFO Service for Biz Owners to help ensure that they hit their targets for each of the 7 points above
Basically what i'll be doing for you is
CURATING your Business' Financial System to MAXIMIZE PROFIT
There's more...
I'm launching a Concierge CFO Service for Biz Owners to help ensure that they hit their targets for each of the 7 points above
Basically what i'll be doing for you is
CURATING your Business' Financial System to MAXIMIZE PROFIT
There's more...
This means helping you Review the Cost/Benefits of your Business Workflows to complete KEY business functions:
Marketing/Sales Planning
Tax Planning
Corporate Structuring
Expense Planning/Forecasting
Bookkeeping
Etc.
Marketing/Sales Planning
Tax Planning
Corporate Structuring
Expense Planning/Forecasting
Bookkeeping
Etc.
Essentially anything that can impact a business' Cash Flow I will be involved in the planning + execution + audit
BOOK some time on my calendar to get a FREE Financial Analysis of Your Business
CFO.YourBigBank.com
BOOK some time on my calendar to get a FREE Financial Analysis of Your Business
CFO.YourBigBank.com
I am that very smart 🧠⚡️
Financially savvy
“Finance person” you need on your team
To make sure
- your cash keeps cycling up 💹
- your business keeps growing 📈
- & you stay happy 😃
But don’t take my word for it here are just a FEW testimonials:
Financially savvy
“Finance person” you need on your team
To make sure
- your cash keeps cycling up 💹
- your business keeps growing 📈
- & you stay happy 😃
But don’t take my word for it here are just a FEW testimonials:
1. Praise from @WhutTheHale
@WhutTheHale @JulietCObodo @JoshDLifestyle @WEALTHYJAN Ready to book some time w/ me yet?
CFO.YourBigBank.com
Don’t worry even if you’re not and you want to support go RT my original Tweet please 😁👍🏾
CFO.YourBigBank.com
Don’t worry even if you’re not and you want to support go RT my original Tweet please 😁👍🏾
