Profit and Money Management to Scale
This chapter was written to make sure that businesses like yours aren’t left in the dark when it comes to money management. More often than not, the closest most of us will get to money and financial coaching is our bank sending a few “How to take care of
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11 Profit and Money Management to Scale This chapter was written to make sure that businesses like yours aren’t left in the dark when it comes to money management. More often than not, the closest most of us will get to money and financial coaching is our bank sending a few “How to take care of your finances” leaflets. Other than my personal crusade to better educate small and microbusinesses about money, I think it’s important that everyone learns what to do with cash. Most of the time we believe that more income will solve all our problems. If you think this, then you should know that more money won’t solve your problems. If you’re not managing money well already, you’re not going to magically manage it better when you have a larger income. History has proven over and over again that a large income does not equal financial security. Most people make the assumption that they can’t afford to plan and manage their money, and that they need more income to start managing money better. © Michael Killen 2019 M. Killen, From Single to Scale, https://doi.org/10.1007/978-1-4842-3814-1_11
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Chapter 11 | Profit and Money Management to Scale This simply isn’t the case, and this chapter is designed to start you on the path to money management for growth. I’ve taken what I believe works from Profit First by Mike Michalowicz, Rich Dad, Poor Dad by Robert Kiyosaki, How to Own the World by Andrew Craig, and many others.
What Is Your Goal for the Business? More important than anything, what is the goal of your business? What’s the purpose behind you setting up a business and bringing it to market? What’s the point of your business? What does it do to make life easier, or help your customers? You should be able to complete this sentence: I help [type of customers] get [result]. That’s all. Who do you help and what do you get them? You should be able to do something for this customer or for their result better than anyone else in your marketplace. Warning: Harsh truth ahead! If you can’t do something better, or different, within your marketplace, what business do you have being in that market? Can you imagine saying,“Yeah we do burgers, but they’re not better or different than anything else out there”? What? Then what are you doing here? You should be able to say, with confidence and conviction, that you do something better than everyone else competing within this marketplace. It sounds harsh and it is, but if you can’t do that, you’ll never get a foothold. For example, Sell Your Service helps funnel builders achieve their maximum income potential. We do this better than anyone because I am the world’s top sales coach for funnel buidlers. So what’s your business’s purpose? What do you do? How do you help? Who do you help? Why does your business exist and what does it do better than anyone else?
What Is the Financial Goal of the Business? By this stage we should be able to work out what our financial goal for the business is. We need a monthly income and an overall target. This could be yearly or monthly or a total accumulation
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