I’m going back in time, y’all. Eleven years to be exact to when I was in my first year of business after I got married.
I hit a problem that we all struggle with where month after month, my expenses were bigger than my revenue.
And I was wondering, “When on earth would I finally see a profit?”
Now, back then, I wasn’t known for keeping the most beautiful P&Ls. Mine were looking like a barely readable ledger. But even though they didn’t look as wonderful as they do now, one thing was certain: my revenue was growing.
The business was doing some serious numbers for what we were and maxing out its potential.
However, one problem – I had all the expenses that came with that.
And since I was so focused on how the revenue was coming in, I just assumed that we always had things covered. I just thought it was fine to pay for whatever my heart was content to spend money on.
I’m definitely one of those people who will tell you to buy it if we go shopping, and the same thing was happening in my business.
Some of those expenses were great, like hiring a great team. And some of them weren’t so great like training for me, my team, new technology, a new website, and things I just didn’t need.
I saw those numbers keeping going up and I just felt like I had license to spend. I had this mentality if I didn’t spend this, I’m just going to have to pay taxes on it.
Until it hit me – I wasn’t making any money. I was investing this into everything else. And if my sole reason was to not pay any taxes, I was doing a great job. But that’s not what I wanted.
So I started taking a very different approach…
Listen into Episode 080 and you’ll learn:
- Why it is important to carve your paychecks from the earnings of your business
- How I was able to identify the cuts that needed to be made in my business- while still staying true to what I wanted my role in my business to be
- How I discovered budgeting at a young age and how I apply that to my businesses today
LINKS:
“Mastering the Rockefeller Habits” by Verne Harnish
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With grit + gratitude,
Xo Lisé
