Description
๐จ๐ป๐ฑ๐ฒ๐ฟ๐๐๐ฎ๐ป๐ฑ๐ถ๐ป๐ด ๐ฃ๐ฟ๐ผ๐ณ๐ถ๐ ๐๐๐ป๐ฑ๐ฎ๐บ๐ฒ๐ป๐๐ฎ๐น๐:The first step towards becoming more profitable is understanding what profit actually is. It's not just what's in your bank account; it's the money left over after covering all your operational expenses, cost of goods, and more. Knowing the difference can be game-changing for your business.
๐๐น๐ผ๐๐ถ๐ป๐ด ๐ข๐ณ๐ณ ๐๐ต๐ฒ ๐ ๐ผ๐ป๐๐ต: Most trade business owners, maybe like you, don't properly close off their financial month. This leads to a skewed view of profitability and hinders the capacity for strategic decision-making. Taking time to 'close the books' each month allows for a true representation of your business performance.
๐ง๐ถ๐บ๐ฒ๐น๐ ๐๐ป๐๐ผ๐ถ๐ฐ๐ถ๐ป๐ด: One simple but critical change you can make right now is to invoice more regularly. Instead of letting costs accumulate while awaiting payments, invoicing within the same month aligns your cash inflow with your outflows. It provides a clearer picture of your month's profitability and gives you the data you need to make informed decisions.
๐๐๐ผ๐ถ๐ฑ๐ถ๐ป๐ด ๐๐ต๐ฒ ๐ฃ๐ฟ๐ผ๐ณ๐ถ๐ ๐ง๐ฟ๐ฎ๐ฝ: It's easy to feel like you're profitable during busy periods but remember, business isn't always booming. It's the slow periods that often eat into your profits. Creating systems for consistent workflow prevents these fluctuating cycles and leads to sustained profitability.
๐๐ผ๐ป'๐ ๐ง๐ฟ๐๐๐ ๐๐ต๐ฒ ๐๐ฎ๐ป๐ธ ๐๐ฐ๐ฐ๐ผ๐๐ป๐: Your bank balance can be deceiving. To get a true sense of your financial health, you need to delve deeper into your Profit and Loss statement and balance sheet. Understanding these documents helps you to be proactive rather than reactive in your business decisions.
๐๐ฟ๐ฒ๐ฎ๐๐ถ๐ป๐ด ๐ฆ๐๐๐๐ฒ๐บ๐ ๐ณ๐ผ๐ฟ ๐๐ผ๐ป๐๐ถ๐๐๐ฒ๐ป๐ฐ๐: With consistent invoicing and work schedules, you're not just stabilising your profit but creating a more manageable and less stressful business environment. Systematic operations let you focus on growth and innovation, rather than getting bogged down in day-to-day.
๐๐ฎ๐ป๐ฑ๐ถ๐ป๐ด ๐ข๐๐ฒ๐ฟ ๐ฅ๐ฒ๐๐ฝ๐ผ๐ป๐๐ถ๐ฏ๐ถ๐น๐ถ๐๐ถ๐ฒ๐: One person can't do it all. Learning to delegate responsibilities allows you to focus on high-value tasks that can significantly impact your business positively. It also frees up personal time that can be devoted to self-improvement or family, leading to a more balanced life.
๐ฌ๐ผ๐'๐ฟ๐ฒ ๐ก๐ผ๐ ๐๐น๐ผ๐ป๐ฒ: Feeling overwhelmed? Remember, you don't have to navigate the tricky waters of trade business ownership alone. Reach out to coaches and mentors who can guide you in implementing these fundamental systems, helping you to achieve operational time freedom in the shortest amount of time possible.
If you're hungry for change and keen to break free from the grind, then the Freedom Fighters Program is tailor-made for you. We offer a systematic approach and a community of like-minded business owners all aimed at the same objective: operational time freedom. Take control of your trade business and transform it into the profitable, well-oiled machine it deserves to be.
Speak to a coach: https://tradies.cc/book-a-call
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