I was reminded of a great quote by the late great Zig Ziglar the other day and it said ‘Money isn’t everything but its right up there with oxygen’. Too true!
Many people in UK small businesses are very funny about asking for money. Asking for what they are worth, reviewing prices, getting the company valuation they deserve – because they are just a bit funny about money.
Well my friends I am going to say it loud and proud – I am not doing this for any charitable means – I am in it for the money. Specifically for the money and the lifestyle that money will facilitate for my kids, my wider family and me.
But you see I hadn’t really used this principle in the last 3 years in my business – well we have been very focused on expansion – and expansion doesn’t necessarily go hand in hand with profit. So this month we are getting stuck back down into the nitty gritty of profit making. As my good mucker Terry Gormley says where the focus goes the energy flows………so we are making it all about the money.
And its appearing everywhere. From franchises owing me money, to legal action on slow payers to sales and getting payment upfront – all of a sudden its starting to flow in – so much so I am forecasting a tripling of our profit YTD at end of Feb, by our year end in May.
Now I know a lot of people say make money your king and it will bring you unhappiness – but actually neglect looking after it and it will be come a crisis.
I know a lot of people want to pursue their passion, serve the wider community or simply do something they love – and then do not consider whether these things will actually be sustainable – which causes them anguish and dashed dreams. So go back to profit – crunch your numbers and make your dream work for you financially first, and let the rest follow.
Too often this is the last thing we focus on in small business. I encourage you to turn this on its head. Focus on your financial goals as a business and you will have a chance of reaching them – focus on everything else first as I have done for many years and profit will be the last thing you achieve.
Two key ingredient to achieving your financial goals – know what number you are aiming for and make sure your business is working towards fulfilling these goals. Get your big number – whether it’s sustainably income or sale valuation and then you have a clear goal to be aiming for.
Secondly – make sure it financially works. There are many people who plan this vision and then the numbers don’t stack up. Do your planning before hand and then budget for a lot less revenue, a lot more cost and then you will have some idea of whether you can make your financial dream a future reality.
Finally you have to adjust your headspace – ask for the money – what your products is worth, what you deserve as leader in your business, what lifestyle you require – and make sure its fulfilled. We can sacrifice for a bit to invest in our futures but in the end it is all about the money honey – the money for you and your family – so go get it!
Good luck.