If you read my blog regularly, even once in a while, it doesn't take long to figure out that I'm kinda obsessed with the financial aspects of running a small business. You can have the best idea ever, but if you don't make money selling it, you're not going to be around for long. And there goes your great idea. In order to figure out how much money you're making and get on the road to success in terms of your finances, you've got to know where your money's going. Each and every dollar. I know, I sound like a broken record, but only because it's true. I can't emphasize this enough. Figure out how much you spend on each job and client — including the easy-to-overlook stuff — and you'll be in better shape to evaluate your business, make decisions and decide which work is worth your time and effort.
I'm revisiting one of my past blogs to share advice on how to best take control of your finances, because I'm all about the control. It's your business. You should know what the hell is going on with it! It's from a few years ago. But just like me, the advice is timeless.
Tips To Keep You On The Road To Success!
- Maintain boundaries. At the end of the day, job costing helps you to figure out exactly which areas of your business are profitable and which aren't. By job costing, you are able to put up boundaries so that you can stop doing what you shouldn't be doing.
- Redirection. Creating a business plan forces you to face your demons and the underbelly of the business world. Once you have your business plan, you can redirect your focus the way it should go.
- Stop and think. No matter how out of whack, you can't become more profitable until you get to the real root of the problem. Once you do that, you can get back on the road to success.
- Concentrate on coding. Through expense coding, you can determine which segments of the business to grow. You can also figure out which segments to leave as is, and which ones to abandon, if needed, because sometimes you have to do that.
- Be realistic. Make sure you're tracking revenue and expenses for every job to make sure each is profitable. Doing it this way allows you to be realistic in your goals for success.
Be Oh So Quotable This Week!
Oh by the way, are you searching for easy steps to charge more without losing clients? Learn where you're leaving money on the table and discover simple costs to cut PLUS get productivity tips! And the best part is it's all FREE! Get our Simple Tricks right here!
I always say running a business means the work never ends! Ain't that the truth? I bet your to-do list is a mile long! Make sure that the items at the top of your list are the things that relate to being more profitable. Everyone is so proud of being so "busy"...But Are You Making Any Money? Don't be too busy to focus!
Check out the summary of last week's business tips and motivational quotes from my Instagram page which you hopefully got to see in real time! If not, let's make sure we're following each other on Instagram!! So...here is this week's roundup of Instagram images of My Top Business Tips and Motivational Quotes.
The Road To Success – Tip #1:
"If I had to embrace a definition of success, it would be that success is making the best choices we can…and accepting them." – Sheryl Sandberg
The Road To Success – Tip #2:
"Whenever you see a successful person you only see the public glories, never the private sacrifices to reach them." – Vaibhav Shah
The Road To Success – Tip #3:
"A successful man is one who can lay a firm foundation with the bricks others have thrown at him." – David Brinkley
The Road To Success – Tip #4:
"Success seems to be connected with action. Successful people keep moving. They make mistakes, but they don't quit." – Conrad Hilton
The Road To Success – Tip #5:
"You know you are on the road to success if you would do your job, and not be paid for it." – Oprah Winfrey
Let's talk! I'd love to hear how you've mapped out your road to success!
The road to success is paved with a lot of hard work! Got any tips to share? I would LOVE to hear from you! Anyhoo...I publish these business tips and motivational quotes to get you fired up for your work week!
Oh by the way, in case you're looking for something to help with time management, we've got this fun little quiz to test your productivity. Are you a Vodka & Red Bull? A Dirty Dirty? Or a plucky Blue Sapphire? Find out which cocktail you are by taking our quiz right now!
P.S. Of course that's not all we've got! Searching for more tips about running a business?
Then definitely take a look at these:
I'd love to hear your ideas! So please comment below and then SHARE!
Disclosure: The Party Goddess! is a participant in the Amazon Services LLC Associates Program. This post contains affiliate links, which means I may receive a small commission, at no cost to you, if you make a purchase through an amazon.com link. However, these are all products I highly recommend and support!