In this blog, I will reveal the secret to making money — lots 'o money honey! But first, let's talk about how you're currently managing your money. All of it! And since time is money, include that too. Some of you may have a service-based business, while others run a retail operation. So your variables will differ depending which it is, but the process is basically the same either way. Take a look at your income, monthly expenses, billable hours on projects or per client, sales, cost of goods, time spent on intangibles, losses, one-time expenses, taxes, etc. I'm talkin' the whole kit and kaboodle!
Wait, what's that? You don't know all these numbers? Hmmm... that might be a problem. If your finances are in disarray, or if you have a hard time keeping up with basic bookkeeping — let alone more complicated stuff! — maybe it's time for professional help. (And I don't mean a therapist! Though that could do wonders for solving some of your other issues.) So hire someone already! Even if it's just occasionally, hiring a bookkeeper or accountant can be the single best thing you do toward understanding where you truly stand financially. I say this so often, it probably sounds like I'm an official representative of Accountants of America who gets hefty referral fees. Oh if only... Once you know where all of your money's going, and how much is and isn't coming in, you can develop a plan to do better. And isn't that what you want?
Getting To The Bottom Of Your Money Issues!
- If you suspect that you are leaving money on the table or working for less than you're worth, it's time to do something.
- Hiring a bookkeeper is important, because even if they only come in once a week for a few hours, they'll keep you on track.
- Through expense coding, you can calculate the profit percentage of each job.
- Gather a think tank of like-minded business owners to brainstorm ways to reduce overhead and become more efficient.
- You've got to know (by tracking) the results of your networking so you can choose where best to put your networking time.
Show Me The Money! Lots 'O Money Honey!
What else can you do to "find" more money that you might already have?
- Hire an intern to pick up the slack filing and other simple, easily communicated, repetitive tasks.
- By reviewing your P&L's weekly, you'll be engaged and paying attention so you can course correct.
- When you Code Your Way to Cash, you can stop spinning your wheels once and for all on what aspects of your business really need your attention. Hamsters, it's time to get off the wheel.
So as you might have guessed, my "secret" to making money isn't really that secret. And it's not a quick, "do this or sell that and you'll make X amount of money" type of formula either. It's about managing your business well, keeping a tight rein on your purse strings and a close eye on all your spending.
Be Oh So Quotable This Week!
Oh by the way, do you feel like you're too busy? Or like you're always working, but not much is getting done? Is all your busy work getting in the way of making money? Your solution is right here and it's FREE!
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.
Lots 'O Money Honey – Tip #1:
"Stop chasing the money and start chasing the passion." – Tony Hsieh
Lots 'O Money Honey – Tip #2:
"If you don't find a way to make money while you sleep, you will work until you die." – Warren Buffett
Lots 'O Money Honey – Tip #3:
"The key to making money is to stay invested." – Suze Orman
Lots 'O Money Honey – Tip #4:
"Sustaining a successful business is a hell of a lot of work, and staying hungry is half the battle." – Wendy Tan White
Lots 'O Money Honey – Tip #5:
"Success doesn’t come from what you do occasionally. It comes from what you do consistently." – Marie Forleo
Let's talk! I'd love to hear how you've made lots 'o money honey!
Do you have some good advice on how to make lots 'o money honey? 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!