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Entrepreneurs deal with all kind of challenges, one of which is the pressure to continually grow at all costs, so they can gain bragging rights about revenue. But having done that and burnt out whole tam and exhausted more of our resources, I can tell you that it is not really worth it. Business is not about the top line sale numbers at least not the kind of business we are talking. It is about selling a quality product to people who want it and dong it in a way where everybody wins in the long run. This means you have to keep some of the money you make and do not blow it all on company.
What really matters is creating the best profit margin possible so that you can enjoy time with your family and whatever freedoms are important to you. In order to do this, we have got to control our expense, sell smartly and optimize our businesses or what matters most.
Profit is what is left over after you have paid all your bills. You can invest this extra into growing the business, hiring more staff members or simply disbursing some or all of it to yourself to enjoy personally. That is your right as a business owner and a really fun part of playing this game. Surprisingly, few business owners seem to know or care about profit.
To live a truly free life, you have got to get ahead of the feed the monster routine that so many business owners find themselves in. Well, first we have got to define what mean by profit. Making a profit in business by way, is not something that just happens. It is a discipline that is developed over time and reinforced constantly. Profit is not an event. It is a habit. Failure to recognize the necessity of this likely result in a short lifespan of you business. You have got to watch your numbers and educate yourself on the financial wellbeing of your company.
This means you have got to start and grow your business with a keen eye on what matters most which is what is left over when you are done paying the piper. In fact, you want to begin with how much you want to make first and budget your expenses accordingly. By prioritizing profit, spending your money smartly to endure you maintain your margins, you ensure that you actually have money left over. Focusing on maximizing profit gives you the lifestyle you hoped for without having to give up too much to get there.
