I used to shout this at myself all the time…
You’ve just landed another great client…but…
You STILL can’t take more money home out of your business??
I was there…
I was chasing the next sale, the next new client…
Every time I got a new client I told myself…now I’ll be able to take more money out my business…now I’ll be able to treat my family to that fancy holiday…
But it just wasn’t the case…it seemed that every new client I got just sucked up money too, and there was nothing additional left over for me…for us…for our family.
Because I was focusing my efforts in the wrong place.
I was HYPER focused on revenue growth
And NOT on PROFIT growth.
I am a Chartered Accountant – yet even with our years of training and continuing professional development, we are not taught to focus on PROFIT growth (actually most accountants don’t even have a clue about revenue growth as it happens, since that is not actually taught either, and most don’t bother to learn about it…but that is a subject for another post!!!)
I turned things around in my business in early 2015, when I became HYPER focused on PROFIT instead of revenue, and guess what, revenue grew too!! But profit EXPLODED.
My focus and my implementation on, what I now call, the Business Wealth Engine (which started off because I implemented Profit First in my business and found that some tweaks were needed to ensure that it worked to the MAX), enabled me to go from chasing every new client, hoping that would mean more money in my families bank account…to delivering consistent income each and every month to my family, to the point where my husband left his job to become a stay at home dad and look after our 2 little ones.
Here’s to your increased profitability.
Thanks ever so much for taking the time to read my post I truly hope you’ve found it useful and insightful. If you have any questions feel free to contact us!
I am Annette Ferguson, CEO of Annette & Co. Chartered Accountant, Profit First Professional and creator of the Business Wealth Engine. We’re also SUPER social so don’t forget to follow. Here’s to your success!
Reinvesting money in your business is not a bad thing if it is done consciously. Now, what do I mean when I say that it’s