Yes or No.
If I asked you, ‘Do you know your profit for the year?’ – would you answer Yes or No?
What if I asked you, ‘Do you know your profit for the month just gone?’
Let’s talk real quick about profit. And if you are already across this stuff – just stick with me here for a couple of minutes…
Profit.
Why you want it…
👉 Because it is what pays the bank back. Want to smash that debt? Then profit (or the lotto) is your way to make it happen.
👉 Because it allows you to have debt. Want to buy your dream family home? Want to expand your business operations? If you have profit – the bank is more likely to love you and help you.
👉 Because it’s what pays your taxes. I know, I know, it’s also what causes your taxes! But seriously, if I offered you a choice of $1m profit but you had to give 30% to the tax man OR I offered you $100k but you didn’t have to pay anything to the taxman – which would you take?
👉Because it means you’re more likely to get paid for all the effort you put into your business. Ever worked your butt off only to go further into debt or have say no to the family trip that you really need? If you aren’t getting enough cash in your own back pocket – profit could be your problem.
👉 Because it really sucks having to choose which bills don’t get paid this month. You don’t want to be known as that person. Having sufficient profit takes away that problem – fast.
👉 Because when you are profitable you are so much more likely to enjoy that feeling of no debt, live in your dream home, be able to pay your taxes on time, pay yourself what you’re worth, keep your accounts up to date and best of all, enjoy quality time with your family. Whether that’s a trip away or happy times at home – at least you will be there.
There is so much talk about and focus on sales. Maybe because it’s easier to find in your book-keeping. Maybe because it’s easier to understand. Or maybe it’s vanity. Who wouldn’t love to say they are a 7 figure or multiple 7 figure business?!
Here’s a couple of scenarios for you.
💰 Claires business turns over $1.3m in sales each year and last years profit was $110,000.
💰 Brees business turns over $450,000 in sales each year and last years profit was $230,000.
Who would you rather be? Now, I know there’s a thousand if’s, but’s, how about’s and what if’s that can go with these scenarios. BUT my point is to draw your attention back to your profit – even if it’s just for a moment.
Profit is the thing that gives you real sanity in this crazy, competitive business world.
Don’t underestimate the power of profit. Go check out yours today.
Jen Waterson
