Get out of the Survival Trap
Reason #5 for Implementing Profit First in 2024 - Get out of the “Survival Trap”
What is the survival trap and how do business owners get stuck IN it?
Just a few examples....
💰 1. Offering a new revenue stream before making the first efficient (hello new shiny equipment without a real plan to make it revenue generating).
💴 2. Cover payroll with large revenue collections that are inconsistent - treating it like “extra” or “rescue” money
💥 3. Run a last minute promotion to generate quick cash. Yes, it is exciting, but is it reliable? Does it serve your true ideal client base or attract short term customers that don't fit the overall vision of your offerings?
🏃4. Chase... new ideas, new coaching programs, investments constantly. Opportunities are fun and exciting – but they can derail stability and sustainability in your business.
🙋🏼♀️5. Lastly... you do all the work yourself because no one else can do it better. Plus, you need to save money, right? WRONG! Great way to burn yourself out. Delegate, delegate, delegate.
If you find yourself guilty or resembling any of these behaviors above — you are NOT ALONE! Many small business owners and entrepreneurs go through this cycle. How can we help?
At Beyond Your Books, we suggest the Profit First method as a baseline for guiding your business decisions that have a monetary impact. Which decisions are those? MOST of them!
Yes, finding clarity in your profitability can help with
Refining your offerings
Managing cash flow effectively
Attract ideal clients, not rely on constant “sales”
Find confidence in stability
Delegate/outsource and keep/hone your unique skills