Do you know where to look for it?
If you’ve heard the expression “to leave money on the table” then you’ll know that there is more money to be had from your business than you may currently be making.
In this particular instance I’m not talking about cost cutting and running your business lean and mean (although that definitely has its place!) I’m talking about expanding your thinking and your actions to MAKE more money…
My part of “The 12 Proven Money Strategies” workshop is all about maximising what you have in your business right now as well as finding the “hidden” opportunities. There is money whizzing around you every day – you just need to know how to reach out and grab some.
How would your life be different if you could produce more cash flow in your business? If you had more money, what would you spend it on or invest in?
The top 3 answers I get when I ask this question are
- Take a holiday
- Pay down debt
- Reinvest it
Now, I’m all for taking holidays – your brain needs a good rest every so often as well as your overworked body! Holidays should feature as part of your annual plan.
Paying down debt is also a great idea – but do you know how to do that wisely and with leverage? There are ways of working with money and structure and tax that will leapfrog your progress. It may be easier than you think!
Reinvesting in your business can be a good thing to do – unless you have “all of your eggs in one basket”, as Mark says. There are times when it makes good financial sense to reinvest in your business and times when you need to look for investments outside your business. It all depends on the length of your view; i.e. short term or long term, and your succession plan for your business. (if you have one – and it’s a good idea to have one!)