Today on the Business With Impact podcast, we’re talking all about a topic that most would consider taboo…. But one that we HAVE to talk about.
[que the music for the song “Money, money, money, moneyyyyyyyy”] — and if you want to hear why I didn’t become a singer — make sure to tune in because…. Well…. You’ll see!
Y’all, everyone LOVES to talk about the revenues, but no one seems to be talking about the PROFITS in their business. And I have a feeling I know why…
So in today’s episode, I’m breaking it down and sharing some of the money and profitability lessons that I've had to learn the hard way in entrepreneurship.
As I was sitting down going through my financials at the end of 2019, I realized that there are some things that I’ve done — some lessons I’ve learned — not only in 2019, but in years past — that I want to prevent you from making in your own business.
These lessons are the kind that will serve you long-term.
And if you’re like so many entrepreneurs that I hear from every year who say things like…
>> “When am I going to finally get paid?”
>> “When am I finally going to get to see the results of all of this hard work that I've been putting in?”
>> “When am I going to stop spending more than I'm making?”
>> “When am I going to stop having to reinvest everything in my business?”
… then this episode is for you!
So, grab a cup of coffee, let’s sit down, and let’s talk about some of the ways we can be better stewards in our business so we can bring home our well-deserved paycheck!
>> At 2:32, I jump right into one of the first problems I see (and one of the hard lessons I’ve also learned): investing in something you don’t need and investing just to “keep up with the Joneses.”
>> At 8:45, I discuss the next lesson I think most entrepreneurs need to learn (which will help you greatly with your financials!), and that is learning to solve the problem yourself, instead of paying someone else to fix it or do it for you. Learning the lesson yourself is invaluable— and it could save you money in your business too!
>> At 16:37, Finally we talk about outsourcing. When do we do it? How do you know if it’s worth the investment? How do you know if it’s the right time? I touch on all of that in the last portion of the episode— along with some personal stories of how I’ve failed and learned over the years.
Subscribe & Review on iTunes!
Are you subscribed to the Business With Impact podcast on iTunes? If not, I want to encourage you to do that today. I don’t want you to miss a single content-rich episode.
Click here to subscribe in iTunes!
And if you enjoyed today’s episode, I would be really grateful if you left me a review over on iTunes, too. iTunes reviews get the message out about this podcast, and I love hearing your feedback! All you have to do is click here to review, select “Ratings and Reviews” and “Write a Review” and let me know what you loved about today’s episode.
You can also take a screenshot and post it to your Instagram Stories with your biggest takeaways and tag me, @rachelrmcmichael!
I’m so grateful for you!