Profits are not cash. Profits are turned into cash when you receive payment. Just because you have money in the bank doesn’t mean that you have to spend it!
Don’t spend money on a non-business asset unless you are sure that you have at least six months’ payroll and overhead costs saved. Even then, do you really need that boat or piece of jewelry? Yes, the business is doing well, you think…but are you sure?
Always save 1% to 2% of all cash that comes in the door. A $1,000 check is $10 to $20 saved. Not much per check…but huge in the long run.
You never know when the next financial crisis will come. Make sure you have enough money to survive the next one.
Did you check your bank accounts online today? This is the first step in protecting your hard earned cash.
Get the tools you need to grow profitably, build wealth, and live the life of your dreams.
Ruth King is well known as “The Profitability Master.” She is passionate about helping small business owners become profitable and stay profitable. For over 40 years she has coached, trained, and helped contractors and others achieve the business growth and goals they wanted to achieve.
Contact Ruth by emailing ruthking@hvacchannel.tv.
Visit www.financiallyfit.business to get your business financially fit in less than 10 minutes a month!
