Resources are often underutilized and not working together.

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It’s easy to waste time and money on underperforming products or services or not combining products into higher-revenue packages.

TIPS:
1. Find out the profitability of each product.
2. Create packages of products of unequal desirability that include a discount.
3. Eliminate underperforming products or services unless there is a clear path to profitability.

Knowing your cash position is essential.

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Having a budget lets a business leader see their cash position in real-time, as well as what can be expected in future months.

TIPS:
1. Review your budget vs. actual results every month.
2. Find any new knowledge about the business and implement operational changes. 

You might have a huge sales promotion or annual cost.

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Assuming that a healthy cash position now will continue into future months by mentally averaging monthly profitability, doesn’t take into account the natural volatility of revenue and expenses.

TIPS: 
1. Track your major expenses to at least the month to manage cash flow.
2. Manage your sales promotions or advertising campaigns based on revenue.

You may want to pay yourself more based on future profitability.

The simple fact is that there is a special joy in creating a profitable business because it means that you’re offering the right product or service, and you have a keen insight into the marketplace.

TIPS:
1. Time any pay increases to begin during times of increasing profitability.
2. Assume that this increase in pay to you will be long-term and sustainable.
3. Make this decision with eyes wide-open so future opportunities won't be missed.

​If you need assistance with anything we’ve discussed here, let’s talk so you can reach your financial goals, growth, and revenue. Spend your time doing what you do best and make more money by having us solve your most pressing financial issues.