Here are a couple thoughts for you to “noodle” about creating profit in your business.
“Here’s the deal, my friend: Profit is not an event. Profit is not something that happens at year-end or at the end of your five-year plan or someday. Profit isn’t even something that waits until tomorrow. Profit must happen now and always. Profit must be baked into your business. Every day, every transaction, every moment. Profit is not an event. Profit is a habit.”
Profit First – by Mike Michalowicz
I like how he describes profit as a habit. Because making money (generating a healthy profit in your business) is a skill. It is a skill that can be learned, practiced, and improved. And with repetition comes habit.
Making profit a habit promotes financial health and wellness in your business.
Focus on Income NOT Taxes
“Don’t focus so hard on not paying taxes. Focus instead on increasing your profits.”
Simple Numbers, Straight Talk, Big Profits: 4 Keys to Unlock Your Business Potential - by Greg Crabtree
One of the huge destroyers of profit in small business is the eternal quest for “tax write-offs”. Most business owners want to “find some write-offs” at the end of the year so they can pay less in income taxes. Sounds smart… but it is anything BUT smart.
Try this. Replace the words “tax write-offs” with the words “spend some money”.
When you say you want to find some tax write-offs, you are really saying “I want to spend some money because my taxes are too high”. I’ll spend $30,000 so I lower my taxes by $7,000. Not smart!
Please consider removing the words “tax write off” from your vocabulary.
Your financial health and wellbeing will thank you for it. :-)
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Please consider removing the words “tax write off” from your vocabulary. Your financial health and wellbeing will thank you for it.
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