Stabilize your money by keeping one eye on it.
Business owners are quick to say that their business is there to solely serve the customers. However, they aren’t doing free labor. At the end of the day, we are all in business because we need to earn money. While we all have to earn money, it’s what we do with it after we earn it that defines our level of financial security and, ultimately, the amount of freedom we enjoy in our lives and in our businesses.
Luckily, there are ways to watch our money without becoming the number-crunching fanatics. With the use of the Internet and mobile banking, our financial picture is in our hands (literally). What’s more, there are nifty apps and services within our banking profiles that allow us to break down income, monthly expenditures, and even tips on how to save. The more often you manage your finances, the better understand you have of your business.
A deep analysis of your financials, profit and loss statements, and balance sheets means that you have undiluted insight into what your business can and can’t afford. It’s easy to watch the money come in and try to save it all, but what about strategically saving, managing the books, and even reducing outgoing costs? These tasks won’t simply do themselves. Typically, business owners should be looking at their financial system on a daily basis. As Benjamin Franklin once said, ‘If you fail to plan, you are planning to fail.’ The same can be said about managing money in business. Manage it and it will reward you!
Contact Mike Stromsoe’s Unstoppable Profit Producer Program for tips and help on how you can earn more clients and keep the clients you have for your insurance agency business.