vanity metrics vs metrics that matter
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Hey Reader, I was talking to someone this week and his ears perked when I mentioned the 6-figure business owner who still struggles to pay their bills. There is so much marketing out there about growing your business, and a lot of the focus is on revenue. Revenue matters, but you can't out-earn cash flow problems or misaligned spending habits. I want to be super clear that I'm not trying to guilt or shame or needlessly poke at sore spots. But I often hear from business owners struggling to generate income "when I make it to $10,000 per month, I'll be fine." And I've also worked with business owners who've made it to that point in income, but at the end of the month, their bank balances are the same as when they were earning half the money. Which is why I think more important metrics are profit and monthly cash flow. Just last summer I was talking with a business owner who had just declared bankruptcy because of cash flow issues. He had millions of dollars in revenue but because it mostly came from one business who also was struggling with cash flow and wasn't paying their contractors, it put him out of business. I really care about busting the myth of the freedom that comes with a 6-figure income. You don't have to be the person who's working harder and more stressed out for the same money. You can feel more secure and stable if you have a clear idea of what that looks like for you, in your unique situation. So here's your takeaway, I generally think of our relationship with money in two BROAD categories:
We tend to be better at one than the other, but we can also be intimidated by both. Consider what you could focus on right now that would have the greatest impact on your financial well-being. Revenue matters, yes. And also what does your current financial management look like? Do you have a bunch of bank accounts in different places, and you don't know how much money is in each? Do you know when your credit card payments are due and generally when your subscriptions are charged? Are your finances like living in the equivalent of a cluttered bedroom? What would help your current well-being the most? Not sure? Hit me up on Voxer and we can have a brief, no-pressure chat about it. If you're looking for some support and you don't have the budget for 1:1 coaching, consider checking out my new offer, More Money at the End of the Month. It's beta priced at (what I think is a very reasonable) $150/month for 3 months of group coaching. Spots are limited for this beta run though! Sending hugs, P.S. Do hit me up on Voxer with questions you have! I love talking about this stuff! |
The Financially Empowered Entrepreneur
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