It’s Not What You Make, It’s What You Keep!
Last week, we had several meetings in Las Vegas to finalize the launch of our new Bookkeeping partnership for EasyBizStart. With a few hours to kill in Vegas in 110° weather, we did what a lot of people do - strolled inside one of the casinos and had a look around.
I love to observe people and Vegas is, needless to say, one of the more interesting environments to watch. I was curious and wanted to consiouscly observe how people act when they are gambling. It made me realize: the entire experience is designed to celebrate the win: to highlight the chance at a payout. What most seem to miss in the moment is that for every win, there is a cost. No matter how much you win, if you don’t walk away with more than you started with, you lose.
In business, I see the same thing every day. Entrepreneurs are fixated on the win. They want to increase sales, both in size and volume. We spend our time and money to increase our reach and bring more money in the front door. As a demographic, we are drawn to the siren's call of “If you want more, sell more”.
We often forget there is an easier way to make more money: keep more money. A common mistake for any business owner is to run the business based on our bank balance. We tell ourselves that if we have more and the balance is positive, we must be doing well. We forget to factor what it costs to get us there. We sell products and services that may have weak margins. We spend money on things that may not be the most effective choice. We pay more in taxes than we should because we don’t hire professionals to help us with what they do best.
In reality, seeing black on the screen when you log into the bank account isn't the most important. The key is, in the grand scheme of things, never losing sight of what is coming in and what is going out.
Do you need help managing your financial tracking? A professional bookkeeper can help you save time and money by maximizing deductions and helping you keep and up-to-date snapshot of your business health. If you do want to keep more, explore the option of outside bookkeeping help, visit www.easybizstart.com/bookkeeping for more info on our bookkeeping partners.