I want to ask you a tricky question; how much money did you make from your business last month?
I am not talking about your salary, that is money generated by the hard work you contribute to the day to day running of the business
How much compensation did you reward yourself for owning the business, being the chief risk taker and the person who takes ultimate responsibility for ensuring everyone else gets paid?
If the answer is that you either a) don’t know or b) didn’t make any, then don’t worry its more common than you think, but ultimately it is amazing to me that so many business owners I meet do not reward themselves with anything more than a salary, sometimes their staff even earn more than them.
The daily costs of running a business can be significant, the business grows so you need new staff, costs creep up, covid restrictions, etc, I get it.
The problem is that the whole concept of profit is only dealt with at the end of the year, it is an accounting event that happens on paper and often does not translate to money in the bank.
All that risk and hard work for nothing? No thanks…
Your business should serve you, not the other way around.
The good news is that you can. If you are ready to commit to making small incremental but important changes that address the ‘profit comes first’ mentality you can transform your business to be a money making machine.
It isn’t easy and it requires commitment but once you get started it is possibly the most rewarding step in your journey from an owner operator to a successful business owner.
If you would like to get some help to get started and the prospect of having a hospitality growth professional get you started on the journey to profitability is appealing to you then reach out now for an informal chat.
Regards,
Robert Illsley
