Ep. 66: Pay Yourself First

If you’re an entrepreneur, business owner, or industry leader, then you’ve more than likely heard the phrase, “cashflow is king” or “cash is king.” Just because you make millions of dollars a year doesn’t mean you pocket millions of dollars. On paper, it may look like you’ve made tons of money per job, but in practice, you may be losing more money than you even realize. But what if I told you there’s a better strategy? One that can ensure you’re getting paid first while also paying your employees and paying off any surprises along the way. (i.e., renting equipment). This week, I’m sharing the formula that I’ve created within my own companies to ensure each business is in a healthy financial state. One of the biggest pieces of this formula is recognizing that your finances can’t be a guessing game. There has to be an effective mathematical equation put in place to predictably hit your margins every time. Once the needs of the customers are met, and the job is completed, then you can start paying yourself first. But only after accurately calculating every step of the process. Topics Discussed: The TRUTH behind the notion “cashflow is king” Gamifying the financial state of your business Why you should NEVER spend money that you don’t have in your pocket Expenses most business owners never consider until it’s time to pay the bill The Purpose Chasers | Align. Scale. Thrive. Don’t just listen, take action. Subscribe to the Purpose Chasers Podcast on your favorite platform to ensure you never miss an episode designed to help you break free from mediocrity and live extraordinarily. Ready to turn your happy clients into your best marketing? Mark Crandall works with coaches, consultants, and trades businesses on testimonial marketing, content, and business growth. Book a consultation at TheHappyCheck.com Free resource: Download The Happy Check List (the 3-Question Framework) at TheHappyCheck.com/checklist