Money Leaks: Finding them and Eliminating Them

In getting the proverbial light and delivering your owners comp and profit to your business, it is important that you thoroughly examine if there are money leaks in your expenditures. Day 3 of the sprint in implementing Profit First in your business, I talked about money leaks and how it is absolutely great to allocate your time to find, assess and eliminate money leaks in your business. Here I will teach you an exercise that needs to be done on a regular basis because businesses change over time. If you are listening to this on a replay, you can still send in your comments and questions and mention “replay” and I will still go over your comments and questions. Here are a few insights you’ll hear in today’s show…- What is a money leak and why is it important to assess regularly if there is, in your business?- In doing the money leaks exercise, what are the things that need to be done? (...What are the questions you need to ask yourself with regards to expenses?)- What other things that you need to put on a lens, as well, that can be eliminated or eliminated?- The homework and why it is important to do the task?- The benefits of examining the costs and operating expenses in your business. (...An example of a subscription that needs to be canceled.)Resources:- If you're interested in joining this sprint or catch up with the live sessions, join hereConnect to Annette Ferguson:- Facebook - Instagram- YouTube- Listen to the Podcast - Financial and Lifestyle Freedom for UK Business Owners