2017 we were official a limited liability company. It took a little bit of adjustment as for many LLC you will realise your biggest business expenses is payroll.
Since you now have to account for the two-thirds portion of the national insurance contribution which is a deductible expense. The problem here is cash flow to pay these expenses which becomes difficult when clients or customers don’t pay their outstanding debts on time.
That brings us to the second point as a LLC, your receivable. Why is it so difficult for clients or customers to stay on track with their payments? One thing we have noticed entrepreneurs love FREE stuff and don’t like to pay for your time and effort especially when they have received the service or product. Why do we always try to beat down each other price? Sometimes even suggesting what their price should be, this is disrespectful. If you can’t afford it don’t purchase the product or service. If you really want it then acquired the funds to fully pay for the product or service. If you have an outstanding debt call the person and make an arrangement to a payment plan and stop making excuses we all have lives to life. Just as you can’t go to groceries and ask for credit they can’t as well. You received a product or service so pay it.
Three point, know your WORTH stop GIVING discounts and freebies. It’s your time you are giving away and time is money. Therefore it should not be GIVEN away freely. You earn it so get paid for it…bottom line. This is a clear way to understand your ideal clients.
Going forward into 2018 we are going to be working smarter not harder. We will be looking at ways to maximize our investments in our business and our personal life. As you are aware as an entrepreneur it’s not just about making the money but about being able to be around to spend the money we make. Therefore in 2018, it about being a holistic entrepreneur and alot of rinsing and repeating.
Rinse and repeat refers to systems or formulas that would have worked over the years or even this year where you got great results. This is why it’s important to have proper systems in place so you can identify your business trends and analysis what is working.
To have a business is not just about a status. You have to nutrient it into what you want it to become which takes time and effort. Therefore you can’t have laissez faire attitude in business. You have to be on the ball. We are not saying everyday will be AWESOME. You will have those days when you want to just roll in a ball and cry all day because you are giving your all yet you are receiving nothing. Oh #?*! What to do next. Yes we all have those days but you have to get up and keep moving forward. You got no time for pity party. The road you travel is no straight and narrow. It is difficult. When your business is out of whack sometimes your personal life may get the same way and you begin to wonder is this making sense did I make the right decision to be an entrepreneur or should I just go back to corporate life. Running a business is not for the fate at heart. It’s not for the quitter but it’s for the person with the winning attitude. The person who doesn’t give up. The person who is willing to go the extra mile to make the extra effort. That’s what being an entrepreneur is…it’s also your story, your journey to SUCCESS. You can do it if only you believe. For 2018, we work smart and increase our investment portfolio.
Happy New From the Management and Staff of Destiny Planners
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