Lately I’ve been thinking about the things I would have done differently as a business owner if I had the option to turn back time and start it all over again.

 

So for this particular item, I’ll let my good friend Riri do the intro:

Okay, here it is: I wish I would have put my CEO crown on much, much earlier in the game.

 

I think it’s difficult to switch from that solopreneur or freelance mindset into understanding your role as a full-fledged founder. But when you’re a business owner, the stakes are high and the buck stops with you.

Why You Need to Wear Your CEO Crown Loud and Proud

You have a responsibility to not only yourself and your family, but to your business and employees as well, to be a fiscally responsible and prudent CEO/CFO.

 

People’s livelihoods (even if it’s just your own) depend on your ability to run a profitable business, and that’s a responsibility you need to hold near and dear to your heart. It’s sacred y’all! 

Finding Profit Leaks and Protecting Your Bottom Line

 

I know Charles Dickens would be rolling in his grave, but hear me out:

 

I want you to look at your balance sheet and ask, “What profit leaks would Ebenezer Scrooge NEVER let happen as my CFO?”

 

Listen, this isn’t to shame you about spending extra money by any means. Cause here’s the thing: every single item I’m about to list below is something that I’ve been guilty of spending money on in my business.

 

So some things that I know might be draining the bank include:

 

💸 Holding on to unused subscriptions

💸 Extravagant (aka EXPENSIVE) marketing strategies that don’t make a return on their investment

💸 Bending over backward for customers who aren’t a good fit and steal your time

💸 Buying, but never actually implementing, new shiny tech tools

💸 And finally, letting those expensive training courses and books collect dust on the shelf

 

Small purchases can add up over time and eat into your profits without adding any value to your business. Being fiscally prudent is a fairly simple way to keep your balance sheet in the black. 

Striking a Balance As a Business Owner

I also think it’s worth pointing out here that part of being a business owner is learning to strike a balance. You want to be liked by your employees and clients, but you also need to keep your spending in check.

 

When I first started building my team, I’ll admit that I was wee bit too generous with my compensation packages, bonuses, and employee perks. Why? Because I wanted my employees to like me!

I also often “threw money at problems” hoping mediocre team members would up their game. I learned fairly quickly paying bad employees more didn’t magically make them better, it just made them more expensive to keep around.

 

All hail the queen (you bae!), 

Justine

 

P.S. Since we’re talking $$$ already, seems like the perfect opportunity to mention my profit-driving system for attracting more high-paying clients: Multiply! Because more clients knocking on your door = more money in the bank. And Scrooge ALWAYS approves of more money in the bank! 😉