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It’s not just about selling more and cutting costs, it’s about mastering your money and how you manage it.
Here are some of my best tips to make more money and hold onto as much of it as possible:
(1) Charge what you are worth
Sounds so easy, right? Stop undercutting you’re competition on price and focus on delivering more value to your customer instead.
(2) Keep one bank account and credit card strictly business.
And yes, I mean strictly. Mixing personal and business transactions can end up costing you in the long run in terms of accounting professionals to clean things up and IRS audits.
(3) Recurring revenue
It’s all about efficiency. Enroll your customers in auto-pay and offer subscription or membership based services so you don’t have to invoice them and “re-sell” your services multiple times.
(4) Know thy deductions
Don’t miss out on making business easy expense deductions that can benefit your business and understand what is considered deductible and what is not so you can maximize the money you take home.
(5) Find a trusted advisor
You don’t have to use your family’s accountant or the guy down the street. You can work with anyone you want to and you should be interviewing them to make sure they are a good fit for your business.
Which of these tips are you guilty of, or are already working on?