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Redefine Your Relationship With Money for 2023

Thursday, December 29, 2022

Redefine Your Relationship With Money for 2023

Imagine a large suited figure holding a small, balding man by both shoulders in a small, dank office as he says to the small little man, "It's up to you now, Miller. The only thing that can save us is an accounting breakthrough".

You don't want to be in THAT situation in 2023, but that brings us to a couple of money principles and here's the first one.

As the business owner, your job is to get money out, not to put money in your business. That thing you’re doing is supposed to be spinning off money, not sucking it up and you do not want to leave all of your money in your company. Not a good thing to do when there are a whole lot of people in business who do not understand the difference between gross and net.

I had an early mentor who I was in business with for five years. And here was his business philosophy: “If there's enough growth, there's gotta be some ‘net’ around here somewhere.”

Some businesses can go for long periods of time, doing huge grosses with no net before it catches up to them and kills them, but it inevitably kills them. And that mentor’s attitude was “the solution to everything is “more gross” and that is the solution actually to very few things.

Most problems that exist in a business multiply. When you multiply the gross, they don't go away. When you multiply the gross, they just get bigger and feed on the problem.

People want to compare the gross sales numbers. In the speaking business, everybody wants to compare the number of days they do every year. In direct response, everybody wants to compare response percentages. There's a whole issue comparing numbers.

None of those numbers count for anything. Net is the only number that counts.

And it is not uncommon to see individuals or companies getting awards and enormous recognition one year and have them be out of business the next, because that number was not a good number.

And you'd be amazed how many clients know the net from the whole business, but when you bust up the business, they cannot tell you which is the most profitable thing they do, and which is the least profitable thing they do. They don't know. They can't tell you.

So you gotta know the most profitable thing you do, and you gotta continually be killing off the things that don't have good net, and doing more with the things that do have a good net.

This is just one of the lessons to prepare you to make 2023 the year where your relationship with money changes forever. If you’d like even more preparation, get this and many other insights in audio form for free as 4 unique downloadable audio courses, plus books and more, all for trying my Gold newsletter membership. Prepare for 2023 with lessons you can count on working!

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