Ep. 108 - Pay Yourself First

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By Mark Crandall. Discovered by Player FM and our community — copyright is owned by the publisher, not Player FM, and audio is streamed directly from their servers. Hit the Subscribe button to track updates in Player FM, or paste the feed URL into other podcast apps.

If you’re an entrepreneur, business owner, or industry leader, then you’ve more than likely heard the phrase, “cashflow is king” or “cash is king.” Just because you make millions of dollars a year doesn’t mean you pocket millions of dollars. On paper, it may look like you’ve made tons of money per job, but in practice, you may be losing more money than you even realize. But what if I told you there’s a better strategy? One that can ensure you’re getting paid first while also paying your employees and paying off any surprises along the way. (i.e., renting equipment).

This week, I’m sharing the formula that I’ve created within my own companies to ensure each business is in a healthy financial state. One of the biggest pieces of this formula is recognizing that your finances can’t be a guessing game. There has to be an effective mathematical equation put in place to predictably hit your margins every time. Once the needs of the customers are met, and the job is completed, then you can start paying yourself first. But only after accurately calculating every step of the process.

Topics Discussed:

  • The TRUTH behind the notion “cashflow is king”
  • Gamifying the financial state of your business
  • Why you should NEVER spend money that you don’t have in your pocket
  • Expenses most business owners never consider until it’s time to pay the bill

Ready to stop working for your business and have your business start working for you? To gain access to resources I've created for you and learn how to work with me and my marketing team to grow and scale your business, visit www.markcrandall.net

Quotes:

  • "If the owners are stressed out about money, the employees are stressed out about money, and that is absolutely no way to live."
  • “You never want more money going out than you have coming in."
  • “You get to plan what the IRS takes. They don't get to tell you what they're taking.”
  • “Your financial systems can be the greatest asset or the most profound downfall within your company.”

135 episodes