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Stop the Leaks: How to Find Your Missing Business Profit
Manage episode 493299826 series 3503526
You're making sales, the revenue's coming in... but when you check your bank account, you're left asking: "Where the heck's all my money going?!" In this candid episode of "What the Biz?!", Brigitte Vegter and Daniel Proczko expose the infuriating mystery of "disappearing money" and the "profit illusion". They confess to seeing even successful 6- and 7-figure owners feel broke because they lack this vital system. Discover the four common money leaks silently draining your business and the three actionable steps to finally solve the mystery and take back control of your finances!
You'll uncover:
- The stark truth: sales does not equal profit, and why this blind spot is so dangerous for business owners.
- Brigitte's breakdown of why money vanishes due to inconsistent pricing, hidden team costs, sneaky subscriptions, and the dreaded tax trap.
- Daniel's "pet peeve" about hidden tools and subscriptions silently bleeding your business dry.
- The three simple, yet powerful, pillars of a money system: proper categorization, real-time cash-based reporting, and consistent monthly analysis.
- Why relying on tax-time reports puts you in a reactive, disadvantageous state.
- How financial clarity transforms fear into excitement, allowing you to confidently plan for growth, hiring, and investment.
- The reassuring truth: you're not "bad with money," you just need the right system in place.
Show Notes:
In this episode, Brigitte and Daniel discuss the critical importance of a sound money system and provide actionable steps to stop financial leaks:
- Key Financial Concepts:
- Profit Illusion: The misconception that sales revenue equals profit.
- Cash Flow: The movement of money in and out of your business, critical for planning and avoiding bankruptcy.
- Breakeven Point: The revenue needed to cover all expenses and pay yourself.
- Profit First: A strategy to ensure profitability by prioritizing profit allocation.
- Common Money Leaks Discussed:
- Inconsistent Pricing / Scope Creep.
- Unplanned Team Expenses.
- Hidden Tools & Subscriptions.
- Not Setting Aside Tax Money.
- Recommended Tool:
- QuickBooks Online: Highly recommended accounting software for organizing your books.
- Referenced Podcast Episodes:
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Hosts
Daniel Proczko - myPocketMarketing
Brigitte Vegter - Vegter Financial
82 episodes
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