You know the old adage, the shoe makers’ shoes always have holes, or the contractor’s house is always half done. The same is true for business owners. Just because your entrepreneurial spirit and skills led you to open your own business doesn’t mean you know how to run a profitable business. The same was true for me!
In January 2021 I launched Truly Bookkeeping, owning my own business and working for myself had long been a dream of mine. I had spent the last 20 years as the right-hand woman to MANY business owners and Executive Directors. I was often helping them solve problems, but I hadn’t ever felt the weight of what it means to be the owner, where the buck would stop with me.
I quickly realized just how easily the business finances could get away from me. And I knew that my family was depending on me to make good, wise decisions with my business’ finances. I didn’t have much room for mistakes.
So I read books like Profit First by Mike Machalowisk and listened to podcasts like Dave Ramsey and Donald Miller’s Business Made Simple. I gathered all this information about good financial practices that I should be implementing in my business. I was on board with many of these suggestions, but what I realized is that although I knew what to do, I didn’t have a way to do it. I didn’t have a system, a plan, a spreadsheet, to put these sound financial practices into place.
And so I created one for myself. As I used this plan, I was able to keep my business’ finances in check. I was able to hire and scale more quickly than I had imagined. This plan was working! And as I worked with clients, I realized they needed this system too. And so The Truly Profit Plan was born.
Are you INTERESTED in transforming your business finances too?
Most business owners I’ve talked to share the biggest headache is either staffing or money. The Truly Profit Plan can be a solution to both!
The Truly Profit Plan is:
- A cash flow management tool that helps you track and decide in advance what your income will be spent on. It’s a straightforward method that keeps you, the business owner, in control of your business finances. It empowers you to know what’s going on week after week with your income and expenses.
- And it’s a way for you to plan for growth and be able to retain quality staff by providing benefits you can afford.
What I hear from many business owners is that they just don’t know.
- I don’t know how profitable I am
- I don’t know if I can afford to hire
- I don’t know if I can afford to offer a 401(k)
- I don’t know how much I should save for taxes
- I don’t know how much I should pay myself
Oftentimes business owners just don’t know how much revenue is coming in each month and how much they are spending on expenses. They don’t know the specifics, all they know is they are barely staying afloat each month. Does that sound familiar?
What if you actually knew the ins and outs of your finances?
What if you could say confidently the percentage of revenue you spent on operating expenses? The Truly Profit Plan gives you that information every week. No more waiting for financial reports from your bookkeeper or accountant, you can know TODAY where your business is at financially.
Another thing I hear from clients every year around tax time is, “Oh no, I have a tax bill and I don’t have the funds to pay for it!” Often there are recurring expenses that come up at the same time each year and that also surprise us each year. What if next year at tax time when you received your tax bill, you didn’t stress? Because you knew you had the money saved in a special tax account? How great would that feel?
The Truly Profit Plan can get you there. Not in a painful-you-must-eat-ramen-for-40-days type of way but with a consistent, repeatable plan.
Another common issue is business owners don’t pay themselves or are not paying themselves very much. All their revenue from the business goes back into the business to keep it running. As the business owner, you may be struggling year after year to keep your head above water. Maybe you’ve taken out personal loans to help your business or you’ve maxed out credit cards. What if next month, you added yourself to payroll or increased your monthly payroll? What if you could start paying down that loan or paying off those credit cards?
The Truly Profit Plan is the way to get you where you want to go.
When I started working with one of my clients they had been in business for about 2 years and had yet to pay themselves. In fact, they were continually having to re-invest their own personal cash into the business to keep it afloat. They were overwhelmed by their finances, they couldn’t seem to get a handle on what was coming in and going out. They were stressed. Their spouse would ask how things were going and they felt like they couldn’t even respond because they didn’t know.
Within 6 months of working with Truly Bookkeeping, we began to implement the Truly Profit Plan. And 1 year later, I can eagerly report that although sales were down more than 44% due to COVID, they had a net profit of over $16,000, a 242% increase from the previous year!!
Not only did The Truly Profit plan turn a potentially terrible year into something good, but it also:
- Gave my client the confidence to know they can weather whatever storm comes at their businesses.
- It also gave them direction so that they can walk down to scale and grow their business.
- Finally, it gave them a clear way to understand their finances, and to speak confidently and intelligently about where their business is at financially.
I could not have asked for a better success story. I’m so thankful I have been able to help my client and
I’m excited to get to share The Truly Profit Plan with you too.