I define profitable as being able to pay all your business expenses, your daily living expenses, having a retirement account and an emergency account for both your home and business.
It means knowing how much you need in your retirement account to afford a comfortable retirement, (you pick your retirement age). It also means having enough in your home emergency account to cover 6 months without an income plus the necessary repair and replacement of such items as a roof, AC unit, etc.
It also includes paying off your credit card bill in full every month and saving money for your children’s college tuition, if applicable.
If you have all the above parameters covered, congratulations; you don’t have to read any further. Just give yourself a pat on the back for being one of the very few small business owners and commission sales people that can make that claim.
If you are not one of the fortunate few, you have a decision to make: do you want to start today and commit to working harder and being more organized than ever before in order to reach that status? Are you willing to discipline yourself for the next two to three years to achieve such a goal? Are you willing to pass on “instant gratification” when you have a few extra dollars or even some extra time? No, I don’t mean neglecting your family and spiritual life. They can be incorporated into an effective schedule.
For 2020 I am offering a program which starts with the effective use of your BizQuack membership and adding monthly meetings, working with a real live accountability partner, using the Accountability Tracker, forming/joining a small, structured support group, plus a few other surprises.
Developing good habits that will sustain you and set you on the right road to reach you vision is our goal.
Amazingly enough, all this is included in your $25/month membership fee; but like anything else, the opportunity is yours to capitalize on or to ignore and stay on your current path.
Please send me an e-mail if you are willing to participate and you will be receiving more information in the near future. As always, the ball is in your court.
Tips & Advice by Nick Petra, CFP – Founder of Strategic Duck and BizQuack
Providing support to build, profit, thrive, and survive the daily challenges of entrepreneurship.
BizQuack and its web site, www.BizQuack.com, are designed to provide accurate and authoritative information with regard to the subject matter covered. Membership is offered with the understanding that BizQuack is not engaged in rendering legal, accounting, or other professional advice. If legal advice or other expert assistance is required, the services of a qualified professional person should be sought.
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