The history of Black Friday has a storied past. But don’t we all? ;)
Today’s the day retailers typically go from running a deficit (being in the red), to turning a profit. What’s known in accounting as “being in the black”.
You might not know this about me, but I have lived some dark days, myself. Sailing a "sea of red". Sinking the equity of my home into my business. Drowning in $750,000 in business debt.
But... it was the "sea of red" that motivated me to invest the past 10 years researching the mechanics, the science, and biology of money mastery. There is a formula to it, it turns out. Who knew? A formula I call the Money Mastery Matrix.
1. Get clear on WHAT you need to create, aka... the Magic Number.
2. Uncover WHERE your subconscious blocks are.
3. Realize WHY making the Magic Number is important to you.
Now knowing then, but what I realize now, is that my revenue model was flawed from day one. The banks didn't see it. The investors didn’t see it. Not even the accountant or bookkeeper. I didn’t see it. But I did create it, unintentionally.
You see, when it comes to numbers we tend to give away our power. We abdicate, not delegate. So in the sprit of Black Friday, the wrap up of Financial Literacy Month, and to kick off the season of giving….
Here are three flags to watch for, to take ownership of. Three warning signs your financial model may be flawed:
1. You’re not paying yourself a fair market salary.
2. Your pricing strategy accounts for material cost only, but doesn't include the customer experience.
3. This is biggie, your bottom line profit is less than 5%.
That’s it. Three give-aways you may need to rework your financial strategy.
Don’t hide from your numbers. Hiding doesn’t solve the problem.
If you need a hand… I’m a call or click away. Just. Reach. Out.
Make today the day you decide to turn a profit!