Having worked with many companies with revenues ranging from multiple six figures to the numerous millions, the most common reason we see business owners struggling is that they don’t know how to navigate the financial aspects of their company.
They have a passion or an area of expertise that led them to start their business – but they don’t have the financial insight to set up the foundational systems and structures that ensure they are profitable month after month and year after year.
There are 3 Mistakes we see business owners make that get them in financial trouble:
Mistake #1: They don’t have an accurate financial picture
Mistake #2: They focus on top line revenues (not bottom line profits)
Mistake #3: They resist change
What’s the cost of doing this?
Owners feel alone, worried, they are up all night, wondering how they’ll keep their business or make payroll, since they know they are just a couple of bad months – or weeks – away from financial ruin.
Everything looks great on the outside; they keep the charade up and don’t let other people know their challenges for fear of being judged by colleagues, family, and friends. But in actuality, they feel they are barely scraping by.
And everything keeps getting worse. They get behind on their taxes, rack up credit card debt, and worry about making payroll. And whatever they bring in goes back right into the company with very little left over for themselves or their family.
“Brooke provides such a great, easily absorbed approach to entrepreneurs who are trying to better their businesses. But more to the point, she really captured the personal growth that I really lacked and found that my self limiting factors have really put a halt on the growth of my business. I was really pleased to get that pearl of wisdom.”
-Lisa, Fort Worth, Texas
What’s the RIGHT Solution?
- Stick to your zone of genius
- Acknowledge what you don’t know and
- Find a trusted advisor who can help you
When you hire a Profitability Strategist to help you implement these solutions, the results can be quite dramatic.
One of our clients went from $20,000 in revenues a month to $200,000 a month in just two years and is now on the Inc. 5000 list.
Another client came to us with massive debt; her business was making over half a million a year and yet she couldn’t afford to pay herself. We created a pricing tool for her that got her $200,000 more on her next deal than she would have gotten otherwise. And a year later she was out of debt.
Our clients have hired lots of new employees, which allows them to work fewer nights and weekends and have a life outside of the office. And they can pay their employees more plus offer benefits like the numerous health insurance plans, 401Ks and even paid maternity leave programs we have set up. This means less turn over, more stability, and fewer headaches.
Our clients find they have enough profits left over to have a better lifestyle, more opportunities for themselves and their children, and quality experiences with their families like concerts, camp, and vacations. There have even been a few new houses.
And most importantly they get peace of mind from having a predictable business without lots of dark sleepless nights. Cathedral Capital becomes their trusted advisor who knows how to run a profitable business and always has their back.