CSFP 028 | Little Known Strategies Every Entrepreneur Should Know

The goal of every business owner is to increase and expand income sources and grow profits while minimizing what is needed to generate the income. To grow your income, you can do more of what it is that you do that creates revenue or find ways to tweak your systems that will result in an increase in cash flow without the need to create more revenue. Know and understand your cash flow needs. Plugging leaks in your spending can increase cash flow and your ability to invest back into your company. Anticipate your future cash needs can free you from relying on a bank to lend you money giving you the benefit of EARNING interest instead of PAYING interest. Overpaying your taxes when there are legal and ethical ways to reduce them is wiliness on your part to overpay your taxes and voluntarily give up precious resources that you could be using for your business. Whether you want to build a business to sell or build a business for generating a stream of income for yourself…the goal should be to have a business that runs and operates without your day-to-day involvement.