Storage Wins EP371: Shaving off $4,700 in Unnecessary Monthly Expenses!
Alex wants to challenge you to go through an exercise that has saved him nearly $5,000 in recurring monthly expenses. The book, Profit First, was a game changer for Alex's business and on this week's episode; he shows you why. Stop focusing on the top line, and place that focus on the bottom line!
Key Takeaways:
- The book, Profit First, has been revolutionary to how Alex runs his business.
- You should have five accounts in your business. Alex breaks down what each of these five accounts does.
- In the book, you go through an exercise where you print out your Profit & Loss statement (P&L), and determine if the expense contributes to profit, can be replaced with a cheaper alternative, or can be completely eliminated.
- Alex printed out his P&L from January 1st, 2019 till now and marked down all the unnecessary expenses or cheaper alternatives his business could use. It wasn't a fun exercise, but he's saved $4,700 in monthly recurring expenses.
- Eliminate the things that are not necessary for your business.
- Remember, bigger isn't always better… BETTER IS BETTER!
- Don't have a P&L? Print out your bank statements.
- Alex reads a couple of pages from the Profit First book.
- Alex's challenge to you: How do you get 2X the results with half the effort?
Mentioned in This Episode:
Interested in joining the Hybrid Coaching & Mastermind Group Alex & Steve launched? Apply to Join ASCEND
Let's Connect on Instagram: @alexpardo25
Email Alex: Alex@flipempire.com
Profit First: Transform Your Business from a Cash-Eating Monster to a Money-Making Machine, by Mike Michalowicz
Episode 370: Jason Nickel Shows You How to Crush SMS Marketing with Lead Sherpa
Tweetables:
"We're focused on the wrong thing. We're focused on the top line, not the bottom line."
"I was able to shave about $4,700 in monthly expenses. Half of that was recurring."
"Over the last six months, we've become more profitable, we've become more streamlined, and we've accomplished more with less."
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