Don’t be Eligible for the Next Stimulus
As I write this, the latest round of COVID-19 related stimulus checks are starting to hit bank accounts. People and businesses are hurting, and some relief is welcome.
My purpose here is not to debate the merits, the methods, or the size and scope of the bill that allows for these payments.
My purpose today is to start you down a path where your business is so solid, and your finances are in such incredible order, that next time you won’t be eligible for checks like these. To have a business that is resilient and able to weather the inevitable storms that come our way. A business that is able to generate the kind of cash flow that allows you to pay yourself and your team generously, pay your taxes on a quarterly basis, and build a “core capitalization” account that makes sure you have cash on hand when “stuff” happens.
It can be done, it has been done, and you can do it too.
At Fit For Profit, we contribute to building your business like this in two primary ways.
First is world-class bookkeeping. You have got to keep your books in order if you want to maximize the benefits of owning a business. Tax law favors the intentional and prepared. If every time April 15 rolls around you are running around like a headless chicken, stop it. Trying to get a business line of credit without good books? Yeah, good luck with that. Did you struggle to put together the paperwork for EIDL and PPP over the last year? A good set of books could have saved you a lot of hassle. And do you really want to do the books yourself? You could. There’s a lot of things you could do. But should you?
The second way we help you build a resilient business is through implementing the Profit First Cash Management system. Having your books in order is one thing. But having a system that puts every dollar to work in the right place at the right time takes your business to the next level.
When it comes to making strategic business decisions related to cash flow, cracking open QuickBooks doesn’t cut it. It’s a lagging indicator – it tells you what has already happened. At Fit For Profit, we guide you in implementing a system that allows you to see in real-time what is happening, and provide a logical way for forecasting what will happen. All while helping you create a more valuable business, for you, your team, and your clients.
Most of us have some mindset work to do when it comes to money. If you are getting a stimulus check, have you thought about how you are going to put it to best use? What will give you the most bang for the buck? Think invest, not spend. Some may think it’s a lot of money, and some not very much at all. But either way, it’s more than you had yesterday. How you use it can say a lot about how you view money.
Look, you can’t change what has already happened. If you are in a hole, put down the shovel and stop digging. Truth be told, I used to be horrible with money. Truly terrible. Debt out my ears, owed 5 figures to the IRS, the whole thing. There is a way out if you are willing to do the work.
And next time?
Personally, I’d rather there never be a “next time” for pandemics, or business shutdowns, or stimulus checks. But if there is, what are you doing now to be better prepared? To be “not eligible”? Building a better business means building a better future for you and those you care about.
We can help you make it happen.