What’s the purpose of your business?
Setting aside your mission and purpose, when you get right down to it, your business is an income stream. Your business exists to accelerate your journey to Financial Freedom while ensuring your baseline lifestyle needs are taken care of along the way.
In other words, the goal of your business is to turn a profit. And you can radically—and quickly—increase that profit by decreasing your business expenses.
But that’s easier said than done.
What trips up many of us is the Business Owners Trap. Often, I see owners focus exclusively on their top-line revenue. In an effort to maximize that revenue, they take every penny of profit and put it back into the business.
All of a sudden, the business stops being a tool to support their present needs while building a Freedom Generator. The result?
The typical business owner invests in the business to the point where he can’t invest in himself.
It’s one thing to spend a dollar that will allow you to make two, but the problem starts when you begin to accumulate unnecessary expenses. They begin to gunk up the plumbing of your business and gradually make your business sluggish and inefficient.
And most business owners don’t even see it happen.
So it’s critical that you consciously and regularly take the time to eliminate unnecessary expenses.
What qualifies as an unnecessary business expense?