On The Money!

How’s Your Profit?

Do you know your average monthly revenue off the top of your head? As the boss of your business, we wouldn’t be surprised if your revenue is a metric you keep close tabs on. And if you’ve been hanging out with us for any length of time, you know that the Being Boss team loves the metric of profit. That’s because your business’s profit is directly related to your business’s health. Even more so than just your revenue.

So, when it comes to increasing the profit in your business, what is the first action you think of taking? Many of us will immediately think of cutting expenses or attempting to bring in more revenue. And there is nothing wrong with those answers.

But you likely have a few invisible profit-eating monsters in your business. These monsters are typically everyday tasks. They sneak up on you and slowly snack on your overall profit. You might not even notice until you start to feel like things aren’t quite working, you’re feeling frustrated, or even burnt out.

How do you spot these profit-eating monsters? A great place to start is keeping an eye on where your time goes. (Another metric we love!) Check in with your project deliverables and ask if you’re experiencing scope creep in your projects. How about the time and money you are investing into the platforms you use? These may include Etsy, Shopify, Youtube, Instagram, or TikTok. It might be time to think differently about these platforms and the relationship your business has to them and by extension your ROI and profit. ICYMI: The recent Etsy strike made it painfully clear that your money is directly affected by the whims of the platforms you use on a daily basis.

As the economy continues to do its thing, we can do more than watch and wait. Taking time to find your invisible profit monsters is a proactive step you can take this week. And if you also want to bring in some more revenue or cut an expense or two — we love that for you!

As always, we’re here to support with links all about money: economic changes, how to make more, smart money moves, and how to have a healthy money mindset.

Have Fun With Your money

• Make some magic happen. If you are doing all the things but still feel like something is missing, try out these crystals for manifesting money. (article)
  
  
• If crystals aren’t your woo of choice, try these astrological techniques for manifesting. (article)
  
  
• Your money playlists. These songs can teach you a thing or two about money. (article)
  
  
• Feeling blah? Learn how to wake up inspired, no matter your income from Rachelle Siebke. (workshop replay, available to Clubhouse members)
  
  
• Create a [money] vision board. Use it to explore your values and dream big. And don’t forget to use all the glitter, gel pens, and stickers your heart desires. (article)
  

Save Your Seat

Come join us and take a break from your everyday hustle! Find creative inspiration as you design a unique floral arrangement with the guidance of florist and botanical artist Leelee Dameron.

Save your seat for this LIVE and interactive floral design workshop on June 30, exclusive to the Being Boss Community Clubhouse tier.

Smart Money

• Keep calm. Yes, inflation is on the rise but panicking won’t help keep your business afloat. (article)
  
  
• Freelancing? Get paid faster when you update your invoicing and payment methods. (article)
  
  
• Diversify your sales platforms. Read these 3 quick case studies from brands that found success by selling on Shopify and Etsy. (article)
  
  
• Consumers want to pay their way. The TLDR? To stay ahead of the curve in online business, simplify your checkout process and add more payment options. (article)
  
  
• Grow your side hustle by investing in it wisely. (article)
  
  
• Hire your kid. Seriously– it can benefit you both. (article)
  
  

Money Moves*

When it comes to deciding what move to make in how you manage the money side of your business, we just want to say that Freshbooks has had over 24 million users and has 4.5 out of 5 stars on GetApp.

Plus, Freshbooks has been a favorite tool of bosses for over 7 years.

This means something very important: small business owners really love using it, and it might be just the solution you’re looking for to invoice your customers, track your expenses and manage your books.

Get a free 30-day trial when you sign up here >>

What’s Fresh

• High gas prices? We’ll take the bus. American spending habits indicate that if prices stay high, many will cut back. (article)
  
  
• Inflation may be higher than officials say according to new research. (article)
  
  
• Despite extreme hardships, Ukrainian banks persevered. (article)
  
  
• Let’s end on a positive note. The first installment of the U.S. Treasury’s pandemic small business aid has arrived. (article)
  
  

Upcoming Events

Want access to a community of bosses and live events? Join us for weekly Monday meet-ups to troubleshoot your struggles and celebrate your wins. Get shit done thanks to a little extra accountability during our coworking sessions and more! Check out our events page to see all upcoming events and join us in the FREE Being Boss Community.