Ep 151 Relish Your Ownership

Ep 151 Relish Your Ownership

In this episode of Profit First Nation, Danielle discusses the importance of relishing your ownership and maintaining a balance between personal and business finances.
She emphasizes the need to take ownership of key areas in your business to ensure long-term success.
These key areas include owning your day, owning your numbers, owning Profit First, owning leadership, and owning your role in the community.

IN THIS EPISODE:
[00:20] Danielle introduces the topic of "Relish Your Ownership" and the importance of enjoying business ownership while maintaining financial responsibility.
[00:46] Personal Piggy Bank: Danielle warns against treating your business like a personal piggy bank, emphasizing the need for financial responsibility.
[01:12] Five Key Areas of Ownership: Danielle outlines the five key areas of ownership: owning your day, owning your numbers, owning Profit First, owning leadership, and owning your role in the community.
[03:07] Own Your Day: Danielle discusses the importance of starting your day with intention, following the Miracle Morning routine, and prioritizing tasks.
[05:48] Own Your Numbers: Danielle stresses the significance of owning your sales numbers, forecasting, pipeline, accounts receivable, and accounts payable.
[10:53] Own Your Financials: Danielle emphasizes the importance of reviewing income statements, balance sheets, and financial reports regularly.
[12:21] Taxes and Payroll: Danielle highlights the need to own your business taxes and payroll, and the responsibility of the business owner to ensure accuracy.
[18:15] Pricing: Danielle discusses the importance of owning your pricing strategy, regularly increasing prices, and focusing on profitability.
[19:42] Profit First: Danielle advises business owners to own their Profit First allocation percentages and to take an active role in the allocation process.
[22:17] Be a Leader: Danielle explains the role of business owners in leading clients, vendors, and employees with positivity and encouragement.
[24:31] Community Involvement: Danielle suggests being cautious about community involvement when it might interfere with running your business effectively.

KEY TAKEAWAYS:
Start each day with intention by following a morning routine that includes silence, affirmations, visualization, exercise, reading, and journaling. This sets the tone for a productive day and helps you prioritize important tasks.
Own your sales numbers, forecasting, pipeline, accounts receivable, accounts payable, taxes, and payroll. Regularly review financial reports and ensure accuracy, as the business owner is ultimately responsible for these aspects.
While it's essential to be a leader in your business, be cautious about overcommitting to community involvement, as it can consume valuable time and resources. Focus on activities that provide a significant return on investment for your business.