One take away I have used from Tony Robbins when I become frustrated is this line. “At one time in my life I would have been happy to have this problem because I am now where I wanted to be then.” Sometimes we become numb to our blessings in life and forget that people would die to trade places. Mountain of work to do, at one time there wasn’t faith to have all the work. Tons of connections to get back to, at one time we wished we had those connections. Employees being a pain, at one time we didn’t have those employees to leverage to produce more profit. Outlook is everything.
Another great video, thank you for sharing your insight once again. Even though its not what I want to hear, I have realized I need to spend a little time every day on hiring.
My one thing for some reason I can’t get out of my head is should I leave local services ads on or not/advertise as much. I make a good living but it could be better. When I turn the advertising off I have this overwhelming intuition to keep it on. I can only leave it off for a few days. When I do the math it makes sense, for every $135 spent, I gross $785 per closed lead annually. Do I continue throwing marketing dollars at this and grow it even more? Or do I start getting more net profit out of it and start living a little more lavishly and let it grow by word of mouth, truck wraps, lawn signs, seo and google my business- everything organic. Been at it for 19 years now.
My thoughts. Depends on your goals. From my experience, 5M is a meaningful milestone. Without question, after 10M is the ideal. But, for many well-run with strong margin businesses, once you hit 5M, you can continue to grow the business and up your lifestyle at the same time. Taking to much money too early is trading future profits for today's lifestyle. I'm generalizing, but I've seen that enough to believe there is something to it.
Thanks for the response. I’m watching another channel and I just need to cut that channel out and watch your stuff. The other channel has got me thinking to small.
Talking to a friend made me think of something else. Seen a ton of guys get themselves in trouble with debt. Very common. In addition to building to 5M you want a business with low debt. Plenty of bigger (5M+) businesses have recently imploded and will continue too.
@@5ForFiftyfor sure, I will keep an eye on that as we continue to grow. So far 19 years, not much debt, probably part of the problem is trying to grow with nearly no debt.
My one thing is paying my employees cash. I need to stop andb figure out how to set up a payment system with tax, national insurance etc. i find all this terrifying as my emplyees wont like it
You're not alone on this - lots of people in the same situation. I encourage you to fix it. I've seen this one, and sales tax gets owners later in their business. I'd personally just use QuickBooks payroll. Lots of opinions on this topic but QuickBooks is easy and syncs with a bunch of software products. Since I'm sure your team isn't paying taxes, they will make less if you don't pay them more. It's a difficult situation. For some, they gross up pay by 8% to soften the blow. The reality is this could cost you a couple employees, but the longer you wait, the more financial risk you have in the future if the government comes after you for taxes. Good luck. This is a difficult one, but you will never wish you had waited longer to resolve it.
One take away I have used from Tony Robbins when I become frustrated is this line. “At one time in my life I would have been happy to have this problem because I am now where I wanted to be then.” Sometimes we become numb to our blessings in life and forget that people would die to trade places. Mountain of work to do, at one time there wasn’t faith to have all the work. Tons of connections to get back to, at one time we wished we had those connections. Employees being a pain, at one time we didn’t have those employees to leverage to produce more profit. Outlook is everything.
Another great video, thank you for sharing your insight once again. Even though its not what I want to hear, I have realized I need to spend a little time every day on hiring.
My one thing for some reason I can’t get out of my head is should I leave local services ads on or not/advertise as much. I make a good living but it could be better. When I turn the advertising off I have this overwhelming intuition to keep it on. I can only leave it off for a few days. When I do the math it makes sense, for every $135 spent, I gross $785 per closed lead annually. Do I continue throwing marketing dollars at this and grow it even more? Or do I start getting more net profit out of it and start living a little more lavishly and let it grow by word of mouth, truck wraps, lawn signs, seo and google my business- everything organic. Been at it for 19 years now.
My thoughts. Depends on your goals. From my experience, 5M is a meaningful milestone. Without question, after 10M is the ideal. But, for many well-run with strong margin businesses, once you hit 5M, you can continue to grow the business and up your lifestyle at the same time. Taking to much money too early is trading future profits for today's lifestyle. I'm generalizing, but I've seen that enough to believe there is something to it.
Thanks for the response. I’m watching another channel and I just need to cut that channel out and watch your stuff. The other channel has got me thinking to small.
@@DionHolmesElegantGreens Facts. 😀
Talking to a friend made me think of something else. Seen a ton of guys get themselves in trouble with debt. Very common. In addition to building to 5M you want a business with low debt. Plenty of bigger (5M+) businesses have recently imploded and will continue too.
@@5ForFiftyfor sure, I will keep an eye on that as we continue to grow. So far 19 years, not much debt, probably part of the problem is trying to grow with nearly no debt.
My one thing is paying my employees cash. I need to stop andb figure out how to set up a payment system with tax, national insurance etc. i find all this terrifying as my emplyees wont like it
You're not alone on this - lots of people in the same situation. I encourage you to fix it. I've seen this one, and sales tax gets owners later in their business. I'd personally just use QuickBooks payroll. Lots of opinions on this topic but QuickBooks is easy and syncs with a bunch of software products. Since I'm sure your team isn't paying taxes, they will make less if you don't pay them more. It's a difficult situation. For some, they gross up pay by 8% to soften the blow. The reality is this could cost you a couple employees, but the longer you wait, the more financial risk you have in the future if the government comes after you for taxes. Good luck. This is a difficult one, but you will never wish you had waited longer to resolve it.
Thank you I'll look into QuickBooks payroll.