There are many different hats to be worn in a business. There are operations, there’s product fulfilment, there’s bookkeeping, there’s marketing and selling, there’s technology.
You don’t have enough time to do all of these things. Which of them should be your number 1 priority?
The answer, especially in the early stages of your business, is selling.
Your mentality, every month and every day, should be “sell, sell, sell, sell, sell, sell.” You must be focused on cash producing activities.
It’s the most important thing in your business. In this video, filmed at the Titanium Mastermindin Jamaica, Norbert Orlewicz explains why.
GET YOUR PRIORITIES RIGHT
When you need cash to keep your business alive, you can’t afford to be spending too much of your time and energy on other activities like bookkeeping. They are important but they don’t bring in cash flow. Marketing and selling bring in cash flow.
When Matt Lloyd began MOBE, he totally neglected bookkeeping until he got a letter from the tax man and was forced to deal with it. Yes, there is some risk of neglecting certain activities in your business.
While Matt Lloyd focused his early years of running MOBE on marketing and selling, a perfectionist might have spent a greater portion of those years getting all the books and accounts in order. However, the less time you devote to marketing and selling, the less cash flow you’ll bring through the door.
It’s better to have made a lot of money and no bookkeeping than to have impeccable bookkeeping but to have made no money.
CASH FLOW IS AIR
Gary Vaynerchuk, in his book #AskGaryVee, talks about cash producing activities. He talks about marketing, social media and hustle. You won’t read him talking about bookkeeping and operations.
To a new business, cash flow is air. You can’t survive without it. If you have no bookkeeping, or poor systems and processes, your business might be a little bit dysfunctional and chaotic. But if you don’t have cash flow, your business will die.
Yes, other things are important. Fulfilling products on time is important. Paying your staff on time is important. But you can’t even do those things without money coming in.
Your number 1 business priority is to get more money coming in. The rest can be a mess.
You can access more beginner business strategies like this one, and learn how to model the “thinking patterns” of the world’s most successful business owners and entrepreneurs, in the MOBE Silver Masterclass. To learn more about the Silver Masterclass, click HERE.