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Profit Is Not A Dirty Word - It's Just Misunderstood
Liz Jarvis is a highly trained and educated accountant in Australia, and wants all small business owners to know that “profit” is not a dirty word, it’s just misunderstood. She is determined to find more profit in every business and she is passionate about teaching business owners what to look for.
Empowered Living Show
Liz’s son’s diagnosis of Irlen Dyslexia taught her that not only do people not see letters the same way, but many people don’t understand numbers the way she does.
It’s All About Literacy
Liz realized that business owners these days aren’t literate in numbers, and have very little support from accountants, and that frightened her.
She’s Got the Expertise
She’s had her own consulting business for seven years, and began seeking out young entrepreneurs two years ago. She wanted to meet others who thought “outside the square,” as she put it, and knew that these new business owners needed guidance. So many, she says, focus only on sales, and that’s great, if you’ve hit the jackpot. But, most businesses take time to build, and sales are just one aspect of a successful one.
She started a program to teach entrepreneurs how to track their money, but no one wanted to pay to learn about boring numbers. Her program didn’t go anywhere, but it did help her structure her consulting business to what business owners today needed.
Her New Brand
She says young entrepreneurs weren’t drawn to an old, frumpy, geek like herself for business advice, so rather than try to change herself to meet their needs, she embraced being a geek and came up with her new business name, “Profit Geek.”
How Did We Get Here?
Liz realized that business owners no longer understand their own businesses. Thirty years ago, most were still handwriting their bookkeeping records, and that kept them in touch with that information. Now that everything is on computers, owners lose track of it.
Entrepreneurs watch the wrong measures. If sales are high, they believe business is good, but if their lifestyle is suffering, then something is wrong. Many don’t ask for help with the numbers because they’re embarrassed to admit they don’t understand them, and accountants often won’t tell the owners anything is wrong if they’re not asked. It’s important to know what your measure of success is.
Things to Consider
Liz recommends the “pay yourself first” concept before calculating profit. Any business that employs people also has to think about the long-term entitlements for their employees. Building a nest egg, money for a rainy day, is also recommended. These should be part of the plan from the very beginning.
Vacations Are Important
If you’re thinking of starting your own business, make sure you include money and time off for vacations. If you don’t give yourself down time, your business will suffer.
Compliance is Key
Compliance can be complicated, but if you keep up with paying bills, and keep track of your money, you won’t have a problem come tax time.
Don’t Mix Business and Family
Don’t muddy the waters by mixing business and personal accounts, Liz advises. Keep business accounts completely separate so you can always see what you have. Remember, your bank account balance is NOT your profit, but knowing it makes you more mindful of your money.
As women, we tend to be afraid to charge what we’re worth. Liz realized that when she gave her services away, she was not taken seriously. If you charge an appropriate rate, your clients will try to get value from that, and they’ll respect you as a professional. You can help a lot more people if you charge what you’re worth.
A Good Book
Barbara Stanny writes in her book, “Sacred Success,” “Help millions, make millions, give millions.” That inspired Liz to stop feeling bad for charging people for her services.
Reinvest for Growth
After you pay yourself, and everyone else, it’s time to reinvest some of that profit in the future growth of your business. How much you reinvest depends on the type of business you own.
Her Unique Perspective
Liz has worked as an accountant in small and large businesses, and understands different business structures. She can help your business make more money if you follow her advice.
Delegating Vs Abdicating
Delegating is having an understanding about something, and asking someone else to help you with it, but Abdicating is simply handing it over to someone else with no understanding of it yourself.
The world tells us everything is easy with computer software, and we think anyone can do it, so we hand our finances over to anyone. “We often rationalize away what we don’t want to know about our own business,” Liz says. Many new entrepreneurs use a relative or friend for bookkeeping, and that usually means they aren’t being frank with the person they have trusted their finances to. Plus, they give them the passwords to all their accounts, and that can be dangerous.
Numbers Tell A Story
Liz helps people understand the numbers as the story of their business. Once they understand that, they aren’t afraid of the numbers anymore. They begin to set targets, or budgeting goals, and it becomes more exciting for business owners when they see these targets being achieved. She teaches that goals in sales is not enough. You have to look at goals in profit. They begin to realize that their business is less about sales and more about the story.
Her Passion
Liz loves to look inside someone’s business and understand what it means to them. She helps people see where their money is, where it’s going and what, if any, changes need to be made. She wants them to understand what profit is, and how to increase it.
Liz wants to give you a FREE 30-min session via Zoom! She’s seen it all, so no matter where your business is at, she will try to help you make it more profitable! Go here to get your Profit Clarity Session: https://www.profitgeek.com.au/clarity Liz wants to know…what do you think of the name, “Profit Geek?” Add your opinion in the comments below!
Watch the SHOW!
Her Personal Life
Liz’s son’s diagnosis of Irlen Dyslexia taught her that not only do people not see letters the same way, but many people don’t understand numbers the way she does.
It’s All About Literacy
Liz realized that business owners these days aren’t literate in numbers, and have very little support from accountants, and that frightened her.
She’s Got the Expertise
She’s had her own consulting business for seven years, and began seeking out young entrepreneurs two years ago. She wanted to meet others who thought “outside the square,” as she put it, and knew that these new business owners needed guidance. So many, she says, focus only on sales, and that’s great, if you’ve hit the jackpot. But, most businesses take time to build, and sales are just one aspect of a successful one.Live and Learn
She started a program to teach entrepreneurs how to track their money, but no one wanted to pay to learn about boring numbers. Her program didn’t go anywhere, but it did help her structure her consulting business to what business owners today needed.
Her New Brand
She says young entrepreneurs weren’t drawn to an old, frumpy, geek like herself for business advice, so rather than try to change herself to meet their needs, she embraced being a geek and came up with her new business name, “Profit Geek.”
How Did We Get Here?
Liz realized that business owners no longer understand their own businesses. Thirty years ago, most were still handwriting their bookkeeping records, and that kept them in touch with that information. Now that everything is on computers, owners lose track of it.
Sales Aren’t Everything
Entrepreneurs watch the wrong measures. If sales are high, they believe business is good, but if their lifestyle is suffering, then something is wrong. Many don’t ask for help with the numbers because they’re embarrassed to admit they don’t understand them, and accountants often won’t tell the owners anything is wrong if they’re not asked. It’s important to know what your measure of success is.
Things to Consider
Liz recommends the “pay yourself first” concept before calculating profit. Any business that employs people also has to think about the long-term entitlements for their employees. Building a nest egg, money for a rainy day, is also recommended. These should be part of the plan from the very beginning.
Vacations Are Important
If you’re thinking of starting your own business, make sure you include money and time off for vacations. If you don’t give yourself down time, your business will suffer.
Compliance is Key
Compliance can be complicated, but if you keep up with paying bills, and keep track of your money, you won’t have a problem come tax time.
Don’t Mix Business and Family
Don’t muddy the waters by mixing business and personal accounts, Liz advises. Keep business accounts completely separate so you can always see what you have. Remember, your bank account balance is NOT your profit, but knowing it makes you more mindful of your money.
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Women Entrepreneurs
As women, we tend to be afraid to charge what we’re worth. Liz realized that when she gave her services away, she was not taken seriously. If you charge an appropriate rate, your clients will try to get value from that, and they’ll respect you as a professional. You can help a lot more people if you charge what you’re worth.
A Good Book
Barbara Stanny writes in her book, “Sacred Success,” “Help millions, make millions, give millions.” That inspired Liz to stop feeling bad for charging people for her services.
Reinvest for Growth
After you pay yourself, and everyone else, it’s time to reinvest some of that profit in the future growth of your business. How much you reinvest depends on the type of business you own.
Her Unique Perspective
Liz has worked as an accountant in small and large businesses, and understands different business structures. She can help your business make more money if you follow her advice.
Delegating Vs Abdicating
Delegating is having an understanding about something, and asking someone else to help you with it, but Abdicating is simply handing it over to someone else with no understanding of it yourself.
Technology and Bookkeeping
The world tells us everything is easy with computer software, and we think anyone can do it, so we hand our finances over to anyone. “We often rationalize away what we don’t want to know about our own business,” Liz says. Many new entrepreneurs use a relative or friend for bookkeeping, and that usually means they aren’t being frank with the person they have trusted their finances to. Plus, they give them the passwords to all their accounts, and that can be dangerous.
Numbers Tell A Story
Liz helps people understand the numbers as the story of their business. Once they understand that, they aren’t afraid of the numbers anymore. They begin to set targets, or budgeting goals, and it becomes more exciting for business owners when they see these targets being achieved. She teaches that goals in sales is not enough. You have to look at goals in profit. They begin to realize that their business is less about sales and more about the story.
Her Passion
Liz loves to look inside someone’s business and understand what it means to them. She helps people see where their money is, where it’s going and what, if any, changes need to be made. She wants them to understand what profit is, and how to increase it.
Liz’s FREE Gift
Liz wants to give you a FREE 30-min session via Zoom! She’s seen it all, so no matter where your business is at, she will try to help you make it more profitable! Go here to get your Profit Clarity Session: https://www.profitgeek.com.au/clarity Liz wants to know…what do you think of the name, “Profit Geek?” Add your opinion in the comments below!
Watch the SHOW!
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Any facts, figures or references stated here are made by the author & don't reflect the endorsement of iU at all times unless otherwise drafted by official staff at iU. This article was first published here on 17th September 2017.
