{"version":1,"type":"rich","provider_name":"Libsyn","provider_url":"https:\/\/www.libsyn.com","height":90,"width":600,"title":"Ep. 108 - Pay Yourself First","description":"If you\u2019re an entrepreneur, business owner, or industry leader, then you\u2019ve more than likely heard the phrase, \u201ccashflow is king\u201d or \u201ccash is king.\u201d Just because you make millions of dollars a year doesn\u2019t mean you pocket millions of dollars. On paper, it may look like you\u2019ve made tons of money per job, but in practice, you may be losing more money than you even realize. But what if I told you there\u2019s a better strategy? One that can ensure you\u2019re getting paid first while also paying your employees and paying off any surprises along the way. (i.e., renting equipment).   This week, I\u2019m sharing the formula that I\u2019ve created within my own companies to ensure each business is in a healthy financial state. One of the biggest pieces of this formula is recognizing that your finances can\u2019t be a guessing game. There has to be an effective mathematical equation put in place to predictably hit your margins every time. Once the needs of the customers are met, and the job is completed, then you can start paying yourself first. But only after accurately calculating every step of the process.    Topics Discussed: The TRUTH behind the notion \u201ccashflow is king\u201d  Gamifying the financial state of your business Why you should NEVER spend money that you don\u2019t have in your pocket Expenses most business owners never consider until it\u2019s time to pay the bill Ready to stop working for your business and have your business start working for you? To gain access to resources I've created for you and learn how to work with me and my marketing team to grow and scale your business, visit www.markcrandall.net   Quotes:   "If the owners are stressed out about money, the employees are stressed out about money, and that is absolutely no way to live." \u201cYou never want more money going out than you have coming in." \u201cYou get to plan what the IRS takes. They don't get to tell you what they're taking.\u201d \u201cYour financial systems can be the greatest asset or the most profound downfall within your company.\u201d ","author_name":"The Purpose Chasers","author_url":"https:\/\/thepurposechasers.com\/","html":"