What to do with profit in your business | Calgary Bookkeeping

Knowing that you have profit is almost as exciting as actually having it. And I’m lowkey screaming because that means you’ve stayed on top of your books and tracked your finances (proud of you, boo!) But actually, keeping a serious pulse on your books means you have cash burning a hole in your pocket in addition to learning a thing or two about your products and services. 

Not sure what to do with your profit, or what changes you need to make in favor of business growth? Here are four of my favorite benefits that come with accurate bookkeeping.

Knowing how much you can afford to hire help. 

‘Help’ looks different for everyone in every business. But I want you to remember that you’re the head honcho here and you get to make money moves with allllllll that cash left over. Ask yourself: what area of your business takes up the most amount of your time and can realistically be completed by someone else? Hiring help can include bringing on a dedicated social media manager to create and post your content, finding a cleaner for your location or office to give you some precious time back, or finding an administrative assistant to help with daily tasks and optimize your workflow. 

Whatever help means to you, knowing that you can afford it, really… helps.

You can actually take time off.

I’m sorry, did you really quit working 40 hours a week for someone else so you could work 24/7 for yourself? NAW. You didn’t. But unless you’ve taken a look at the profit sitting in your bank account, the idea of taking time off might seem like a distant reality. 

Knowing your numbers can give you peace of mind when intentionally scheduling days off because you’ll have enough cash to still pay yourself. 

Knowing when/how much to raise your prices.

Eeeeeeek I love this one because it’s a hot topic. 

Bookkeeping can give you a granular look at which products and services are bringing in most of your revenue compared to the ones that aren’t. You can easily identify unprofitable revenue streams (you know, those products and services that take a lot of time and resources without making you much money) and decide to axe ‘em, or reposition them if you really want to. 

On the other hand, if you offer something that is consistently selling out (or dang close to), then it might be time to raise the price to generate even more revenue. The only way to confidently make these decisions is by knowing your numbers, straight up. 

I’m going to let you in on a ‘lil secret, ok?

You are a money-making machine, you just might not know it yet. Bookkeeping is an extremely valuable process that isn’t something we’re taught in school (but I’m so glad you remember the square root of pi).

That’s why I created Bookkeeping Bootcamp, my signature program for Canadian service-based biz owners to learn the foundations of organizing their finances.

What’s that saying… if you can dodge a wrench you can dodge a ball? Well, the same goes for bookkeeping. If you can make a sale you can keep a book. And the best part is that I’m going to be right there with you walking you through the process. 

Check out Bookkeeping Bootcamp today!