Making more money in your business is all about spreading the gap.
You’ve got income coming in and expenses going out, and to widen the space between the two, you either spend less or earn more.
In the case of my clients, I aim to do both.
OWL stands for Organize, Whittle, & Leverage, and it’s the method I use to help female entrepreneurs find a workable system that increases their profit without increasing their workload. You do less to make more. It’s as simple and easy as it sounds. Here’s the gist:
When you’re meeting your friends at a new restaurant in your city or maybe trying to navigate to your Airbnb in a new town, Waze & Google Maps are your best friend. But imagine logging into those apps and only being able to set your destination.
You’ll know where to go but have NO idea how to get there.
That’s where the first piece of the OWL method – ORGANIZE – comes in.
In this step of the process, we basically come in, Marie Kondo-style, and get your financial situation organized so that we can have a clear picture of where your business stands.
Why is this piece so important? Because this is the base from which we can build the plan to get to your goal.
It’s the start to your finish. The Alpha to your Omega. The A to your Z.
And most entrepreneurs drastically miscalculate where it is.
Often entrepreneurs think they have a profitable year because of the money they see rolling in; however, they soon come to find that that those funds were actually spent on client services or investments or office expenses, and they are dangerously close to not having enough cash to pay the bills.
Or let’s flip the switch. It could be that your situation is better than expected and you’re sitting on a mountain of cash that isn’t being used to help a) your business grow or b) you enjoy a better lifestyle. And there’s no point in working just to have stacks of $20s sitting in your bank account.
Thus, we organize. We get a clear picture of where your business stands, roll up our sleeves, and create a plan. Then, we dive straight into Step 2.
PURPOSE: Creates a starting point in the path to reach your goal(s)
Let me be honest: This is a fun word to say and one that is not used often enough in our society today, which is why I chose it for Step 2.
So what do I mean by whittle?
Like I said previously, spreading the gap to earn more money means increasing your income and decreasing your expenses. This step focuses on the latter.
Many times as business owners, we get caught paying for things because the bills are on autopilot OR we at one time thought they were necessary OR it’s something that we’d like to have. And, hey, it’s a write-off, right?
But your business isn’t just a shell company to run expenses through. It’s your livelihood, and you need to treat it as such.
Thus, in this step, we whittle down your expense bucket to those things that truly bring value to your business and/or life.
This doesn’t mean you have to fire your VA. This just means we need to ensure that VA is doing value-added work.
Being intentional with how you spend your money relieves stress, brings more value, and creates power for you within your business. And as the easier of the two ends of our spread-the-gap spectrum, it’s the one we tackle first before moving on to the other.
Although in my opinion, the next is the most fun – it’s where our creativity gets to play.
PURPOSE: Increases your profit by spending only on value-add expenses
Creativity? In our financials?
I know – seems a little oxymoronic. But as a business owner, there is so much of your right brain that gets put into play when strategizing about your business.
And more importantly, strategizing how you can make more by doing the same or less work.
We fortunately live in a time where there are 10,000 different ways to make money in the same industry. I mean, people make a living by playing video games on YouTube.
I’m not lying. It’s a real thing.
So when we sit down to go over your business, we dive into what revenue streams are working, what’s not, what your audience is wanting, and how to meet that need.
We discuss how to leverage other people’s time (hello, new employees) or money (sometimes debt isn’t all that bad) to create more profit.
We are spreading the gap on the end of the spectrum that is limitless, and that, my dear, is exciting.
PURPOSE: Creates limitless income without you bearing the burden of the extra work