Stacy Tuschl is a speaker, business coach, and the owner of The Academy of Performing Arts in Wisconsin. She is the author of the book “Is Your Business Worth Saving?” where she reveals proven strategies for pulling entrepreneurs out of a rut and launching them toward business success.
Are you concerned about your business because you're spending more on it than it's bringing in right now? Would you like to find out what you can do to turn this situation around? If so, you will learn a lot from today's show, as Stacy dives in deep and explains how it really is possible to survive this and to move forward with your business.
Today, Stacy explains how you can avoid getting overly stressed about money in your business. She talks about how people tend to focus solely on their income, but not on their spending in business- a big mistake! She points out that it takes a lot of money to start a business and to keep it going strong and how it could happen that you could be funding it, growing it and then, all of a sudden, run out of money. On today's show, she focuses on what you should and shouldn't cut from your business in that situation and on how to cut things in a way that your customers don't feel it. Listen in and find out how to be smart and avoid spending more than you're making.
Some highlights include:
“So, first of all, are you spending a thousand dollars to bring in a hundred?” At minute 2.52, Stacy talks about how easily you can fall into spending more than you're making.
“But if you're somebody who's selling something that's actually costing them to do it, don't do it.” At minute 4.05, Stacy gives some down to earth advice about keeping your expenses in check.
“Do you know how much it costs you every single month to run your business?” At minute 4.18, Stacy asks a basic, yet necessary question, about hidden, ongoing monthly expenses in an online business.
“What is your break even number, every single month?” At minute 4.59, Stacy talks about how many people don't know that very basic fact- and why you need to know it.
“But we will talk about what we do cut because there are some things you shouldn't cut, some things that you should.” At minute 5.45, Stacy talks about how and why you should make those cuts without letting your customers know that your business isn't going well.
“Let's talk a bit about what expenses you can cut.” From minute 7.02, Stacy advises about the best way to cut your expenses.
“I do want you to look at it and go 'I either need to get rid of it, or I need to start using it'” At minute 8.53, Stacy talks about being careful not to get rid of things that you could benefit from actually using.
“Let's talk about some software...” From minute 9.00, Stacy talks about certain types of software that you could change for a free version that will still do the job, without letting your customers feel it.
“I didn't really need it. I wish I would have started a little bit smaller...” At minute 10.00, Stacy talks about things she overspent on, starting her business and how she would have benefited from spending less at the time.
“Let's talk about what not to cut.” From minute 10.32, Stacy talks about the importance of not cutting certain things.
“I would be very careful about downgrading to something that people again can see... money must be tight” At minute 12.42, Stacy cautions you about doing things in a way that will let your customers know that something is going on with your business.
“How do we bring in quick income?” At minute 13.28, Stacy talks about how to make some money quickly, in a way that looks right.
“People love events.” At minute 15.47, Stacy talks about how you can really benefit from doing a launch.
Stacy's free Facebook group: She's Building Her Empire club