Death by 1,000 Cuts. Sounds awful doesn’t it? Something only to be found in horror movies. Until outlawed in 1905, Slow Slicing (a.k.a. Death by 1,000 Cuts) was a form of torture and execution in China.
Unfortunately it still persists today. In your business. Profit Death by 1,000 Cuts happens every day to entrepreneurs and small business owners.
There’s a good chance it’s happening to you, in your business, right now.
Is This Villain Stealing Your Profits?
Meet The Serial Profit Killer. He convinces you not to worry about understanding and tracking expenses, slowly eating away at your profits.
The Serial Profit Killer is sneaky. He doesn’t say to just ignore all expenses. You’re smart, you’d recognize that for a bad idea right away. There are a million little ways he convinces you to ignore expenses – too small, can’t control it, and many more. Unfortunately when you add up all those small pieces you have a really BIG problem.
Do agree with any of the following statements?
- That’s such a small expense, I don’t need to worry about it
- I put most of my receipts in a box, eventually I’ll get to them.
- My business makes money, so expenses aren’t a worry for me.
- I don’t have much overhead, so don’t need to spend time on this.
- I have more important things to spend my time on than recording expenses.
- I need to focus on things that make money.
You are a victim of Profit Death by 1,000 Cuts.
How Much Does this Profit Villain Steal?
Consider if you ignore just one $5 expense per week.
- $5 per week for 50 weeks = $250 per year
- Assume a 35% tax rate. Since you haven’t declared it as an expense, Uncle Sam assumes it was profit and taxes it. Now you’re out #337.50.
- Because they’re “so small” you probably ignore a few expenses each week. If you ignore just five $5 expenses per week you’re costing yourself $1,687.50 every year.
Fear not! I’ve got an easy tool for you to plug this leak fast.
Put this Villain in Jail NOW
I use Shoeboxed.com. It’s simple, fast, and budget friendly.
Here’s why I love it:
- There’s a smartphone app that allows you to scan in a physical receipt immediately. Their software pulls the relevant information directly from the image (sometimes it seems like magic).
- You can forward email receipts and Shoeboxed.com will extract the relevant information for you.
- You also have the option to mail them your physical receipts and they will scan them in. Information is extracted and input into their system.
- You can get ALL your expenses recorded without spending a lot of money or a bunch of your time.
- Syncs with Quickbooks, Xero, Evernote, Wave Accounting, and creates reports viewable in Excel.
- Your accountant will also love it. When I showed it to my CPA a few years ago he immediately signed himself up.
They have a free plan (yes I did say free). I use the Lite Plan which only costs $9.95 a month and easily handles all my monthly expenses.
It’s so simple you can start using it right now and see the bottom line benefits immediately. They’re currently running a promo to save 10% if referred by a customer. Click here to get started now.
Learn How to Jail ALL Your Villains
This isn’t the only Profit Villain. This isn’t even the only way the Serial Profit Killer gets you. In my proven program, 30 Days to Profitable Pricing, I help you identify and jail ALL the villains. And that’s just an added bonus! Schedule a free, 30 minute consultation with me to learn if your business is a fit for this program. There’s no obligation, and I can guarantee we’ll laugh at least a few times during our talk.
What have you got to lose, besides a few profit thieves?
This is part of series by an amazing group of bloggers. There’s a whole lineup this month of tools used and loved by the Word Carnival gang – all for under $10. No magic bullets. Just solid ways to help you manage and grow your business. Check ‘em out here.