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3. What To Do With Leftover Profits at the End of the Year
It’s an exciting position to find yourself in: having more money than needed for immediate expenses at the end of the year. So, the big question is: what should you do with these leftover profits? Should you reinvest, save, support your community, or do a mix of the above? In this episode, we share the exact thought process to follow to make sure you’re stewarding your extra profits well.
➡️ If you’d like a more step-by-step approach to your annual strategic planning, download our free Strategic Planning Guide!
Some key takeaways from this episode include:
If your business is holding any high-interest debts, such as credit card debt or small business loans, pay those off first. Interest rates eat into your profits, and clearing these will free up your cash flow in the long term.
Investing wisely acts as a 'force multiplier'—streamlining operations, increasing capacity, and ultimately stimulating growth.
When investing in your community, it's crucial to understand the needs of the people and causes you wish to support and align your contributions with those needs effectively.
You started your business to make an impact in the world, but now you’re too busy and burned out on the day-to-day operations to serve your community. That’s where we come in! Hosted by Scott Woods and Steff Thomas, the team behind Silverback Ventures, the Changemakers Collective podcast is here to help impact-driven business owners like you to accelerate their growth through servant leadership.
Connect with Us:
Website
Silverback Ventures LinkedIn
Scott Woods LinkedIn
Steff Thomas LinkedIn
YouTube
View all episodes
By Scott Woods and Stephanie ThomasIt’s an exciting position to find yourself in: having more money than needed for immediate expenses at the end of the year. So, the big question is: what should you do with these leftover profits? Should you reinvest, save, support your community, or do a mix of the above? In this episode, we share the exact thought process to follow to make sure you’re stewarding your extra profits well.
➡️ If you’d like a more step-by-step approach to your annual strategic planning, download our free Strategic Planning Guide!
Some key takeaways from this episode include:
If your business is holding any high-interest debts, such as credit card debt or small business loans, pay those off first. Interest rates eat into your profits, and clearing these will free up your cash flow in the long term.
Investing wisely acts as a 'force multiplier'—streamlining operations, increasing capacity, and ultimately stimulating growth.
When investing in your community, it's crucial to understand the needs of the people and causes you wish to support and align your contributions with those needs effectively.
You started your business to make an impact in the world, but now you’re too busy and burned out on the day-to-day operations to serve your community. That’s where we come in! Hosted by Scott Woods and Steff Thomas, the team behind Silverback Ventures, the Changemakers Collective podcast is here to help impact-driven business owners like you to accelerate their growth through servant leadership.
Connect with Us:
Website
Silverback Ventures LinkedIn
Scott Woods LinkedIn
Steff Thomas LinkedIn
YouTube