How do you achieve success in 2021?
Easy.
Begin by setting your Pay Play Profit goals for 2021 first.
What is Pay Play Profit?
Pay refers to the money you get from the company, whether it's in the form of salary, or distributions, or both. It's the cash you're taking to live off of it or to play with. Sadly, many business owners are not paying themselves.
Play is what you do that makes you happy. It’s something you do to unwind and re-energize yourself.
Profit is the money you have allocated exclusively for profit distribution. And in that profit distribution, there are several things that can get paid for with that money. It helps reduce debt faster as well as build cash reserves in your business. This is an additional compensation to help achieve high-level goals, and also fund play and your dreams.
Your Pay Play Profit Goals for 2021
- Pay yourself.
You’re running your business, not the business running you. If you're not paying yourself, start at 1% a quarter. If you're commingling your funds, unmingle and pay yourself. If you're paying yourself and you're not paying yourself what you want to be paid, just increase what you're paying by 1% a quarter.
Again, just start small. As long as you're making progress, you're going to get there. And if you're still living out of your business, make this a year where you don't accept that behavior from yourself anymore.
It's not about the money-in and money-out. But it's the energy and the intention. And there's a huge difference between maturing as a business owner and staying in a cycle.
- Set up a profit account.
Create a separate account for profit and move cash into it 1% a quarter. Do not focus on the amount. Focus on the action and the process. When you do a phenomenal process, you will achieve phenomenal results.
- Set a goal for play.
Honor yourself, honor others, and honor the business that you have today. And honor the business you're building for tomorrow by creating a culture to prioritize pay play profit in your business today.
If you want to learn more about setting goals for pay play profit this year, check out 040: Setting Pay Play Profit Goals For 2021
