Turning a Hard Lesson Into a Better Way to Run Your Business
We’ve spent the past several weeks talking about the Savings Transfer tool, what it is, how it works, and why it matters. We also recently did an Introduction to the Savings Transfer, where we laid out how to actually begin using it in your business.
Now the question becomes…what are you going to do with it?
Because tools like this don’t change anything until they’re put into practice.
If you’ve been in business for a while, then you already know this, but there are certain times of the year that bring more stress than others. For a lot of builders, tax season is one of them. It has a way of showing us what’s really been happening behind the scenes all year.
The money came in, the work got done, and (hopefully) the bills got paid. But somehow, there’s not enough left over for what’s due every April 15.
I know that feeling.
There was a time early on in my business where we were really busy with construction. From the outside, it looked like things were going well—and they were. But when it came time to sit down with the accountant, he gave me a different picture.
He showed me how “good” the year had been by showing me how much I owed.
And I didn’t have it. Not because we didn’t make it, but because I didn’t keep it.
That was a tough lesson to learn, and it’s one that a lot of contractors end up paying for more than once. You work hard and do good work, but without a savings system in place, your money just flows wherever it’s needed in the moment, with no plan for later.
That’s where the Savings Transfer comes in.
At its core, it helps you decide ahead of time where each dollar goes before it ever hits your main bank account. Whether it’s taxes, savings, or profit, these aren’t things you hope are there at the end of the year. They’re things you need to intentionally set aside along the way.
During the Introduction, we talked about how this doesn’t have to be complicated. You don’t need the perfect system to get started; you just need to start with these three steps:
- Set up the accounts
- Choose your percentages
- Start moving money with intention
That’s it. That’s all you need to do to start.
And over time, you will see things begin to change. You’re not scrambling when expenses come up. You’re not guessing when it’s time to make decisions. You’re not surprised when taxes are due. You’ll start to see your business more clearly and begin building the business of your dreams.
But none of this happens if this just stays as something you read about.
I didn’t build this tool because I love spreadsheets (although I do enjoy them); I built it because I needed it. I was learning the hard way what happens when you don’t have plan for your money, and I don’t want you to have to go through the same thing.
So as we wrap up this series, here’s the bottom line:
You don’t have to keep running your business the way you always have. You can take control of your money. You can prepare for what’s coming. And you can build something that lasts.
That next step is yours; no one else can take it for you.
If you are not sure where your business stands financially, take the free 5-Minute Financial Health Review and see where you stand today.