I make all the mistakes with my own money first.
But those screw-ups are my most valuable lessons.
And some of them I need to be reminded of more often.
Like the one over last weekend.
“Eating 7 apples on Saturday is not the same as eating an apple a day.” -Jim Rohn
That also applies to…
working out and…
brushing your teeth and…
observing your money.
Some things you just have to do every day/week/month.
Between recruiting and training new employees and a watershed of new members, the last 4 months have been a whirlwind.
So much so that I’ve just been keeping my head above water, which means all the work-ON-your-business activities were put on hold… including my bookkeeping.
Well this weekend, I finally caught up.
The good part is we’re more profitable than I thought.
The bad part is that our accounts receivables is through the roof (as in a bunch of members are behind on payments).
Some of it’s my fault and some of it’s their fault.
But it doesn’t matter whose fault it is. If I had been keeping up, then I would have taken care of it on the spot.
Instead it’s lingered for 4 months and now I have two bad choices:
1. Have the uncomfortable conversation to collect 4 months of fees or
2. Write them off and take the loss
The lesson is simple… don’t fall behind on the daily/weekly/monthly things.
Including STAYING ON TOP OF YOUR MONEY!!!
Check it weekly at minimum.
That will prevent things like…
a buildup of cash in your 0% interest big bank checking account and…
forgetting about all of those subscriptions you never use and…
yes, collecting on $35k of accounts receivable.
The second best way to learn is from your own mistakes.
The BEST way to learn is from other people’s mistakes… you’re welcome.