Many entrepreneurs pursue financial gain not just to satisfy some fleeting desire but because they want to build generational wealth and have a lasting social impact. They love humanity so much that they sacrifice time, talent, and treasure to help make life better for others. Philanthropy becomes part of their mission and vision.
If this is your desire as an entrepreneur, I commend you. That’s very noble. However, it takes financial focus and strategy to have the means necessary to support the cause(s) and help the people you feel drawn to serve over a long period of time.
In a couple of articles I read on philanthropy, Andrew Carnegie is listed as the greatest philanthropist of all time, with an estimated giving of up to $297.8 billion. Your philanthropic work does not need to be as extravagant as Andrew Carnegie, but if your desire is to give with lasting impact, here are 3 things you need to focus on immediately:
- Increase your predictable revenue. Having predictable revenue is a crucial part of the financial strategy of scaling entrepreneurs. Not having the surety of income can be very stressful. Therefore, be sure to implement a recurring revenue model in your business. Whatever it is that you take to market, find a way to create a membership or program of some sort that requires a monthly commitment from those you serve.
- Manage your cashflow. It is important as an entrepreneur that you understand the inflow and outflow of your cash. Not only is it necessary for you to receive prompt payment from your clients and for you to pay your bills timely to avoid interest charges and penalties, but it’s also vital for you to have the right pay cycles. It’s important to ensure that cash is coming in ahead of when cash is going out.
- Grow your profits. Many entrepreneurs focus heavily on revenue but neglect to make profits a priority. As quickly as money is made in the business is as quickly as it can leak out if you are not strategic about putting profits first. Decide that for every dollar that comes into your business, you are going to set aside a percentage of that in profits. Profits can be used for several things such as paying bonuses to yourself and your team; investing in growth opportunities; and yes, philanthropy.
Therefore, if philanthropy is top of mind for you, be sure to increase your predictable revenue, manage your cashflow, and grow your profits. During the POP to Millions Virtual Summit, you are going to learn so many more strategies for building a profitable 7-figure business from the 20 experts that were handpicked to share with you their journey and strategies to 6, 7, 8, and 9 figures. Click here to register for free.