Cash is Not King: Rethinking Financial Success in the Beauty Industry
In the beauty industry, it's easy to get lulled into a false sense of success with cash flow. You think, "Great, today I made €1000!" and another €1000 a few days later. Suddenly, you believe you're making €1000 every day and that all this cash is yours to keep. But here's the truth: the cash isn't yours, it belongs to the business.
We must remember that we're all employees of our own business. Our job is to create a profitable enterprise where the cash taken in covers all the hidden and invisible costs that come with running a business. Without a clear life plan, we can easily get stuck in the cash rut, neglecting to build for our future.
The mindset of hiding cash to avoid taxes is shortsighted and limits growth. You can't use that cash to buy a house, a car, or pay for a holiday. To make such purchases, you need money in the bank and a proven credit record to secure loans and show that you can repay them.
Operating under the "cash is king" mentality, without transparency and proper financial planning, will keep you small and living hand to mouth. Instead, dream big, play big, and be the master of your own destiny. Focus on building a sustainable and profitable business that supports your long-term goals and aspirations.
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