Prioritizing profitability over growth

Great article! My key takeaway from it is to not commit money to anything (staff, software, etc.) over a long period of time. You need the flexibility to be able to cut costs and reuse that money elsewhere as and when needed, so hire contractors rather than staff and sign up for monthly SaaS plans rather than annual ones.

That's exactly what we are doing @ InvocationX.com 🚀.

We are minimizing the expenses and focusing on only one thing — Get profitable clients & do quality work for them.

I really like this approach. Before reading I did think well aren't the two the same, if you're growing then you're becoming more profitable, right? but obviously not, and I understand now - you can be burning through cash to grow so you're growing but not profitable. Essentially to be profitable you want to be as smart as possible with what you spend money on - makes perfect sense. Thanks for the advice 👏

I use a simple spreadsheet to keep an overview of all upcoming payments. Helps me a lot to spend money wisely.

Video + Sheet link:
https://youtu.be/EOJ1dWVSG-M