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- This is How to Stay Poor
I got an interesting DM this morning that sparked some thoughts I think many of you will resonate with. Here's the question I received:
"Matt, I feel like money keeps slipping through my fingers. I'm doing well in one business, but I can’t seem to figure out where I’m losing money in others. What am I doing wrong?"
This is a question a lot of entrepreneurs should be asking themselves—because the truth is, losing money often has less to do with how much you're spending and more to do with not knowing where it's going. Let me break down how to fix this common issue.
Why You're Losing Money 👇🏻
To read on, keep scrolling.
Tip Of The Week:
CEOs who delegate everything are setting themselves up for failure.
Here’s why:
Finance: How can you trust a CFO with your finances if you don’t know how to read a Profit & Loss (P&L) statement?
Marketing: How do you trust your marketing team if you’ve never run a campaign yourself?
The solution? Know enough about every part of your business, or risk getting burned. You don’t have to be an expert—but understand the basics, so you can lead with confidence and spot potential issues before they become costly mistakes.
It’s not always about overspending. More often, it’s about not knowing where your money is going. Imagine trying to fix a leaky boat without knowing where the holes are—it’s impossible to succeed until you find the problem.
Entrepreneurs are particularly vulnerable to this issue. Success in one area can breed overconfidence in others. You might think, "I crushed it in tech, so real estate should be a breeze, right?" Wrong. Each field has its quirks and pitfalls, and it’s often in the areas you know the least that you’re losing the most money.
Where the Leaks Are Hiding
Think of your financial blind spots as a black hole in your pocket, constantly draining your resources but invisible unless you actively search for it. So how do you stop the bleeding?
Become a Learning Machine
The answer is simple: become a learning machine. Don’t just focus on the areas you’re already good at—push yourself into the uncomfortable places. Dive into the aspects of your business you’ve been avoiding.
Marketing might not be your thing, but if you can’t tell good SEO from a scam, you’re setting yourself up to be taken advantage of. The same goes for finance, operations, and other fundamentals. You don’t need to be an expert in everything, but you should know enough to recognise when something is off.
Knowledge Is Your Shield
Here’s a hard truth: 9 times out of 10, someone is trying to pull a fast one on you. But knowledge is your best defense. The more you learn, the more resistant you become to the tricks and traps that others might try to spring on you.
Beware of Shiny Object Syndrome
Another common trap is shiny object syndrome. Once you’ve had some success, it’s tempting to think you can replicate that success in any field. But slow down—double down on what’s working before you branch out. It’s not about being a jack of all trades. It’s about protecting your cash and making smart, informed decisions.
Final Thought: Don’t let ignorance be your biggest expense. The more you know, the more you can keep—and grow.
Watch the FULL VIDEO below:
Ready to Harness Debt for Your Business Growth?
Feeling a bit lost when it comes to using debt to ramp up your business? You’re not alone. Lots of entrepreneurs hit roadblocks when it comes to leveraging debt as a tool for growth rather than a financial weight.
If you're scratching your head over how to use debt to snag valuable assets, beat inflation, or generate cash flow, it’s time to get a solid game plan.
Let’s jump on a call and talk about how you can turn debt into a powerhouse for your growth. I’m here to help you cut through the confusion, optimise your strategies, and seize the opportunities debt can offer. Ready to transform debt into your secret weapon? Let’s make it happen.
WHY book a call with me though!?
Here’s the deal:
💸 £500M Lent: I’ve helped fuel the success of countless small businesses, so I know what it takes to get real results.
🏦 Bounce Back Pro: From bankruptcy to running multiple 8-figure companies, I’ve been through it all.
💪🏻 Leadership Tested: I’ve led teams of 500 and thrived in 7 industries, so you can trust I’ve got practical, real-world advice.
💡 No Bullshit, Just Strategy: I don’t sugarcoat. You’ll get actionable advice that’s tailored to your goals.
Did You Miss This? It Could Be the Best Thing You’ve Overlooked!
P.S. Discover more with "No Bollocks with Matt Haycox," the ultimate business podcast for entrepreneurs, CEOs, and career climbers. Tune in for straightforward business tips, practical advice, and mentorship without the bullshit. Each episode dives into tips, strategies, and candid conversations with fellow entrepreneurs, revealing the path to a millionaire mindset and the secrets behind their success.
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