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The MSE Challenge - Be a business - Turn each day into a profit making one!

Ok, I had this idea whilst I was in the bath!

Any good business knows that you must turn a profit in order to be succesful, many companies have struggled with this in the past have turned in losses or delivered profit warnings and reported record losses where simply their expenditure outstripped their income. These businesses appoint troubleshooters or turnaround ceo's who are famous for their skills at turning around situations and leaving them in a better state than what they were found.
This is your task now you have chosen to accept the job of turning around your finances, the golden rules are:

finding profit where there was none

maintaining tight cashflow mangement

minimizing expenditure

and maximising profit where possible


The brilliant thing about being a chief executive of this struggling company (you and your finances!) is that you can sell off assets, on ebay / amazon / gumtree etc. You can use yourself as a service, mystery shopping, matched betting, you can do anything you want (within reason!) to maximise your income and ensure that you are turning profits.

Its very simple to transfer this (albeit on a smaller scale) to our personal moneysaving lives, everytime we save money or earn more than we spend, this is counted as our profit, whether you choose to record it over a daily / weekly basis is up to you.

Its best to do a running total on a daily basis but if you get paid weekly then feel free to spend then work out your profit on a weekly basis. Ensure you record where the money has come from, what your expenditure was, if you have any reasoning for it (ink for ebay / paper for printer) and what your profit at the end of the week / month is.

Once you have worked out your profit, you can decide where it goes, what part of the net debt does it go to? Its all about appeasing the creditors during these troubled times!

With the profit you simply use it as Investment - paying off debts, be it overpaying on a loan or channeling the profit into a savings account / paying off overdraft / or any other ways in which the net debt can be reduced. Your net debt is your sig, whatever it stands at.

Of course sometimes you have to speculate to accumulate, that is, investing in equipment that will enable you to turn a profit later, for example, jiffy bags for ebay, postage, ink cartridges, petrol, paper, etc.

When renewals are up, you can use your contacts (this thread / board / forum) to re-negotiate the best deal for you on your mobile / elec / gas / car insurance / car / loan / hp / anything else. This saving can then be declared and then the best business (that turns the most profit and pays off the most creditors) will receive some sort of award, a trophy / plaque etc to celebrate their achievements!

Naturally, businesses have expenses that cannot be avoided, those are, electricity, food costs, overheads, rent, rates, water, gas, vehicle running costs. These cannot be avoided, however, smart businesses reduce them as much as they can, they shop around for the best deals, they ensure they get maximum usage out of the product / service.

I hope this makes sense, its a bit of an idea, I dont know if it crosses over too much with other threads, but I hope that some will see the challenge, if you turn a profit, then you are able to pay off more debts! It reinforces so many ideals of MSE.
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