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20min chapter
#756 - The Million Dollar Service Business Playbook
Tropical MBA: Entrepreneurship & Founder Lifestyle
Optimizing Owner Compensation and Business Functions
The chapter emphasizes the distinction between owner compensation and profit, stressing the importance of fair compensation to build a profitable asset. It explores the necessity of clear role separation within a business and the risks of not structuring the business model effectively. Financial aspects such as cost evaluation, labor management, and profitability assessment are highlighted, along with strategies for strategic decision-making to ensure sustainable growth and profitability.
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