Strategy Meets Finance The Profit First Approach to Business | Ep 48
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Profit is the amount of money that's left over after all the expenses of running a business have been paid, such as salaries, rent, and supplies. Without profit, a business can't grow or invest in new products or services. It also can't reward its employees or shareholders for their hard work and investment. Profit is also important because it helps a business stay competitive. If a company is consistently making more profit than its competitors, it can reinvest that money into research and development, marketing campaigns, and other initiatives that promote growth and increase firm value. However, most companies look at profit backwards, taking the left overs after paying all costs. In this episode I talk with Rocky Lalvani, a Chief Profitability Adviser for business owners, about a contrarian approach to putting profit first. Join me for this conversation and learn how you can increase profitability in your business by putting first things first.
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