Explore the idea that businesses should serve their owners, not the other way around. Discover why prioritizing profit over mere growth can lead to sustainable success. Learn practical strategies for financial management, emphasizing small, manageable steps. The podcast also addresses the balance between work and personal life for health and wellness entrepreneurs and offers innovative tools to streamline operations. Embrace a proactive approach to evaluating your resources and enhancing profitability.
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insights INSIGHT
Profit as Business Foundation
Profit should be the foundation of your business strategy, not an afterthought.
Without profit, your business can become a slave instead of a tool for freedom.
insights INSIGHT
Growth Can Limit Profit
Increasing sales often leads to increased expenses, trapping your business at a new cost level.
Bigger business size doesn't guarantee bigger profits due to added challenges and costs.
volunteer_activism ADVICE
Make Profit Every Transaction
Make profit part of every transaction and stop activities that don’t contribute to profit.
Maximize profit first by identifying and focusing on profitable activities, regardless of business size.
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Welcome to this weeks episode of Treat Your Business, the podcast for Health & Wellness Business Owners. This week I'm discussing 'Bigger is not better'.
What if, rather than serving your business, your business served you? Imagine that hey! Most people treat profit like an afterthought. Most people and traditional accounting methods treat profit as, we look through everything and then profit spits out the bottom. Most treat profit like an end result, and we'll just focus on the growth element of our business.
So today I am going to be challenging that thought approach and discuss:
What if rather than serving your business, your business served you?
What happens when your sales start to increase?
Don’t focus on getting bigger and getting more staff.
You’ve got to figure out the things that make profit and stop the ones that don’t.
Make sure your margins on what you sell things for are worth the time and the calculated risk of you buying it in the first place.
When you focus on profit first, your business will expand.
When you start thinking about profit, you figure out how to make it consistently.
Traditional accounting methods are sales minus expenses.
If you want to eat less calories, eat off smaller plates.
Treat Your Business podcast is proudly sponsored by MBST, the groundbreaking technology revolutionising recovery and rehabilitation. Offering a non-invasive, drug-free solution for musculoskeletal conditions and nerve injuries, MBST works at a cellular level to stimulate regeneration. Expand your services and deliver long-term patient improvements without increasing your workload.
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