Profit First Nation Ep. 131 - Unlocking Intentional Growth: 6 Steps for Increased Profitability and Deliberate Expansion
What does intentional growth mean? We're not referring to the physical size of your premises or the number of employees you have.
We're focusing on profitability scaling your business!
In this episode, Danielle leads us through six steps for intentional growth. If you want deliberate expansion and increased profitability, you need to be purposeful in following these six steps.!
IN THIS EPISODE:
- [00:00] The topic of the day is intentional profitability growth
- [00:49] No. 1. Committing to growing intentionally starts with the owner's salary. Opt into the resource page on the website to participate in learning about what an owner should be paid. July 12th, 2023, 11:00 AM Pacific Time,
- [05:45] No. 2. You need to commit to being intentional about making your business public.
- [08:11] No. 3. Identify the areas where you'd like to grow your business.
- [12:46] No. 4. Invest one hour a day in assessing your areas of growth
- [17:25] No. 5. Invest one hour weekly in reflection and writing down your learning
- [25:50] No. 6. Become intentional about the growth of your business and share with someone
KEY TAKEAWAYS:
- When money comes into your business, and it's gone in a flash, you must be more profitable. That's letting your business happen to you.
- Sometimes reducing the size of your audience is best because you can concentrate on what you are doing and do it well.
- Investing in Profit First is an investment in your business.
ABOUT THE HOSTS:
Danielle Mulvey is a former flight attendant-turned-entrepreneur and owns multiple businesses doing $50 million in annual revenue. She is one of the exclusive, select group of Mastery-Certified Profit First Professionals worldwide and the go-to “HOW TO IMPLEMENT” workshop facilitator for Profit First and WSJ Journal best-selling author Mike Michalowicz following his keynote speeches. Danielle is currently running multiple businesses, from start-ups to mature businesses with 10-year plus track records and revenues ranging from $1M to $40 million in annual revenues and is a certified numbers geek about Profit First, leveraging the DIY cash management system for small business to achieve maximum profitability. She can personally guide business owners to achieve maximum profitability based on her 25 years of experience as an entrepreneur who has been there and done that.
Additionally, Danielle authored the book The Rapid Read™ Guide to The 5-Star Employee Rating System™ and is currently collaborating with Wall Street Journal best-selling author Mike Michalowicz on his new book, to be released in Q1 2024, titled ALL IN: How Great Leaders Build Unstoppable Teams.
Mike Michalowicz is an entrepreneur and New York Times and Wall Street Journal best-selling author of Profit First, The Pumpkin Plan, SURGE, Toilet Paper Entrepreneur, Clockwork, Fix This Next and Get Different. BusinessWeek called Toilet Paper Entrepreneur, a business cult classic. His books have been translated into ten languages, and Mike has had the privilege to speak on stages worldwide because of his passion for connecting with entrepreneurs.
As the founder of Profit First Professionals, he empowers accountants, bookkeepers, and business coaches with the tools and techniques to maximize client profitability, allowing them to uplevel from being one of the 83% of small businesses operating check-to-check and struggling to be profitable to becoming one of the 17% of thriving and highly valuable businesses with cash in the bank to correlate to profitability. Mike also co-founded the business growth consultancy Provendus Group and has successfully founded, built, and sold two technology service-based companies. He is passionate about sharing his experiences and advice with entrepreneurs and sits on formal and informal advisory boards while maintaining relationships with angel and early-stage investors.
RESOURCES:
Profit First Professionals - Website