Profit Mentality Part 1
In today's episode of the Women Choosing Growth Podcast, Tina Sue will talk about the vital role of prioritizing profit in business through a "Profit First" mentality.
She will highlight the significance of making profit a foundational priority in your business plan, rather than an afterthought. This mindset shift ensures that profit remains a consistent focus, even amidst changing circumstances.
Tina will also share how the ‘Profit First’ approach involves allocating a predetermined percentage of every sale to profit, guaranteeing that your business remains profitable while navigating expenses and challenges.
You will find out how this mentality empowers entrepreneurs to build a sustainable business that serves both financial goals and larger missions. Tina emphasizes that prioritizing profit doesn't mean neglecting other crucial aspects of business, such as employee well-being, client satisfaction, and community involvement.
You will learn about the practical steps involved in implementing the "Profit First" approach, including setting up separate bank accounts for different business expenses and profit allocation.
Tina will also share insights from the book "Profit First" by Mike Michalowicz, which provides actionable guidance on adopting this mindset shift and optimizing your business's financial health.
Enjoy this episode as Tina Sue guides you through the transformative concept of "Profit First" and its profound impact on your business's growth and sustainability.
What You’ll Learn in this Show:
- The importance of prioritizing profit in business from the start.
- How the ‘Profit First’ mentality ensures consistent profitability..
- Balancing profit prioritization with employee care, client satisfaction, and community involvement.
- Practical steps to implement the ‘Profit First’ approach.
- The transformative effects of adopting a profit-centric mindset in your business.
- And so much more…
Book:
Profit First: Transform Your Business from a Cash-Eating Monster to a Money-Making Machine
