Episode 14

Published on:

29th Aug 2023

Profit Mentality Part 2

Ever wondered how much you should be paying yourself as a business owner? Dive into the intricacies of owner compensation, mindset, and planning for profitability.

In this episode of Women Choosing Growth, Tina Sue joins the Catapult Your Business show by Cultivate Advisors. The conversation revolves around the challenges business owners face when deciding their compensation. Tina emphasizes the importance of a proactive mindset, planning, and the "profit first" mentality. She also touches upon the significance of aligning business goals with personal financial aspirations and the need for regular revisits to ensure alignment.

Here are some key lessons:

  • Mindset is paramount. Business owners should prioritize their financial stability and recognize the value they bring to their business.
  • Planning is crucial. Instead of waiting for year-end profits, proactive financial planning and forecasting can help in making informed decisions.
  • Align business profitability with personal financial goals. It's essential to ensure that the business's success translates to personal financial growth.

What You’ll Learn in this Show:

  • The importance of the right mindset in determining owner compensation.
  • The "profit first" approach and its significance.
  • The value of multi-year financial forecasting.
  • How industry benchmarks can guide compensation decisions.
  • The need to connect business profitability with personal financial goals.
  • The significance of regular reviews and adjustments to financial plans.
  • The balance between personal lifestyle and business profitability.
  • And so much more!


Book: "Profit First"

Women Choosing Growth

Cultivate Advisors

Show artwork for Women Choosing Growth

About the Podcast

Women Choosing Growth
Welcome to the Women Choosing Growth podcast, your go-to show actionable advice to grow your business to be worth millions while sharing empowering stories of triumph and navigating obstacles from women entrepreneurs, industry experts, and thought leaders who have experienced the inevitable challenges that come with entrepreneurship.

Whether you're embarking on your entrepreneurial journey or seeking to elevate your business to new heights, our podcast is your ultimate resource hub, providing you with the essential tools, valuable resources, and a supportive community to foster your business growth.

I'm your host, Tina Sue, a lifelong entrepreneur and business growth advisor, and together, we'll crush a wide range of topics tailored specifically to the needs of women entrepreneurs. From effective marketing strategies to mastering the art of sales, from financial management to transformative leadership techniques, and from personal growth to professional development – we've got you covered.

Get ready to supercharge your business growth, work smarter, and build a business you will eventually sell form millions! This podcast is a must-listen for ambitious women entrepreneurs who are determined to thrive.

TO BE A GUEST ON OUR SHOW: https://forms.gle/3oCufn1cEhuCjwLZ6