In today’s episode, we’re talking with Octavia all about building a profit-producing business.
The #1 reason why businesses struggle to generate profit.
This is mostly because they are not pricing their services and products for profit. They aren’t factoring in their life cycle or expertise into the equation.
How we can break the cycle of being in the red in our business profit-wise.
Earning more money is definitely important but we also want to keep money in our business aka profit. If we’re just spending every cent we make, then we’re not doing it right.
Strategies to build a profit-producing business.
Mindset is everything when it comes to building a profit-producing business. We need to take on the CEO mindset. Having a strategic financial plan helps us get to the point where we become a profit-producing business.
We don’t need to have a million different products or services. We really only need about 4 products/services to become a million-dollar business.
It is important to watch your costs when your business starts to earn more money. Everything we do in business should be producing an ROI.
Having a system where you’re tracking your costs is so important. Having an accounting software + implementing financial Fridays can help set you up for success here.
Projecting your inflow/outflow for each month and each week is key. It helps you catch things before they happen and allows you to forecast what’s going to happen in your business.
Systems we need to have in place to scale smart.
Having a financial management system and a CRM is key to scaling your business to the next level.
Share with us your top takeaway on building a profit-producing business.