Mick and Andre have been touching on the importance of building your business into a money making machine in the past episodes, and in this one, they’re outlining how to do just that. They discuss what many business owners fail to see and where you need to be paying particular attention in order to discover the money making potential of your business. They also share strategies for taking the information you gather on your business and putting it into action so you can reach superior profitability.
Andre will talk more about the importance of the income statement, as well as how to use it and other methods to better understand how your business is making money. Many businesses focus too much on lean cost management, and although Mick and Andre agree that this is important, they explain how focusing above the line will improve profitability much more. Listen in to learn what it means to focus above the line by nurturing and pruning the right areas.
Listen to the Full Episode:
What You'll Learn In Today's Episode:
- The importance of finding out exactly how your business makes money.
- What it means to have your focus above the line.
- The phases and evolution of business growth.
- How to make the income statement as effective as possible.
- Where many businesses fail because of one simple oversight.
- How to use additional revenue to drive superior profitability.
- The importance of comparing your revenue and profitability each period.
- How to understand the dynamics of prices and volumes.
Ideas Worth Sharing:
“Everyone loves to make money so we’re going to turn your business into a disciplined money making machine.” – Mick Holly
“When they finally understand how their business really makes money, it’s an eye opener for many people.” – Andre Gien
“The basics are really where the opportunities lie.” – Andre Gien
Resources In Today's Episode:
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