59. Should You Focus On Profit Or Revenue

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05/10/23 • 46 min

Are you curious about how revenue and profit relate in business? In this podcast episode, I explore the connection between the two and why understanding it is crucial for making informed decisions about growth and profitability in your business.

I cover critical areas where focusing on revenue over profit is beneficial, the importance of understanding your financial goals for strategic decision-making, and how profitability can help attract and retain high-level talent and pay employees.

Join me in this podcast episode to learn more about the relationship between revenue and profit and how understanding your financial goals can help you make informed decisions about growth and profitability in your business.

Key points in this episode:
Understanding Financial Goals [00:05:24]
Importance of Revenue [00:07:14]
When to Focus on Profit [00:12:09]
Profitability and Business Growth [00:15:02]
Taking Money Out of Your Business [00:17:29]
Focusing on revenue over profit [00:25:21]
Focusing on profit over revenue [00:31:01]
Focusing on profit in a mature market [00:33:31]

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Previous Episode

58. The Biggest Mistake Successful Business Owners Make

Are you a successful business owner who feels stuck, disconnected, or complacent? In this episode, I discuss the common mistake of giving away your power, leading to negative impacts on individuals, clients, teams, competitors, and the wider community.

I share how this can affect risk-taking, decision-making, and team accountability, and I provide you with solutions to reclaiming your power and committing to personal growth. Tune in to learn how to avoid giving away your power and lead a fulfilling life.

Key points in this episode:
Giving Away Your Power [00:00:57]

Struggling with Risk-Taking [00:06:15]

When to Take Action [00:09:18]

Apologizing unnecessarily [00:17:34]

Dealing with potential leads [00:19:06]

Team Accountability [00:24:15]

Micromanagement [00:26:02]

Competitors and Wider Community [00:30:26]

Solutions [00:35:13]

Management and leadership [00:37:04]

Reclaiming your power [00:40:54]

Next Episode

60. How To Navigate A Big Life Change Whilst Running 2 Businesses

Are you facing a significant life change while running multiple businesses? If so, you're not alone. Many entrepreneurs find themselves struggling to navigate the complexities of a major shift while also keeping their companies afloat. But fear not! In this episode, I share my 15-step toolkit process, including a unique method that could revolutionise your approach to handling challenging situations.

Get ready to discover essential strategies and insights that will help you master the art of managing big life changes and multiple businesses at the same time. So, are you ready to take the leap? Let's dive in!

Key points in this episode:
Throw Money at It Method [00:08:04]
Get Layers of Focus [00:13:47]
Have Support Around You [00:15:17]
Advocating for Yourself [00:15:58]
Using Your Team [00:20:39]
Be Prepared to Change [00:24:11]
Your Oh Shit Plan [00:27:34]
Audit Your Business [00:29:22]
Importance of Communication [00:32:11]