Ep 3: Setting a Profit Target for Your Business
Do you have a profit first mentality when it comes to your business? If not, now is the time to start shifting your thinking. Today we’re going to explain why profit needs to be your ultimate measurement of success and how you can utilize a profit target to get to keep your goals on target.
Show notes and additional resources: https://www.emerging-advisor.com/ep-3-setting-a-profit-target-for-your-business/
2:29 – Scott shares the epiphany he had a few years ago about making sure the business serves you.
4:53 – Profit first should be the priority but many business focus on different goals first.
6:24 – We’re talking about this book Profit First by Mike Michalowicz
7:01 – How many of us don’t know what our profit margins are until taxes are prepared?
7:49 – We’ve created a profit target using a new equation.
8:50 – Another scenario that advisors are probably familiar with.
11:37 – Was it difficult for Scott to make the shift in mentality to profit first?
13:14 – What is the Parkinson’s Law?
16:10 – You have to stay true to the process and be very structured to reach your goals.
19:07 – What can you do right now to take your first steps towards a profit first business?