))
Episode 6 - The Root of Profitability
Manage episode 311471192 series 3128012
Inhoud geleverd door Jeff Kikel, ChFC, CRPC, ASBC, Jeff Kikel, CRPC, and ASBC. Alle podcastinhoud, inclusief afleveringen, afbeeldingen en podcastbeschrijvingen, wordt rechtstreeks geüpload en geleverd door Jeff Kikel, ChFC, CRPC, ASBC, Jeff Kikel, CRPC, and ASBC of hun podcastplatformpartner. Als u denkt dat iemand uw auteursrechtelijk beschermde werk zonder uw toestemming gebruikt, kunt u het hier beschreven proces https://nl.player.fm/legal volgen.
Hey Profit Nation,
In this episode we talk about the root of profitability for your business. We discuss the dreaded "B" word Budgeting. This is the most critical element for becoming a profitable business. Your budget shows you what your income and outflows work out.
In the episode Jeff talks about Mike Michaelowicz's book Profit FIrst. In this book Mike talks about the GAAP (Generally Accepted Accounting Practices) equation which is:
Income - Expenses = Profit
Mike feels this is foolish and should be:
Income - Profits = Expenses
Based on this equation, Jeff walks you through a basic budgeting exercise using 6 sheets of paper to break down your Business and Personal Budgets.
If you are interested in learning how to do this more in detail our Profit Producers Launchpad program will we launching more in a few weeks. More information here:
10 afleveringen
Delen
