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Episode 6 - The Root of Profitability
Manage episode 311471192 series 3128012
Contenido proporcionado por Jeff Kikel, ChFC, CRPC, ASBC, Jeff Kikel, CRPC, and ASBC. Todo el contenido del podcast, incluidos episodios, gráficos y descripciones de podcast, lo carga y proporciona directamente Jeff Kikel, ChFC, CRPC, ASBC, Jeff Kikel, CRPC, and ASBC o su socio de plataforma de podcast. Si cree que alguien está utilizando su trabajo protegido por derechos de autor sin su permiso, puede seguir el proceso descrito aquí https://es.player.fm/legal.
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:
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