Many entrepreneurs have the mindset that if they speak or think about money or profit in their business it makes them greedy. Nothing could be farther from the truth. Find out more about why profit equals growth in this video.
You’re Not Greedy
In this blog you’ll understand why thinking about money and profit in your business is essential to the future of your business and it’s ability to grow. If you feel focusing on money or profit makes you greedy, it’s important to your business to turn this mindset around. Having such a mindset is toxic to your ability to earn money – it influences everything you do in your business when it comes to pricing and profit. Not in a positive way.
Profit Is How You Measure Business Success
Whether you like it or not profit is the main means by which a business measures overall success. Without profit you cannot run a business (unless you have some other wonderful source of money). If you don’t focus on how you plan to earn money then you can hardly expect to earn it. It’s absolutely critical.
No, it’s not the only thing you focus on however, when you have the right mindset and systems in place around money and profit, then you can make decisions in-the-know. Pricing should be on purpose not by chance. You need to know what’s coming in and going out.
Profit Is How You Grow Your Business
Profit equals growth because when your business earns profit you’ll be able to make investments. Most business growth requires investment, I mean MONEY honey! If your business isn’t earning money you can’t make those important investments.
In the end you need to focus on how you’re going to earn money, i.e. profit in your business. It is the best way to set yourself up for the future. Furthermore the biggest lever you have to improve your business’ profits is price.
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Get started improving your business. Sometimes it’s difficult to know where to begin. I suggest you Download the the self assessment Pricing Scorecard. Get a view of what’s working and what’s not working when it comes to pricing in your business. Figure out where to start making improvements.
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