152 Paying the Profit First with Ronit Enos
The sustainability of a business is dependent on profit, yet many businesses operate on a tiny profit margin. Ultimately, that is why only a very small percentage of small businesses reach their 10th birthday.\xa0 Most business failures can be attributed to a lack of financial awareness and understanding of how to manage finances.\xa0Too many salon owners operate on the basis of \u201cwork hard, pay my bills, and what's left over is profit.\u201d However, that way of thinking is fundamentally flawed because, in case you haven\u2019t noticed, there is usually very little left over! So instead of the traditional accounting method of \u2018Sales minus expenses equals profit,\u2019 we should be turning this on its head and running businesses on the \u2018Profit First\u2019 principle; \u2018Sales minus profit equals expenses.\u2019 If you\u2019re confused, stick around because my guest on today's podcast is Ronit Enos, Author of the book \u2018Profit First for Salons.\u2019 In today\u2019s podcast, we discuss: Profit margins in salons today The steps to increasing profitability The \u2018Profit First for Salons\u2019 book\u2026 And lots more! For full show notes, links and resources mentioned visit:\xa0https://growmysalonbusiness.com/podcast/152/\xa0 Thanks so much for joining me this week. If you enjoyed this episode, please leave a review. Ratings and reviews are extremely helpful and greatly appreciated!\xa0 They do matter in the rankings of the show and help other people find my podcast. I also love to hear what\u2019s been helpful and what you love about the podcast!\xa0 Just\xa0click here to review, scroll to the bottom, tap \u201cRatings and Reviews\u201d tap to rate with 5 stars and \u201cWrite a Review\u201d and let me know what your favourite part of the podcast is. Thank you for your support! And finally, don\u2019t forget to subscribe to the show to get automatic updates. Got a question you want answered on the podcast? DM me your question over on Instagram or just come on over to connect at:\xa0https://www.instagram.com/growmysalonbusiness/