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.

You can listen to the full show in the audio player above and use these timestamps to skip around in the episode to the topic you want to hear.

  • [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?

Many different people have inspired along the path to creating this business and today we want to talk about a book that’s made a significant impact on our thinking and planning.

The book is called Profit First by Mike Michalowicz and it’s one you need to put on your reading list now. Move it to the top of the list and you’ll have an appreciation for the topic we want to discuss on this episode and, hopefully, change the course of your business in a positive way.

When Scott first read this book, it led to an epiphany about the goals of the business and how to put profit first. It seems like an obvious goal but how closely are you paying attention to the net profit your business is generating every year? For a lot of us, that time doesn’t come until you sit down with your CPA.

We work with clients on changing the mentality by using a creating a profit target using a new equation. Let’s take the traditional way of measuring profit and turning it on its side. Doing this will help make sure the business is always serving you rather than the opposite.

Today’s episode of the Emerging Advisor Podcast will talk in-depth about this and Scott will share some scenarios to help you understand how it will apply to your business. We also have this PDF that’s referenced during the episode to help you get started.  It’s a topic that we feel is extremely important to the success of your business and we hope you’ll feel the same after listening to the show.

So let’s get started. You can listen to the full show in the audio player above and use these timestamps to skip around in the episode to the topic you want to hear.

Just make sure that what you’re trying to build, what you’re trying to attain, ultimately serves you and also gives you the profit, which ultimately gives you the lifestyle that you want

-Emerging Advisors

Emerging Advisor

Emerging Advisor

Sharing proven strategies for financial advisors to maximize time, profit & freedom. The co-founders of Emerging Advisor, a practice management & marketing company, Scott Dougan and Sean Lee teach others about how to improve their financial advising practice one step at a time.
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