Episode 8: Mind Your Profits
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Episode 8: Mind Your Profits
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About this listen
Drawing from her billion-dollar corporate background, Terrand dives deep into why profitability is more crucial than revenue for sustainable business growth, unpacking common misconceptions entrepreneurs have about profits and explaining how to shift focus from merely chasing sales to strategically building a profitable enterprise.
She shares actionable strategies for improving profitability without sacrificing quality, breaks down the vital role of financial literacy in understanding where your money is truly going, and explores the critical link between pricing strategies, cost management, and overall profitability.
Listeners will learn to identify if they're actually making money or unknowingly losing it, understand key financial metrics beyond just sales figures by focusing on trends, and grasp how to balance reinvesting profits for growth versus taking them out.
Terrand also discusses the importance of communicating the value of profitability to your team and provides real-world examples of how a profit-first mindset can lead to significant business growth and innovation, offering crucial advice for entrepreneurs struggling to make their business profitable: gain visibility into your financials.
This episode marks the conclusion of the season one of Prepare to Shift, equipping entrepreneurs to truly "Mind Your Profits" and build a thriving, resilient business, and teases the next season focusing on "Work Shift" with Terrand Smith.
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