Profit Mentality Part 2
Ever wondered how much you should be paying yourself as a business owner? Dive into the intricacies of owner compensation, mindset, and planning for profitability.
In this episode of Women Choosing Growth, Tina Sue joins the Catapult Your Business show by Cultivate Advisors. The conversation revolves around the challenges business owners face when deciding their compensation. Tina emphasizes the importance of a proactive mindset, planning, and the "profit first" mentality. She also touches upon the significance of aligning business goals with personal financial aspirations and the need for regular revisits to ensure alignment.
Here are some key lessons:
- Mindset is paramount. Business owners should prioritize their financial stability and recognize the value they bring to their business.
- Planning is crucial. Instead of waiting for year-end profits, proactive financial planning and forecasting can help in making informed decisions.
- Align business profitability with personal financial goals. It's essential to ensure that the business's success translates to personal financial growth.
What Youā€™ll Learn in this Show:
- The importance of the right mindset in determining owner compensation.
- The "profit first" approach and its significance.
- The value of multi-year financial forecasting.
- How industry benchmarks can guide compensation decisions.
- The need to connect business profitability with personal financial goals.
- The significance of regular reviews and adjustments to financial plans.
- The balance between personal lifestyle and business profitability.
- And so much more!
Resources:
Book: "Profit First"
