Description

Welcome back to Small Business School! Today's episode is another installment of our Boardrooms series, focusing on understanding the financial side of your business through the three profit levers. I'm here to guide you through building your financial muscle, and ultimately boosting your profitability. So grab your notepad and let's jump into some actionable steps you can take today!

Topics Covered:

• The Three Profit Levers: revenue, cost of sales, and fixed costs as the key components influencing your profitability.
• Understanding Overhead Expenses: Delve into fixed costs such as rent, utilities, administrative staff, and their impact on your business's financial health.
• Cost of Sales and Revenue: Learn how expenses directly linked to selling your product or service and your pricing strategy affect your bottom line.
• Learn actionable steps to increase profitability by brainstorming options within each profit lever and understanding their implications.

Weekly Challenge: Identify and breakdown each of your three profit levers. How much are you spending/making in each? Look at what different options you have to adjust each of these levers, what control to increase profitability do you have? This could be increasing pricing, cutting less profitable services, increasing sales through marketing, and more!

As always, I am here to help, send me a DM on Instagram if you have any questions and continue to tune into The Boardroom for more actionable steps to transform your small business!

Staci's Links:
Instagram. Website.

The School for Small Business Podcast is a proud member of the Female Alliance Media.

To learn more about Female Alliance Media and how they are elevating female voices or how they can support your show, visit femalealliancemedia.ca.

Head over to my website https://www.stacimillard.com/ to grab your FREE copy of my Profit Playbook and receive 30 innovative ways you can add more profit to your business AND the first step towards implementing these ideas in your business!