This week on the podcast, Jack and Ben talk about the Profit First strategy from the book Profit First by Mike Mickalowics, how you can apply it in your clinic and adopting the strategy to help you reach high performance benchmarks.
Check out the full episode!
QUOTES FROM THIS EPISODE
“An expense that directly helps you generate more revenue isn’t an expense. It’s an investment.”
“Being purposeful about your numbers and having those targets in place is very important.”
- Profit First by Mike Mickalowicz (book)
- [0:00:30.3] Introduction to the Profit First strategy
- [0:01:58.9] The mechanics of the Profit First strategy
- [0:03:33.3] Adopting the Profit First strategy in the Australian context
- [0:04:45.0] Income VS Profit
- [0:05:26.3] Break up Profit & Loss statement into functional categories
- [0:08:22.1] Example of working within your budget
- [0:11:34.7] Different ways to end up with your profit goal
- [0:12:37.1] Expenses VS Investments
- [0:14:08.8] Why being profitable matters
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