Building a Profitable and Sustainable Business
In today’s episode, there’s a very special guest joining, Susanne Mariga, a fractional CFO and profit-first expert. I am so excited to dive into some important financial topics that can help businesses improve their profitability and make informed decisions.
Throughout the episode, you’ll learn the importance of job costing accounting systems, automating inventory systems for retail businesses, and streamlining pricing and quoting through standardized processes. You’ll also learn about the common struggles business owners face in achieving profitability and paying themselves.
The Importance of Job Costing Accounting Systems
These systems play a crucial role in tracking costs and making informed decisions. Particularly in industries like construction, job costing allows businesses to accurately allocate expenses and determine the profitability of each project. By implementing an efficient job costing system, you can have a clearer understanding and ensure that you’re pricing your services or products appropriately.
Automating Inventory Systems for Retail Businesses
For retail businesses, inventory management is a key factor. Automating inventory systems can greatly benefit your business by providing real-time data on sales and popular items. With this information, you can optimize your inventory levels, avoid overstocking or understocking, and make data-driven decisions to improve profitability. By automating inventory management, you can streamline your operations and focus on meeting customer demand effectively.
Streamlining Pricing and Quoting through Standardized Processes
Customization is often a challenge in pricing and quoting for businesses. However, implementing standardized processes can be a helpful change. By establishing consistent pricing and quoting procedures, you can improve efficiency, save time, and prevent costly errors. Standardized processes also enable you to streamline your operations, particularly when it comes to estimating costs and providing accurate quotes to your clients or customers.
Profitability and Paying Yourself as a Business Owner
Many entrepreneurs get stuck in a mindset of constantly reinvesting in their business, this mindset often leads to you neglecting your own financial well-being. As a business owner, it’s crucial for you to align your actions with your goals and prioritize profitability. Tune into the episode to hear tips on how to overcome the guilt or hesitation that often comes with paying yourself.
I want to encourage you all to plan your businesses for the next year with profitability and success in mind. Profitability is not just reserved for large businesses. With the right strategies and mindset, you can also achieve sustainable profitability.
What’s in This Episode
- Importance of tracking costs and making informed decisions
- How automation can help retail businesses
- Streamlining pricing and quoting processes
- Allocation of revenue for profit, owners’ pay, taxes, and operating expenses
What To Do Next
- Want to read more books? Join Thought Readers, my book club for business owners. It’s free to join in 2023, so don’t miss out on this great opportunity to learn with like-minded peers.
- Subscribe to receive this podcast and regular weekly strategies to grow and shape your business. You’ll also be the first to know about upcoming courses, programs, and exclusive LIVE training.
- Join the conversation on Instagram, Facebook, or LinkedIn and share your insights from the show.
Where to Find Suzanne Mariga
Next week I’m chatting with Matthew Absell.