152 Paying the ‘Profit First’ with Ronit Enos

The sustainability of a business is dependent on profit, yet many businesses operate on a tiny profit margin. Ultimately, that is why only a very small percentage of small businesses reach their 10th birthday. 

Most business failures can be attributed to a lack of financial awareness and understanding of how to manage finances. Too many salon owners operate on the basis of “work hard, pay my bills, and what's left over is profit.”

However, that way of thinking is fundamentally flawed because, in case you haven’t noticed, there is usually very little left over!

So instead of the traditional accounting method of ‘Sales minus expenses equals profit,’ we should be turning this on its head and running businesses on the ‘Profit First’ principle; ‘Sales minus profit equals expenses.’

If you’re confused, stick around because my guest on today's podcast is Ronit Enos, Author of the book ‘Profit First for Salons.’

In today’s podcast, we discuss:

• Profit margins in salons today
• The steps to increasing profitability
• The ‘Profit First for Salons’ book…

And lots more!

For full show notes, links and resources mentioned visit: https://growmysalonbusiness.com/podcast/152/ 

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