Making a profit is the ultimate goal of any business, but too often it is solely attributed to sales. That's undoubtedly a big component in achieving success; however, there are many other aspects that come into play when looking to maximize profitability. Lorry Rifkin expresses that there's more to profit than just sales.
Sales and profits may go hand in hand, but they don't necessarily indicate the cash that a business will take home. Real cash requires more thought because that doesn't always mean dollars in your pocket like profits do on paper. Lorry highlights the importance of controlling entrepreneur's business growth so they can stay ahead of the sales curve. Listen to learn how to maximize value while maintaining stability!
Episode Highlights
01:11 - Sales are not profits and profits are not cash in the bank. And at the end of the day, if you don't have cash, you really don't have a business. And so, some of the fastest growing customers I've seen were also the ones most vulnerable to going broke. Here's a Lorryism. You always have to keep your infrastructure of your business ahead of your sales curve. If you do not do that, you're like the Road Runner and a coyote. You're looking over that cliff, and there's no infrastructure to support you. So, that's another thing. Those things go together. You got to control your growth to have enough cash in the bank or have enough cash to allow you to borrow money because the bank thinks you're credit-worthy and you have to develop your infrastructure with people. Procedures and practices has to stay ahead of your sales curve so you have a foundation to grow on.
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🔗 Resources:
Flame Starter Book: Flame Starter is necessary literature for any high-achieving entrepreneur looking to elevate to the next level without combustion! Utilizing the EMIT Principle (education x motivation x inspiration = transformation), Flame Starter provides practical insights for those who use their "mix" of creativity, innovation, and talents to achieve peak performance and ignite their flames. Get the book.
Zoho One: Over 40 integrated apps that cover a wide range of business needs, such as CRM, accounting, project management, HR, marketing, and more. Learn more.
Podcast Town: A comprehensive platform that offers services and resources to help podcasters grow, monetize, and elevate their shows through production, coaching, strategy, and community support. Learn more.
Canva: A user-friendly online design platform that allows individuals and businesses to create professional-quality graphics, presentations, and other visual content with ease, using a wide variety of templates and tools.
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