The Small Business School Podcast
Ready to leave the small business struggle behind? The “School for Small Business” podcast supports small business owners in scaling a business that is profitable, purposeful, and doesn’t leave you burnt out. No matter whether you run your business online or you own a brick-and-mortar, you can expect our world class experts to support you with mindset, tactics, and everything in between so you can have the business you dreamed of. Based on our lived experience, we know that small business CAN be easy and we are here to show you how.The “School for Small Business” is hosted by Staci Millard, a CPA by trade with over 15 years of experience seeing the behind the scenes of thousands of small businesses. After growing and selling her first 7 figure business, Staci has been on the ground running - mentoring small businesses and working to increase success rates. Staci strongly believes you don’t need to have gone to business school to be successful so you can expect nothing but simple, impactful advice. Tune in each Tuesday for a new 30 minute or less episode of nothing but valuable advice to help you grow your small business. We are so excited for you to be on this journey with us!
The Small Business School Podcast
The Boardroom 5: The Three Profit Levers
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!
