199 - Your Building Blocks to a Profitable Business
On today's episode of the podcast we discuss the building blocks to building a profitable business.
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One of our building blocks is the layers of protection (more on this in episode 197). All of these legalities, like insurance, contracts, and business entities, to protect ourselves and our money.
The next block is tax systems, these are in place to keep us up-to-date with taxes and the IRS off our backs. You don't want to deal with audits, back taxes, or any of that. Tax systems include book keeping and having the correct business entity.
Another block is good financial systems. These are here to serve the decisions that impact our personal finances and determine how much and how frequently we pay ourselves. Good financial systems help you to reach target profit margins and help you determine your prices and offers and what is really making you money and what projects are not worth the money they're bringing in.
How to turn your business into an asset is an additional building block. Consider layers of liability protection and intellectual property protection like trademarks. Hiring, team building, and systems are all building blocks that go into turning your business into an asset.
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