Fix This Next Business Hierarchy of Needs: Profits
[Creative Freedom S5EB7]
This is bonus episode 7 and we're continuing on through the Fix This Next methodology. This episode, I talk about the second level of the hierarchy: Profit.
The Business Hierarchy of Needs is a model developed by Mike Michalowicz, author of the forthcoming book, Fix This Next. I'm a certified Fix This Next advisor, and I'll be walking you through each level of the hierarchy in separate episodes.
There are five levels to the Fix This Next Business Hierarchy of Needs, and five aspects in each level that you need to consider. Just like Maslow's hierarchy, though, you need to resolve the issues at the lowest levels of the hierarchy before you can deal with anything higher up.
The second level of the Business Hierarchy of Needs is profit. Managing profit is more than just pricing. It's reducing debt or leveraging it strategically, proper cash reserves, and encouraging repeat business, too. This week's episode explains.
Listen To The Podcast
Podcast Show Notes
The five aspects of the second level of the Business Hierarchy of Needs (Profits)
How debt is really a claim against future income
When debt can actually be a good ans strategic thing to have for your business
The importance of flexible (variable) expenses in keeping more profit
How many months of business expenses should your business have in cash reserves?
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