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?
If you haven't already downloaded this week's bonus content, you'll want to do that here. Not a member yet? It's free! When you register for the Rising Tide, you also get email updates, the FREE learning library, and access to episode transcripts, worksheets, and more!
One of the things that stops creatives from growing their business is a fear that they don’t have the credibility it takes to attract quality clients. Fusion Creatives tend to be “credential collectors” which stops you from bringing your Great Work to the world. This episode shares five things you can do (starting today) to build credibility in your niche, even if you’re just starting out.
Think you're ready to hire a business coach? Jessica did! She asked what kinds of questions she should ask during a hiring interview. Not so fast! Before you plunk down your hard-earned cash, make sure you know what you're getting - and that you're ready to make the investment!