537: Is Your Small Business Profitable?
The How of Business - How to start, run, grow and exit a small business.
Henry Lopez, Levante Business Group
4.7 • 522 Ratings
🗓️ 9 September 2024
⏱️ 22 minutes
🧾️ Download transcript
Summary
Is your small business profitable, and is the business consistently and sufficiently profitable?
Show Notes Page: https://www.thehowofbusiness.com/537-profitable-small-business/
And if you've not started your business yet, when do you plan to be profitable?
On a previous episode of The How of Business podcast, episode 532, Henry Lopez addresses higher-level question: Is Your Business Model Broken? How can you tell, and how do you fix it?
A strong and healthy business model supports a business that is consistently profitable, can scale and remains competitive.
On this episode Henry Lopez shares additional thoughts on Profitability. Because generating a consistent and sufficient profit is the primary reason we are in a for-profit business!
This episode is hosted by Henry Lopez. The How of Business podcast focuses on helping you start, run and grow your small business. The How of Business is a top-rated podcast for small business and entrepreneurs. Find the best podcast, small business coaching, resources and trusted service partners for small business owners and entrepreneurs at our website https://TheHowOfBusiness.com
Transcript
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| 0:00.0 | Welcome to the How of Business with your host, Henry Lopez, the podcast that helps you start, |
| 0:05.9 | run, and grow your small business. And now, here is your host. Welcome to the Howa Business Podcast. |
| 0:12.5 | This is Henry Lopez. And on this episode, I'm going to focus on profitability. Is your business |
| 0:17.8 | profitable? And if you've not started your business yet, then when do you plan to be profitable? |
| 0:22.9 | On a previous episode of the How a Business podcast, episode 532, I asked the higher level question and provided some insights on the question, is your business model broken? |
| 0:33.0 | How can you tell if it is and how do you fix it? Because a strong and healthy business model is |
| 0:38.0 | what supports a business that is consistently profitable. We're going to chat about that today. |
| 0:42.8 | Also, that can scale and that remains competitive. And so on this episode, I'm going to share |
| 0:47.2 | some additional thoughts on profitability because generating a consistent and sufficient profit |
| 0:52.7 | is the primary reason we are in a for-profit business. |
| 0:56.8 | To get all of the Howa Business resources, including the show notes page for this episode, |
| 1:01.1 | and to learn more about my coaching programs, please visit thehowab business.com. |
| 1:05.7 | I also invite you to consider supporting this podcast on Patreon. |
| 1:09.0 | And please subscribe wherever you might be listening |
| 1:11.1 | so you don't miss any new episodes. I also encourage you to download the business model health |
| 1:16.1 | checklist, the business model health checklist, which you can find on the show notes page for |
| 1:20.5 | this episode at the how it business.com. It's a summary. It encapsulates what I'm going to talk |
| 1:25.3 | about in part here. This checklist covers the broader topic of |
| 1:29.2 | is your business model healthy? Do you have a valid and solid business model? So I encourage you to |
| 1:34.4 | download that checklist to help you think through and analyze if your business model is healthy. |
| 1:39.4 | So again, a business model, the way I define it is that if we contrast it to the business idea, the business idea |
| 1:45.9 | is the what of the business. While the business model is the how, your business model is how |
... |
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