8 Profit Leaks in Business with Dominic Rubino
In this two-part episode, we have Dominic Rubino – a mentor revered for transforming ordinary contractors into system-savvy entrepreneurs, imparts wisdom on how to identify and rectify the profit killers that are often overlooked yet steadily drain business resources. He breaks down the life-changing magic of the Profit First system and the unparalleled benefits of coaching to elevate your business prowess, ensuring your management efforts are sustainable and effective. From the impact of gross profit margins on your net income to the significance of company values and team expectations, he covers ground on various aspects that contribute to business efficiency and profitability.
Dominic Rubino is a construction business coach who has also built and sold 2 of his own multi-million dollar companies. He is a Businessman, Podcast Host, and terrible fly-fisherman.
In this episode, you will learn the following:
- Debunking the myth that higher revenue equates to greater profit. Business owners are encouraged to shift focus from top-line revenue to bottom-line profitability.
- Identifying the eight common profit leaks in businesses, such as sales inefficiencies, high operational costs, and servicing the wrong customer. Fixing these leaks can significantly improve a company’s profitability.
- Efficient systems and processes are vital for business growth. Simple strategies, such as end-of-day check-ins and checklists, enhance efficiency and prevent profit erosion.
- Strategies for managing collections and budgets more effectively, such as using personal touches to foster positive client relationships and ensure timely payments.
- Implementing financial discipline, such as strategic spending and proactive tax management, helps in transitioning from an operator mindset to that of a strategic entrepreneur.
Links:
Text profit leaks to 315-903-7853
Hi, I’m the Profit Answer Man Rocky Lalvani! I help small business owners simplify their financial reports to make more informed business decisions with fewer hassles. We utilize the Profit First system created by Mike Michalowicz Sign up to be notified when the next cohort of the Profit First Experience Course is available! Schedule your free, no-obligation intro call: https://bookme.name/rockyl/lite/intro-appointment-15-minutes Check out our website: http://profitcomesfirst.com/ Questions: questions@profitanswerman.com Email: rocky@profitcomesfirst.com Relay Bank (affiliate link) – https://relayfi.com/?referralcode=profitcomesfirst Profit Answer Man Facebook group: https://www.facebook.com/groups/profitanswerman/ My podcast about living a richer more meaningful life: http://richersoul.com/ Profit First Toolkit: click here to sign up This episode is part of the SMB Podcast Network. Find other great interviews from around the internet just like this one at https://www.SMBPodcastNetwork.com Music provided by Junan from Junan Podcast Any financial advice is for educational purposes only and you should consult with an expert for your specific needs. #profitfirst