My goal at Profit Mastery is to save small businesses through consistent profit improvement. Along with our stellar profitability course, we’ll be regularly sharing tips, tricks, and strategies from our learnings. Thanks for reading. The ultimate business advice… A week ago, I attended a conference dedicated to business owners, search funds, and investors. There were several…
I’ve briefly touched on my background but haven’t yet shared the full story: my name is Colin and I’m an entrepreneur building a collection of businesses inspired by Berkshire Hathaway. We’re actively applying the Profit Mastery tools in our companies and this experience is a key driver on why we wanted to acquire Profit Mastery. It reminds me of an…
Most business owners have a loose idea of their unit economics (margin at the product level), but it’s usually: Your pricing strategy can make or break profitability… generally, I see companies fall into 2 buckets: those with revenue or pricing problems, and those with cost or expense control problems. Today, we’ll drill deeper into a pricing concept…
There are probably 30-40 skills required to be a finance/accounting pro, but to manage a successful business you really only need to master maybe 10 or so… today we’ll cover one of those 10 skills… I call this zooming in and out on your business. It will help you see the bigger picture (zoom out) and…
We’re big fans (and users) of Gino Wickman’s EOS (Entrepreneurial Operating System), which outlines a useful framework for business management. I’d highly recommend if you’re in need of a basic structure for meetings, people management, and setting a company vision. What it lacks is a robust financial management structure, or what I’ll refer to as a Financial Operating…
When it comes to managing a business, there are typically 2 schools of thought with staunch defenders on each side: (The latter is sometimes referred to as micromanagement.) In his recent article Founder Mode, Paul Graham (founder of startup incubator, Y Combinator) compares the hands-on management approach (Founder Mode) with the traditional delegation approach (Manager Mode)….
Ever feel like running a business is a lonely endeavor? When starting or running a business, going it alone certainly allows for more control but comes at the expense of added stress. I’ve heard some experts say that every business owner should have a coach, or mentor, or some other support. But what does that…