Episode 622: “When should I begin to focus on the profitability of my business?”

Today’s episode was recorded in the bush of Western Australia on my parents’ wheat and sheep farm. I requested questions on Facebook and I received some good ones that I am going to record for you over the coming days. Today’s question is from Danny Jr. who wants to know at what point he should turn his focus to the profitability of his business; or if that is something he should be concentrating on from the very beginning.

I talk about my own history with MOBE in the early days and how I was focused on Gross Revenue and commission levels in order to grow my business; however I didn’t think enough about the other expenses that would affect my bottom line.

I discuss the rude awakening I received when I began to do Mastermind fulfillment and came to clearly understand exactly how expensive it is to present a top notch mastermind event.

I explain that while I am more focused on both revenue and expenses as I manage my business today; if I had to choose revenue growth over net profit margin in the early stages, I would choose growth every time.

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