The financial aspect of a business can easily be neglected when one only looks at face value revenue. It is important to always contextualize your numbers and make sure that you are using the appropriate metrics to look at these numbers.
Adam Rundle is the founder of CleverProfits and The Perfect P&L. Both Adam and his business are passionate about partnering with business owners and coaching them to effectively understand the business from a financial perspective.
On this episode of the Perfectly Mentored Podcast, Adam and Jason discuss aspects of running a business considering its numbers and financials, three important questions when analyzing profitability, and strategies on determining salaries and commissions.
- Who is Adam Rundle? [00:18]
- What are the most common mistakes people make when it comes to numbers and financials? [04:02]
- What is the biggest mistake established businesses make when it comes to the numbers? [07:51]
- Is there a magic formula for profitability? How should businesses start thinking about growing profits? [09:39]
- How do businesses grow and how should they understand growth? [12:52]
- How do businesses actually earn money? [14:03]
- What is the best way to figure out how much you, as an owner, can take out? How much can you pay an employee? [14:48]
- Should you hire employees or contractors? [19:47]
- What is your opinion on the “profit first” mentality? [31:01]
- How often should a business look at their numbers? [33:32]
- What are the things that could and should not be written off in the business? [39:58]
Connect with Adam Rundle
Connect with Jason Portnoy
Like the episode? Come visit us on Apple Podcasts – don't forget to subscribe and leave a review! We appreciate your feedback and would love for you to help spread the word!