Episode 6 - The Root of Profitability

Hey Profit Nation,


In this episode we talk about the root of profitability for your
business. We discuss the dreaded "B" word Budgeting. This is the
most critical element for becoming a profitable business. Your
budget shows you what your income and outflows work out. 


In the episode Jeff talks about Mike Michaelowicz's book Profit
FIrst. In this book Mike talks about the GAAP (Generally Accepted
Accounting Practices) equation which is:


Income - Expenses = Profit


Mike feels this is foolish  and should be:


Income - Profits = Expenses


Based on this equation, Jeff walks you through a basic budgeting
exercise using 6 sheets of paper to break down your Business and
Personal Budgets. 


If you are interested in learning how to do this more in detail
our Profit Producers Launchpad program will we launching more in
a few weeks. More information here:


www.profitproducers.net