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Ep 261: Understanding Profit Beyond Just Sales with Lorry Rifkin
Making a profit is the ultimate goal of any business, but too often it is solely attributed to sales. That's undoubtedly a big component in achieving success; however, there are many other aspects that come into play when looking to maximize profitability. Lorry Rifkin expresses that there's more to profit than just sales.
Sales and profits may go hand in hand, but they don't necessarily indicate the cash that a business will take home. Real cash requires more thought because that doesn't always mean dollars in your pocket like profits do on paper. Lorry highlights the importance of controlling entrepreneur's business growth so they can stay ahead of the sales curve. Listen to learn how to maximize value while maintaining stability!
Episode Highlights
01:11 - Sales are not profits and profits are not cash in the bank. And at the end of the day, if you don't have cash, you really don't have a business. And so, some of the fastest growing customers I've seen were also the ones most vulnerable to going broke. Here's a Lorryism. You always have to keep your infrastructure of your business ahead of your sales curve. If you do not do that, you're like the Road Runner and a coyote. You're looking over that cliff, and there's no infrastructure to support you. So, that's another thing. Those things go together. You got to control your growth to have enough cash in the bank or have enough cash to allow you to borrow money because the bank thinks you're credit-worthy and you have to develop your infrastructure with people. Procedures and practices has to stay ahead of your sales curve so you have a foundation to grow on.
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