Welcome to 2024 with our first Big Dreams Great Team® podcast episode for the new year! 

In this episode, Paula is joined by her guest, Laura O’Hagan, a profit and growth consultant who helps business owners pay themselves more. Laura specialises in the health, beauty, and professional services industries.

The focus of this episode is all about: Profit. Answering questions such as why profit is often overlooked in favour of sales or revenue. Laura and Paula discuss reasons behind the lack of emphasis on profit in business conversations and why it is critical to both growth and sustainability. 

Dive in to this episode to hear: 

• Misconceptions that revenue equals success and how this overshadows the importance of profitability.
• Strategies to improve business profitability by optimising finances and expenses.
• The significance of examining the formula of revenue minus profit minus owner's compensation to identify expenses and optimise spending.
• The importance of examining expenses, reevaluating service offerings, and considering pricing structures to ensure profitability.
• How to assessing expenses categorically, separating profit-generating costs, necessary expenses, and potential wasteful spending. Reviewing expenses regularly helps eliminate duplications and unnecessary costs.
• Practical advice and tools to help business owners better understand their financial landscape and make informed decisions.

Paula and Laura highlight the importance of these strategies in driving businesses towards enhanced profitability for this year and future years.  They also discuss empowering business owners to reconsider their compensation models for sustainable growth.

Tune in and enjoy the new learnings this new year!