Summary

In this episode, Iyanna Vaughn goes over the 3rd phase of her signature framework, The Overflow Method. She discusses the critical issue of profit leaks in businesses, particularly focusing on service-based businesses. She introduces the concept of the Keep Half Diagnostic, a tool designed to help business owners identify and address hidden financial leaks that can significantly impact profitability. The discussion emphasizes the importance of measuring financial health, understanding true profit margins, and creating a solid financial foundation through effective bookkeeping and strategic planning. Vaughn encourages business owners to take control of their finances to ensure sustainable growth and profitability.

Takeaways

• It's not the big purchases that sink your profit.
• Profit leaks often hide in trusted areas like subscriptions.
• Regularly review subscriptions to ensure value.
• Paying contractors without clear ROI can disrupt profits.
• Many think they're profitable but are just not broke.
• The Keep Half Diagnostic helps assess true profitability.
• Understanding your financial story is crucial for growth.
• You can't fix what you don't measure in finances.
• Creating a living document for financial strategy is essential.
• Profit leak detection is about stewardship, not shame.

Chapters

00:00 Intro

00:16 Identifying Profit Leaks

02:15 Understanding the Key Path Diagnostic

04:28 Measuring and Managing Profitability

06:21 Cleaning Up Financial Records

07:12 Stewardship and Financial Strategy

08:31 New Chapter

📚MENTIONED IN THIS EPISODE

• Get The CEO Salary Calculator - lovelyfinancials.com/ceo 
• Learn more about The Financial Strategy Experience - lovelyfinancials.com/strategy 
• Get the Cash Flow Planner - lovelyfinancials.com/planner