In this episode of the Get On Track Show, host Jim Adams dives into the world of business growth, financial management, and scaling strategies. This episode focuses on how business owners can stop "living off leftovers" and start engineering profit into the foundation of their businesses. Jim shares his expertise in financial management, giving listeners actionable advice on how to position their companies for long-term success.

Jim discusses the importance of setting up a profit model and why it's crucial to avoid leaving profit as an afterthought in your business plan. He also covers the impact of uncertainty on business growth and shares how to prepare for market changes that could either boost or challenge your business performance.

In this episode, you'll learn:

• The concept of "living off leftovers": How many business owners unintentionally leave profit as the last thing they account for, and how this can hinder long-term business health.
• Engineering profit from the start: Why profit needs to be one of the first considerations in your business plan, not just what's left after all expenses are paid.
• The power of forward-looking financial management: Learn why looking at your past financials alone won't help you scale your business successfully, and how to plan for future growth with the right profit model.
• Preparing for market shifts: Jim explains how to make your business ready for both positive and negative changes in the market, especially during uncertain times.
• The benefits of a "profit model template": Jim offers a free 30-minute consultation for listeners to review their financials, run 'what if' scenarios, and set up a personalized profit model that suits their business.
• Key lessons from 2007-2008: Drawing from his experience as a management consultant during the financial crisis, Jim shares insights on how to avoid the complacency that comes from good times and how to prepare for unexpected downturns.
• Scaling strategies: Jim emphasizes why it’s important to get your business financially healthy before scaling, and how a solid profit model is a key part of that process.
• Working on your business, not just in it: Discover why taking the time to work on strategic business planning is essential for growth, and how Jim helps clients make decisions that unlock significant financial returns.

This episode also touches on:

• Jim's personal journey in motorsport: He shares his goals for learning to race in a sprint race environment and how it parallels his business philosophy.
• Sales and financial insights: Jim teases upcoming content around sales training and how many current sales methods lack the depth needed to create lasting success.

Resources from this episode:

• Book a free 30-minute consultation with Jim Adams at jimadams.com
• Profit First by Mike Michalowicz

 

We’d love for you to follow us if you haven’t yet. Click that purple '+' in the top right corner of your Apple Podcasts app. We’d love it even more if you could drop a review or 5-star rating over on Apple Podcasts. Simply select “Ratings and Reviews” and “Write a Review” then a quick line with your favorite part of the episode. It only takes a second and it helps spread the word about the podcast.