October 05, 2024

Profit is not a Dirty Word [FTR 106]

11 minutes

Thanks to our Partners, Shop Boss, and 360 Payments

Nichole Bennecoff discusses misunderstood and negatively perceived concepts of profit, especially within local businesses and the automotive repair industry. Nichole provides actionable advice to help business owners and employees alike understand the critical role of profit in business sustainability and growth.

Nichole Bennecoff, Subie Guys, Traverse City, MI. Nichole’s previous episodes HERE

Show Notes:

Profit as a Dirty Word (00:01:36) The negative perception of profit in local businesses, especially in automotive repair.

Understanding Profit's Necessity (00:02:33) Why profit is essential for business sustainability and employee compensation.

Bridging the Gap of Understanding (00:03:39) Discussion on managing perceptions of profit among employees and the public.

Importance of Profit for Employee Wages (00:04:53) The need for profit to provide fair wages and benefits to employees.

Profit as a Reward (00:06:01) Nichole talks about the legitimacy of seeking profit as a reward for business efforts.

Building Business Reserves (00:07:11) The importance of having profit reserves to sustain businesses during tough times is highlighted.

Transparency in Finances (00:08:35) Transparency about business finances to help employees understand profit.

Tying Compensation to Profitability (00:09:44) The idea of linking employee compensation to the business's profitability is discussed.

Conclusion on Profit's Role (00:10:57) Reinforcing that profit benefits everyone in the business ecosystem.

Thanks to our Partners, Shop Boss and 360 Payments

Shop Boss – Shop Management Software built by shop owners for shop owners. It works the way you need it to, right out of the box. Find on the web at https://shopboss.net

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By Carm Capriotto, AAP

4.9

6969 ratings