4: How to Increase Profit Margins as a Coach or Service Provider

Do you keep seeing dwindling profits in your business, even though you're growing in revenue every single year? Increasing your profit is not only about creating a healthy and stable business, but it's through your profit margins that you’re able to pay yourself more and support your immediate lifestyle goals and your long-term legacy. In this episode, you’ll learn about the 5 Profit Focus Areas that will help you see how you can leverage your profit to support your business, lifestyle and legacy goals and how to balance them.Iyanna will also bring you through the tactical approach for how to determine where your profit margins are, where they need to be and what your “gap” is between the two so you know when you need to focus on profit or revenue (or a combination of both). She also offers ideas based on your business model to stabilize your revenue and focus on what will increase your sales and profit the most to support you long-term. Tune in to hear: 03:33 — The 5 Profit Focus Areas that will allow you to increase your profit and cash on hand to support your business, lifestyle and legacy goals 08:25 — Profit planning for coaches and service providers with recurring revenue14:30 — Profit planning for service providers and influencers who work on projects20:58 — Profit planning for beauty-based service providers 21:15 — How to track your finances and set guidelines for your expensesRegister for the Free Webinar on April 26 at noon EST: Your Revenue Goals Don't Matter If You Don't Have the Lifestyle and Legacy Plan to Show for Itlovelyfinancials.com/openhouse 📚MENTIONED IN THIS EPISODE•  lovelyfinancials.com/intensive🎉Enter the Harmonious Wealth Hour Giveaway! 3 people will win a 1:1 Harmonious Wealth Hour call where we will identify your biggest financial goal for the next 12 months and create a plan for you to achieve it! Subscribe to Harmonious Wealth on YouTube and your favorite podcast app Leave a review on Apple PodcastsTake a screenshot of the review and submit in the Review Form here so we can email you if you win You have until Thursday, April 25th to enter and we'll select three winners,  who will be notified by email!💸Register for the Free Webinar: Your Revenue Goals Don't Matter If You Don't Have the Lifestyle and Legacy Plan to Show for Itlovelyfinancials.com/openhouse---Email Series - Heal your relationship with money and grow wealth through your business. Each week you'll receive tips on how to face your money, improve your profit, manage the money you have and, more importnately, harness the wealth within through your faith. Bookkeeping - Receive bookkeeping with NO tax surprisesProfit Planning Intensive - Increase your profit by 25%---Connect with Iyanna: YouTubeInstagramEmail Website