Podcast 29: How to Always Make a Profit in Business

In this episode of the Profitable NDIS Provider podcast, hosts Tania Gomez and Paul Bryan interview Steven Franks of Higher Purpose Accounting about the crucial aspects of maintaining consistent profitability in business. Franks shares valuable insights on how to establish strong financial practices and systems that can help businesses always make a profit. By simplifying complex financial concepts, Franks empowers entrepreneurs to understand their financial obligations and address any issues they may face. Many small businesses fail to prioritize their finances, focusing solely on generating sales without considering their profits, cash flow, and financial buffers. Don't miss this enlightening conversation on ensuring sustainable business success through effective financial management. Episode Highlights 0:26 - Talking with Stephen Franks about financial management 0:58 - Stephen Franks introduces himself and his experience 1:34 - Purpose-type businesses and financial management 2:04 - Financial literacy for businesses 2:26 - Stephen Franks' book and online courses 2:47 - Positive feedback from previous clients 3:40 - The importance of cash flow and financial focus 4:28 - Challenges for NDIS providers in finances 8:33 - Implementing good financial practices 10:32 - Profit First model and percentages 12:12 - Setting up separate bank accounts 17:33 - Metrics and indicators for financial health 19:44 - Paying yourself as a provider 22:27 - Examples of turning finances around for small and medium businesses 27:11 - Takeaways and steps for improvement 29:26 - Getting in touch with Stephen Franks 31:37 - Conclusion and invitation to NDIS Christmas party   About the Speaker/s Steven has 25+ years of experience with commerce, government and not-for-profit organisations, large and small. He helps NDIS disability, allied health, not-for-profit and for-purpose businesses establish robust financial and administrative management. Steven reviews current processes and systems, identifies issues and opportunities, and creates a road map to financial peace of mind, assisting them in implementing this. He is big on empowering them with financial literacy skills so that they can keep their finger on the pulse of their business and achieve their higher purpose. He released an Amazon best-selling book How the NDIS Can Work for You to help providers navigate this complex area. As well, he has a range of online courses and group programs to support this cohort further.Learn more about Steve's courses and programs:7 Cash Improvement Strategies in 7 Days https://www.higherpurposeaccounting.com.au/7Strats7Days  Upcoming Group Program Financial Fitness: Master Your Finances, Free Your Time, Grow Your Business!  https://offer.higherpurposeaccounting.com.au/groupwaitlist-1128 Newsletter https://offer.higherpurposeaccounting.com.au/newsletter Read More Show Notes: ⁠⁠https://taniagomez.com.au/profitable-ndis-podcast-show-notes/⁠⁠ ---------------------------------------------------- Listen via: Podbean: ⁠⁠https://profitablendisprovider.podbean.com/⁠⁠ Apple Podcast: ⁠⁠https://apple.co/3UQI0cA⁠⁠ Spotify: ⁠⁠https://podcasters.spotify.com/pod/show/the-profitable-ndis⁠⁠ YouTube: @ProfitableNDIS_ProviderPodcast