Profit Margins: The Difference Between Growth and Going Broke

We take a look at why some businesses thrive while others barely survive, breaking down gross vs net profit, how margins impact your bottom line, and why choosing (or tweaking) the right business model is key to long-term success.On this episode, we discuss:(00:00) Intro(01:17) Choosing The Right Business For Your Future Income(02:29) Gross Profit Vs Net Profit Explained(03:32) Passion vs Profit: The Reality Of Running A Business(07:03) Why High Gross Profit Gives You Flexibility(08:37) Construction Industry’s Slim Margins And High Risk(9:46) The Costly Impact Of A Bad Contract(13:14) Focusing On High-Margin Work To Reduce Risk(15:25) Smart Business Model Tweaks That Increase Profitability(17:47) Examples Of Businesses Pivoting For Better Margins(24:36) Why Strategic Thinking Beats Passion AloneCheck out the free resources from Inovayt here.Send us an email: [email protected] Numbers Game is brought to you by Future Advisory & Inovayt.Hosts:Nick ReillyJason RobinsonMartin VidakovicThis podcast is produced by VIDPOD. Check out our new website thenumbersgamepodcast.com.au. Browse the full show catalogue, jump straight to specific moments on the topics you love, or leave us a voice note. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.