In this episode of $30k questions, a podcast miniseries aimed to help you explore and implement money-making questions, I ask you to redefine profitability. Today, I explain how and why shifting how your approach to the idea of profitability is going to make you a whole lot of money. When we think ‘profitability,’ we think cash money—but the right idea is so much more. The key question here is this: do you believe in multidimensional profitability?
What is multidimensional profitability? Here I explain how profitability is much more than just money—and how serious entrepreneurs make investments thinking about more than hard cash.
- If not multidimensional, is your current definition of profitability helping or hindering you?
- Making decisions with the goal of profitability not only means reaching for more revenue, but also doing supportive things that will allow for more consistent cash in the long term.
- Sometimes, the most profitable decision isn’t the one that immediately makes the most hard cash.
- This is where advanced entrepreneurs have a multidimensional definition of profitability allowing them to make better decisions for their businesses.
- Maybe you can look into wellness, support, productive solutions, or home help. Experienced entrepreneurs view these as investments and changing your view on profitability will help you build.
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