In this episode of Business Owner Breakthrough, host Pete Mohr discusses the importance of profit in transforming your worries into wins. He explains how profit can give you back your time and allow you to fulfill your wants and desires as a business owner. Pete also highlights the Five P's Method, a framework that can help you align your promise, products, process, people, and profit to achieve success in your business.
Here are a few things Pete covers:
The importance of profit in giving you back your time
The Five P's Method for aligning your promise, products, process, people, and profit
The connection between profit and fulfilling your wants and desires as a business owner
The idea of turning your worries into wins through the Five P's Method
The role of the one page planner in understanding your goals as a business owner
It’s time to take action:
Review each episode of Business Owner Breakthrough to gain a deeper understanding of the Five P's Method
Visit simplifyingentrepreneurship.com/planner to download a copy of Pete's one page planner
Use the Five P's Method to align your promise, products, process, people, and profit for success in your business
Are you looking to make some changes in your business and your life in 2024? Head over to speaktopete.com and book a chat with me to see if we're the right fit!
To Book a no charge Freedom Call with Pete, to see if you’re a good fit for his business coaching head over to http://speaktopete.com to find a time that works for you!
Are you ready to move from operator to owner? Well, decisions in your organization should be made at the lowest possible level of your business. Every day, there is a framework that can help and it's called the five P's. Understanding your promise, aligning your product process and people to it will generate the most amount of profit. And that's when the freedom comes freedom from the day to day management and freedom to start doing the things that you want and deserve to do, inside and outside of your business. No one ever said it was easy, but it's time to start the process on the business owner breakthrough. If you'd like to chat with me about helping you break through in your business, simply go to speak to pete.com that speak to pete.com, to book an appointment, and to see if we're a right fit. Today's episode is all around the fifth P profit. So once you've aligned your promise, with your products, your process and your people, you start earning a little bit more profit. And most of my clients that I work with, are kind of at that stage where they've been at it for a while. And they're working through this sort of stuff. And they're starting to see some profit. And that's really nice. But what happens when you start to see some profit is you start to revisit your what ifs. And what I mean by that is you got into business however long ago it was because you had some what ifs. And that idea really revolves around, you know, if I'm a business owner, how would my life be different than if I was working for somebody else. And a lot of time, it has to do with, you know, your health, your wealth, your relationships, your mission and purpose of your life and your growth, and your leisure time. And all of those things are part of my one page planner. And if you would like a copy of the one page planner, just go to simplifying entrepreneurship.com forward slash planner, and you'll get a copy of the planner that I use every day and a little video telling you how to use it. But really understanding what it is you want out of your business. Remember, you got into business, because you wanted a better life. And you thought that by owning your own business, you'd have a better life just like our promise, right? The promise is, there's a problem. There's a process, and then there's a better life. Well, you got into business, the problem was you thought you know, you could have a better life. If you got into business, the process is the business that you're doing. And the better life is these what ifs. And when you think about it, you know, what do you want out of your wealth? What do you want out of your relationships? Have you been spending 50 6070 100 hours a week at work? Is it time to make some changes around that until you get to a profitability place? It's very hard to hire anybody to take on some of the accountabilities because we can't assign accountability until we've set up the process and all of these other things, and we have the money to assign accountability, right. So we start thinking about these things and like, Am I what I'm doing at work actually providing more value to the mission of my life, then what I could be doing, if I had somebody else doing certain things, I talked a little bit in the last episode around this idea of love or leave it which is an exercise that I have most of my clients go through. And understanding what you truly love to do and what you're really good at, versus what you think you should be doing every day is an interesting concept too. And when we can start panning off some of the things that we don't truly love and are good at, we find that, you know, we're mired down by this. And it's taking away some of all of the other good things that can be brought in our lives as business owners. So that's what Prophet can do for you, it can give you your time back. And that's one of the biggest things, most of the clients that I work with want, they want their time back to do whatever it is, it may be to take their kids to Little League it may be to take a vacation, it may be to go see their parents, it may be headed to the Galapagos Islands and really take in nature at its very heart. You know, all of these different things are uniquely yours. But until you get to a profitable standpoint, in your business, it's very hard to dream about these things. Because really, we go to bed worrying at night about how we're going to take care of the next day as opposed to dreaming about the what ifs. So what I want for you and your business is to help you get through those worries and think about the wants that you want. And I like to use this phrase you know, help you turn your worries and wants into wins. And there are frameworks there are systems or our processes that enable this and it all starts with beginning to work on your business through these five IP. So I encourage you to go back and re listen to each one of these episodes and give them a second go round. They're short episodes, you're going to do it in an hour. And when you do it, have your piece of paper in hand, and start to write down the things that you thought when you first listened to the episode. And when you revisit these things, there's going to be more things that just snap into your head. And you're gonna say, oh, yeah, I gotta think about that. And I got it, what am I going to do here, take the action steps, because each one of these little action steps will become like compound interest, compounded interest in your life. Because until you free yourself up of some of these things, and until you allow decisions to be made at a lower level, without your involvement with the wholehearted promise at hand, every time, you're not going to be free. And if you want to be free of some of those things, we need to get to this profit point, right. And once you get to the profit point, then it's like, now I can start dreaming about some how can I help other people, and this is where you start aligning, maybe adding on to your business, it may be once you get all this ready, you're ready to add on this other little division, maybe we'll add on another location. Or maybe I don't even want to do that with my business, maybe I want to add on something else in my life that I can now free myself up with in time, I'm gonna tell you one of my missions in life, it's my belief that if I can help entrepreneurs free up their time and money by helping them use these frameworks, like the five Ps and all the other frameworks I go to, that they will free up their time and money. And it's my belief that it's the entrepreneurs, it's the business owners that are typically the backbones of their communities. They're the ones that help out at the churches, they're the ones that help the they're the Little League coaches, they're the ones that are the fundraisers for all of the major initiatives in town, the the new wing on the hospital, the steeple, on the church, the playground, down the road, the new outdoor rink, or the new ball, diamond, you know, all of those things. Typically, there's a plaque there somewhere to say that this was funded by such and such a person or partially funded by such and such person, typically, those people are the business owners, but they can't even think about that unless they can get to a level of profitability within their business. So it's my mission, that if I can help as many entrepreneurs over my career as I possibly can, then in some small way, I've helped their community too, because they're going to take the time and the money that I've helped them create, and give it back because entrepreneurs and business owners are typically the type of people that want their community to flourish, and they're okay to put their money behind that. So that's my mission, what's yours? And so that's bigger than simplifying entrepreneurship that's bigger than shoe topia, that's bigger than liquidation roadshow, or bigger than Sandy missed any of my other businesses that I have, you know, it's it's sort of my mission and purpose in life, and how do I align my time and all of the things to do that? What's yours, because once you get to the profitability level, you can start actually laying out some of these things. And it gives you a chance to dream a little bit again, and how does it all start? It starts by your promise, making sure that it's ultimately clear to everybody aligning your products. And we talked about all of those, making sure that there's full alignment, all of those processes. And I know there's lots of them, and you're never going to have them all done, but get like 90% of them done so that everybody knows what to do. So you don't have to be involved in every decision. And your people, all three steps of people, your ideal client, your ideal teammate and all of your other suppliers and help deliver your promise. With that. The profit comes in the profit comes and it allows you to dream. So here's your action step. Go back and listen to each of these five podcasts and take the action steps if you haven't taken them already. It's time to take action so that you can have a better life. You can free yourself up from some of the frustrations within your business and turn those worries and wants into wins. Now go and make it a great day. An ironic Media Productions visit us at our ONICK media.com