Ep. 51 – Profit Talk 1: A 7-figure Business Means Nothing If You Don’t Have Profit

November 3, 2022

If you’ve been in business for any length of time, you’ve probably heard the saying “Revenue is vanity; profit is sanity”!  My special guest today talks about nothing else – just profits!!!

Welcome to this 3-part series on PROFIT – this is part 1.

Melissa and I have a great conversation about business finances, profit, and what a recession could mean for your business.

Her advice is straightforward and super practical!  I love it.

Here’s her ACTION PLAN to stay current with your finances in an economy on the brink of a recession:

1.  Have the courage to understand your numbers so you get the right feedback to make improvements to your business – no better time than during an approaching recession.  (For more on this – S2 Episode 45 – Hidden Profit & Time Saboteurs – I talk about financial abdication and other profit misalignments!)

2.  Keep personal and business finances separate!

3.  Keep your financial books up to date and have them done by a reputable bookkeeper otherwise it can be costly.

4.  Realize that the cash in your bank account is NOT your profit!  Keep 6 months cash reserves on hand. 

5.  During the good times, apply for loans or lines of credit, even if you don’t use them.

6.  It’s never too late to prepare for a recession!

7.  Download Melissa’s Cash Confident 5-step business financial roadmap here 



Melissa has over 20 years of experience working in business accounting and her work includes industries such as tech startups, government, not for profits, public accounting firms and corporate accounting.

Melissa’s wide range of talent extends to corporate tax, personal tax, tax credits, internal controls, risk management, auditing and so much more.

Through this combined level of education and experience, Melissa realized that she loves teaching entrepreneurs how to manage their business finances. The more information and resources Melissa can get out to people, the happier she is. Melissa believes in creating information available to you that will help you in building your business and make it the most successful, and profitable, business that it can be.

Melissa is a regular contributor at Forbes and Entrepreneur and writes about managing personal finances and business finances. Managing business finances is an essential skill for all business owners, and Melissa believes in the responsibility to share information and inform business owners.

www.melissahoustoncpa.com or https://shemeansprofit.com/ 


Subscribe and never miss an episode!

Subscribe on RSS feed
listen on amazon music
Subscribe on Spotify
Subscribe on RSS feed
Subscribe on RSS feed
Subscribe on RSS feed

Recommended Episodes

Ep. 127 – Secret to Building a Bestselling Brand You Love

Ep. 127 – Secret to Building a Bestselling Brand You Love

This is the 3rd in the series, Love Your brand.  ACTION PLAN: Fill out this mad libs formula….. My brand is the ONLY _____________ (business growth strategist).That helps _______________ (overworked business leaders stop being Chief Everything Officer and step into...

read more
Ep. 125 – What the Heck is a ‘Brand’?

Ep. 125 – What the Heck is a ‘Brand’?

Upon returning from a recent conference where I heard the word ‘branding’ bantered around, I thought it was time that I addressed this here on the Work Less PROFIT More podcast! In this episode I’ll share: Branding isn’t what most people think it is Another word for...

read more
Diana Lidstone Profile Pic

About Diana Lidstone

Diana Lidstone coaches entrepreneurs to accelerate growth and increase profits while freeing up more time for the things they love. Best-selling author, speaker, and host of the Work Less, Profit More Business Podcast, Diana transforms frazzled, overworked business owners into profitable, overjoyed CEOs.

Top 5 Proven Client-Getting Secrets

Get new clients, easily, with my FREE GUIDE that teaches you the 5 proven client-getting secrets that my clients use to make their marketing easy.


Download now and get immediate access!

You have Successfully Subscribed!

Diana Lidstone Coaching and Consulting

Client Appreciation Workshop - Register Here!

After you register you'll receive an email with the zoom link and any handouts.

Success! You have registered for the workshop, please check your inbox for all the details!

Listen To My Podcast Workshop Series

My 5-part training series has been designed to bring you complete clarity on how to reduce your workload and free up 10+ hours a week in your business without hiring more staff!

You have Successfully Subscribed!