This is bonus episode 7 and we're continuing on through the Fix This Next methodology. This episode, I talk about the second level of the hierarchy: Profit.
The Business Hierarchy of Needs is a model developed by Mike Michalowicz, author of the forthcoming book, Fix This Next. I'm a certified Fix This Next advisor, and I'll be walking you through each level of the hierarchy in separate episodes.
Level 1 (Sales) was our previous episode.
Based on the original Hierarchy of Human Needs developed by Abraham Maslow in the middle of the 20th century, Mike posed the question, "What is the hierarchy of needs for a business?"
Fix This Next is the answer.
There are five levels to the Fix This Next Business Hierarchy of Needs, and five aspects in each level that you need to consider. Just like Maslow's hierarchy, though, you need to resolve the issues at the lowest levels of the hierarchy before you can deal with anything higher up.
The second level of the Business Hierarchy of Needs is profit. Managing profit is more than just pricing. It's reducing debt or leveraging it strategically, proper cash reserves, and encouraging repeat business, too. This week's episode explains.
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Theme music: “Welcome to the Show” by Kevin MacLeod, incompetech.com. Music licensed under creativecommons.org/licenses/by/3.0/