Profit is not a Dirty Word [FTR 106]

Remarkable Results Radio Podcast

Thanks to our Partners, Shop Boss, and 360 Payments Nichole Bennecoff discusses misunderstood and negatively perceived concepts of profit, especially within local businesses and the automotive repair industry. Nichole provides actionable advice to help business owners and employees alike understand the critical role of profit in business sustainability and growth. Nichole Bennecoff, Subie Guys, Traverse City, MI. Nichole’s previous episodes HERE Show Notes:

• Profit as a Dirty Word (00:01:36) The negative perception of profit in local businesses, especially in automotive repair.
• Understanding Profit's Necessity (00:02:33) Why profit is essential for business sustainability and employee compensation.
• Bridging the Gap of Understanding (00:03:39) Discussion on managing perceptions of profit among employees and the public.
• Importance of Profit for Employee Wages (00:04:53) The need for profit to provide fair wages and benefits to employees.
• Profit as a Reward (00:06:01) Nichole talks about the legitimacy of seeking profit as a reward for business efforts.
• Building Business Reserves (00:07:11) The importance of having profit reserves to sustain businesses during tough times is highlighted.
• Transparency in Finances (00:08:35) Transparency about business finances to help employees understand profit.
• Tying Compensation to Profitability (00:09:44) The idea of linking employee compensation to the business's profitability is discussed.
• Conclusion on Profit's Role (00:10:57) Reinforcing that profit benefits everyone in the business ecosystem.

Thanks to our Partners, Shop Boss and 360 Payments Shop Boss – Shop Management Software built by shop owners for shop owners. It works the way you need it to, right out of the box. Find on the web at https://shopboss.net Connect with the Podcast: -Follow on Facebook: https://www.facebook.com/RemarkableResultsRadioPodcast/ -Join Our Virtual Toastmasters Club: https://remarkableresults.biz/toastmasters -Join Our Private Facebook Community: https://www.facebook.com/groups/1734687266778976 -Subscribe on YouTube: https://www.youtube.com/carmcapriotto -Follow on LinkedIn: https://www.linkedin.com/in/carmcapriotto/ -Follow on Instagram: https://www.instagram.com/remarkableresultsradiopodcast/ -Follow on Twitter: https://twitter.com/RResultsBiz -Visit the Website: https://remarkableresults.biz/ -Join our Insider List: https://remarkableresults.biz/insider -All books mentioned on our podcasts: https://remarkableresults.biz/books -Our Classroom page for personal or team learning: https://remarkableresults.biz/classroom -Buy Me a Coffee: https://www.buymeacoffee.com/carm -The Aftermarket Radio Network: https://aftermarketradionetwork.com -Special episode collections: https://remarkableresults.biz/collections The Aftermarket Radio Network Remarkable Results Radio Podcast with Carm Capriotto: Advancing the Aftermarket by Facilitating Wisdom Through Story Telling and Open Discussion Diagnosing the Aftermarket A to Z with Matt Fanslow: From Diagnostics to Metallica and Mental Health, Matt Fanslow is Lifting the Hood on Life. The Auto Repair Marketing Podcast with Kim and Brian Walker: Marketing Experts Brian & Kim Walker Work with Shop Owners to Take it to the Next Level. The Weekly Blitz with Chris Cotton: Weekly Inspiration with Business Coach Chris Cotton from AutoFix - Auto Shop Coaching. Business by the Numbers with Hunt Demarest: Understand the Numbers of Your Business with CPA Hunt Demarest. Speak Up! Effective Communication with Craig O'Neill: Develop Interpersonal and Professional Communication Skills when Speaking to Audiences of Any Size.