Published By Industry Today
Cogent Analytics Project Director, Leo Banjo, recently wrote an article titled, ‘Successful Business Owners Don’t Worry About Profit’ to provide valuable insight about understanding the difference between profit vs profitability.
The day to day for an active business owner can be filled with worry. Whether the business is setting new high-water marks or struggling to stay afloat, one thing is certain. Your management team and front-line employees expect your guiding hand to navigate the business through its challenges. Every growing business must traverse rough water, but if you are constantly navigating through storms your focus is on the wrong place. If long-term success is your goal this course correction will put it squarely in your sights. Stop spending so much time and energy worrying about profit.
As a business owner, there is something infinitely more crucial to focus on; Profitability. How is Profitability different than profit?! Doesn’t managing profit lead to profitability? The difference between business owners managing Profitability vs. profit is what sets some business squarely on the path of growth and others on road of decline; too often, needlessly so.
In the article, a baseball team analogy is referenced to build the significance of a having profit-minded approach.
With the business owner focused on profitability someone must actively manage profit. But who? The simple answer in our examples if you look closely. Managers must manage profit while seeking support from the business owner at clear escalation points. Don’t be fooled; the answer is simple not easy.
Read the full article from Leo Banjo here on Industry Today
Author Bio:
Leo Banjo adds his depth and breadth of expertise in lasting culture change, operational excellence, and project execution to the wealth of talent at Cogent Analytics. As an alumnus of The Citadel in Charleston, SC he has led organizations to recognize & surpass their self-imposed limitations for over 15 years. His change management expertise through enriching the capability of management teams to resolve conflict, define objectives, and realize goals serves to build up everyone he partners with. His consistent success in dozens of unique industries in over 10 different countries provides a comprehensive perspective.
At Cogent Analytics, we never stop looking for ways to improve your business and neither should you. So, check out s Cogent Analytics, Inc is a business management consulting firm, with a primary focus to help small to medium size, privately held businesses achieve success and long term profitability. Cogent provides powerful solutions with integrity and transparency to privately-held businesses throughout the United States.
