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58. The Most Important Thing About Your Business You're Not Talking About...Profitability
Manage episode 441736564 series 3561793
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SUMMARY:
In this essential episode of The Coffee Experts Club Podcast, we dive into the crucial, yet often overlooked topic of profitability. It may not be the flashiest subject, but it’s the one every coffee shop owner must understand to ensure the long-term success of their business. Ben and Aaron discuss why knowing your numbers is the key to avoiding financial pitfalls and share real-life stories of cafes that have struggled—or even closed—due to lack of financial oversight.
We explore common mistakes, like relying solely on bank accounts to gauge business health, and offer actionable advice for managing costs and improving profitability. From the importance of using accounting software and hiring a bookkeeper, to setting up incentive plans that empower managers to think like owners, this episode is packed with insights to help you take control of your coffee shop’s finances.
Whether you're a new coffee shop owner or a seasoned pro, tune in to learn how to make your business not just survive, but thrive.
Minute by Minute:
0:00 Introduction and the waves of budgeting
7:44 Bank accounts and accounting software
12:30 Measuring efficiency
19:58 Counting the cups
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