What do a website, social media and email all have in common? They are marketing tools that a business can use to generate sales.
That’s all well and good. But how do you grow a successful business and generate a profit?
The traditional GAAP (Generally Accepted Accounting Principle) formula is:
Sales – Expenses = Profit.
That’s what I’ve been following since I started my business in 2009. There’s just one problem with this principle. Even though I’m making money, I don’t have much to show for it.
That’s because I’ve been making the mistake a lot of other small business owners make. I’ve been reinvesting my profit back into my business. I’ve spent money on courses to improve my social media marketing skills. And I’ve been working with a coach to improve my speaking and marketing skills.
or seen its author Mike Michalowicz on CNBC’s The Big Idea with Donny Deutsch. The book is a no-holds-barred primer on starting a business.