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She Means Profit

The She Means Profit Podcast is devoted to helping entrepreneurs master their finances and launch, grow, and scale their businesses. Simple, digestible, actionable advice from Melissa Houston, an accredited CPA with over 20 years of experience. Real business owners, real talk, real solutions.

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She Means Profit

Turning Business Flaws into Learning Opportunities: Strategies for Growth

October 09, 2023 • Melissa Houston • Season 1 • Episode 156

“Every business owner has made mistakes along the way, but the secret to success is learning from each mistake.”

—Melissa Houston

What makes a business successful? It’s how you turn mistakes into opportunities to improve and grow your way to success.

Mistakes are not to be seen as weaknesses if you are a business owner. These must be seen as valuable lessons that can help you on your way to success. No successful business earned their way up without failing along the way and learning from the mistakes they made.

But just because mistakes are part of a successful business does not mean that it is right to commit them repeatedly. This episode talks about five tips on how business owners can learn from common mistakes in growing a business.

Listen to learn:‌

Why making mistakes is absolutely normal for every business owner
Why most business owners need to have a business financial plan
Why tracking expenses is important in every business
How must business owners price their products or services profitably
How business owners should separate emotion from smart-making decisions
How to use data to help business owners improve their business

Highlights:‌

03:51: Common mistakes by Small Business Owners
06:21: First tip - How to build a business financial plan
09:24: Second tip - How to avoid failing to track expenses in business
11:11: Third tip - How to price products or services profitably
11:27: Unlock Your Profit Potential with These Smart Pricing Strategies podcast
12:58: Fourth tip - How emotions get in the way of smart making decisions
14:47: Fifth tip - How data improves one’s business
15:45: The Cash Confident Framework course

Links:‌ ‌