In this episode of the Business Owner Breakthrough podcast, host Pete Mohr discusses the importance of profit and introduces a new concept called the “Profit Hierarchy”. This hierarchy is similar to Maslow’s hierarchy of needs and consists of five levels: wealth, relationships, leisure, health, and legacy. The first level is wealth, where business owners must generate enough profit to free up their time and invest in other aspects of their business. The subsequent levels involve redistributing the profit to improve relationships, leisure, health, and ultimately leave a legacy. Pete emphasizes the importance of taking action and planning to achieve one’s desired level in the hierarchy.
Here are a few things Pete covers:
- The importance of profit in business
- The five levels of the Profit Hierarchy: wealth, relationships, leisure, health, and legacy
- How to redistribute profit to improve different aspects of life and business
- The importance of taking action to achieve desired goals
- How to create a plan to climb the Profit Hierarchy
It’s time to take action:
After listening to this episode, consider where you currently stand in the Profit Hierarchy and where you want to be in the next year, three years, five years, and 10 years. Write it down and create a plan to achieve your goals.
Download link: Pete’s Downloadable Business Owner Planner