Learn how to navigate the often-overlooked aspects of business management in these challenging economic times. In this episode, John Knight, the founder and managing director of BusinessDepot, shares invaluable insights into understanding your business's financial position. He highlights the inflationary pressures affecting various sectors, particularly how service-based industries are dealing with rising wage demands. John emphasizes the importance of knowing your break-even point, a crucial figure that empowers business owners to make informed decisions about cost-cutting and exploring new revenue streams and practical strategies for reviewing expenses, from scrutinizing subscriptions to identifying unnecessary direct debits.

About our guest:

John Knight is the visionary behind businessDEPOT, where he currently drives strategy, growth, and overall group management. As an accomplished accountant, he combines his extensive skills and experience in business strategy to provide unique services to his clients. Leading the business advisory team, John presents at conferences, facilitates workshops, consults on specialized projects, and offers one-on-one coaching. With a solid background in business valuation, he oversees all valuations while focusing on helping business owners enhance their value rather than just delivering reports. Additionally, John delivers tax advice, designs management reporting systems, manages projects, and oversees cloud system migrations with his team. He is particularly recognized in the real estate sector as a leading advisor, guiding businesses on profitability, strategy, growth, accounting processes, tax, and succession planning.

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Website: https://businessdepot.com.au/

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Instagram: https://www.instagram.com/businessDEPOT

Youtube: https://www.youtube.com/@businessDEPOTgroup

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Episode Highlights:

01:09 - The Importance of Second Opinions

02:34 - The Reality of Business Viability: Knowing Your Financial Position

03:22 - Current Economic Challenges

04:59 - Break-Even Point: Key to Understanding Your Business

05:31 - The Importance of Annual Financial Check-Ups

07:04 - The Hidden Costs of Unused Services

09:20 - The Gym Membership Model: Profit from Inactivity