6 February 2024
There's nothing new in the ideal of striving to be the best we can be. The most popular iteration of this concept is the Growth Mindset, coined by educational psychologist, Professor Carol Dweck. FRI was proud to present for the first time in Australia, the Profit Mastery Bootcamp, conducted by the program’s Founder, Steve LeFever (Seattle, Washington, USA). The two-day intensive course held in Sydney was attended by 32 franchise executives eager to build greater business acumen for themselves and their franchisees.
Drawing on his work with thousands of franchisees in hundreds of franchise systems around the world, Steve delivered his program in a no-nonsense, laugh-out-loud approach and presented financial information in a simple, intelligent and fun manner.
The power of the Profit Mastery program is the way it reduces essential financial concepts into a process that is easy to grasp and understand. Outcomes from the program which participants were able to take away and apply to their businesses include;
- understanding the critical need to consistently monitor financial position
- creating a practical process, using ratios to assess financial performance: identifying strengths, weaknesses, and areas of opportunity
- knowing how to use peer benchmarking in business analysis
- appreciating the dynamic relationships that exist between the balance sheet and income statement
- understanding the critical need to consistently monitor financial position
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