Is Your Business A Cash Eating Monster?
It’s does NOT have to be this way.
There IS a better way.
You deserve to have control of your money. You deserve to pay yourself first.
And you deserve to have financial security for yourself and your family.
I am SUPER passionate about this – it’s my mission to help others achieve success in their business in the same way I have in mine.
In fact, I have helped hundreds of small business owners break free from their own personal groundhog day and VERY QUICKLY. I can show you exactly how to get the money and profit back in your bank, where it belongs.
As a Certified Profit First Professional, I have specific and unique hands-on experience implementing the Profit First method to drive profitability in small to medium businesses.
With Profit First you flip the formula to SALES – PROFIT = EXPENSES.
Logically the math is the same, but from the standpoint of the entrepreneur’s behaviour it is radically different. With Profit First, you take a predetermined percentage of profit from every sale first, and only the remainder is available for expenses.
Don't Change Habits - Leverage Them
Many entrepreneurs try to force themselves to become better at accounting and to become more disciplined in their fiscal management by pure willpower. But just like a muscle, willpower can be drained. And in a moment of financial stress or bigger than expected expenses the entrepreneur will break their own fiscal rules and spend the money they have.
The Profit First principle does not try to change your habits (that is nearly impossible to do), Profit First works with your existing habits. By first allocating money to different accounts, and then removing the temptation to “borrow” from yourself, your business will become fiscally strong and you will benefit from regular profit distributions.
How To Set Up Profit First In Your Business
There are 5 Parts to setting up and implementing Profit First
1: Set up your bank accounts
2. Calculate your Current Allocation Percentages and Target Allocation Percentages
3. Transfer funds from your Income Account as per your percentages into your other accounts. Do this twice a month or at regular intervals.
4. End of each Quarter. Transfer 50% of the money in your Profit account to yourself as a profit distribution and reward for running your business.
5. Review your financial statements with your Profit First Professional each quarter and adjust your % towards your Target Allocations Percentages.
The most important thing is to STAY ACCOUNTABLE and DISCIPLINE.