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Profit First Service
Profit First is a cash management method that helps you manage the money that comes into your business and makes it more efficient and effective. It was created by Mike Michalowicz and it’s a great way to make sure you’re doing the right things for your business to keep the money flowing in, and to grow the bottom line.
Using Profit First is easy to implement and a great way to start tracking your business finances on a regular basis. It also helps you build a habit of making good financial decisions.
It’s also a great tool to help you transition from a traditional compliance accounting firm to a modern value-based consulting firm, allowing you to provide coaching services that will increase your clients profits and require you to reengage with them as they grow their bottom lines.
This program includes a live training series and success tracker that will fast track your Profit First journey (and wins!). It also includes an alternating series of group learning Zoom calls and private, one-on-one Zoom consults for a total of 10 weeks. Visit this website for more details on the reliable profit first solutions.
The profit first method is a great tool to use if you run a service business that doesn’t have physical products and needs inventory management, or a business that’s looking for ways to cut costs in order to make more money. It also works well for small businesses that have an online presence and want to learn how to use their online revenue to make more money.
Getting started is simple and you don’t need to be a financial wizard to understand how the system works. You just need to follow some simple steps and you’ll be on your way to profit first!
Your bank accounts will need to be set up for your Income, Owners Compensation, Operating Expenses (OpEx), Profit and Tax. All proceeds from sales should be deposited into your Income account before distributions are made to the other accounts. This is called the 10/25 rule and it ensures that you always distribute funds from your Income account to the other Profit First accounts on the 10th and 25th days of each month. Click here to learn about the profit first formula now.
If you’re ready to take the plunge into a more efficient, profitable business, contact Bookskeep today to discuss your specific needs and to get a free consultation to see how the Profit First method can work for you!
There are many ways that you can use this money-management system to improve your business and your life. Here are four key reasons you should consider implementing it:
* It’s easy to implement and will help you focus on your business instead of focusing on your bank account balances*
It’s a proven system that can help you get more control over your cash flow and financials, which means that you won’t be stuck wondering where you’re going to find the money for all of your bills and expenses. It will also allow you to easily monitor your profitability and growth, which can be a huge motivator when it comes time to meet with your accountant or a lender. For more information about this topic, click here: https://en.wikipedia.org/wiki/Profit_(economics).