Ever heard of Profit First by Mike Michalowicz? It’s a great resource for people who want to… (leans closer) GET PAID while running their business! However, if you’re like most small business owners, you probably think of profit as something that comes after expenses have been set aside. And that’s not a good practice to bring into this fresh year.
Do we need to make sacrifices to keep our business running? Yes, running a business does take a certain amount of sacrifice, but constantly placing yourself at the bottom of YOUR list will only lead to resentment and burnout.
So, what can we do about this? How do you make profit a part of your everyday business?
Well, what if there was a way to make it so that you could actually see how much money you were making every day? That’s where Profit First comes in!
Join me in this episode as I share all I know about Profit First: its core principles, how to implement it in your business, what I love about it + what I don’t particularly love, along with some real-world applications to get you more confident in your numbers this 2022.
“Work expands to the time that you’re given, the same thing is true with money. Your business expenses are going to expand to the amount that you give them.” – Stephanie Skryzowski
What you’ll learn in this episode:
- The core principles of Profit First
- How we use some of these principles in our business
- What I think are the pros and cons of using Profit First
- Practical applications of Profit First and the Profit Playbook
Links mentioned in this episode:
More great reads from 100 Degrees Consulting:
- How to Improve Your Bookkeeping in Three Steps
- 3 ways to ensure a smooth-as-butter audit
- How to Create a Monthly Finance Routine
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Follow me on Instagram: @stephanie.skry (Tag me in your screenshots of the podcast and I’ll be sure to share!)
You hear me talk all the time about how important it is to know your numbers as a business owner. But you may be thinking, well, how in the world do I do that? Where do I even begin? So, I have a free resource for you!
The Profit Playbook is an amazing template that you spend about 15 minutes getting it all set up. And you can literally see into the future of your business revenue, expenses, cash flow, just like a crystal ball. It is a huge resource that will absolutely help you create a roadmap to reach your goals in your business.
It’s FREE so make sure you download it now!