Mon, 25 September 2017
It's the dark secret of many small business entrepreneurs – most are a couple of bad months away from total bankruptcy. I learned this lesson the hard way after generating hundreds of millions and having nothing to show for it. While I changed that over the last few years, I am still a work in progress. And many small business owners I know are still living check-to-check. The book Profit First changes all that once and for all. Ask yourself. “What would it be like if I could immediately start taking profit from ny business – this month, and every month from now on? What if I could be permanently profitable?” Click here to download or listen to this episode now. Spiritual FoundationsKeeping your accounting straight and your business profitable is not just a good idea – it’s biblical.
Tip of the WeekTry this with me: one book, one month, deep. Profit First, by Mike Michalowicz. Feature Presentation: “Profit First, Broke Never”TESTIMONIALS FOR PROFIT FIRST Darnyelle Jervey: “It feels good to be building a business that serves me. Profit First is helping me to live out my mission in my own business.” Bottom Line: $296,763.20 in profit, 258 percent revenue growth, and more than a million dollars in sales. Carrie Cunnington: “My business finances are organized and clean. I’m profitable (yeah!), disciplined, in control and motivated.” Bottom Line: Debt free and posting quarterly profits. Christian Maxin: “I now need just 60 minutes a week to manage my financial planning.” Bottom line: Christian can see the financial health of his business at a glance: $250,000 in new profit and business growth of 20 percent. Paul Finney: “Once you have cash, opportunities start to appear like never before.” Bottom Line: 500 percent growth in weekly sales; costs cut by 20 percent. Helen and Rob Faulkner: “After 18 years of being in business, we finally feel we’re a success.” Bottom Line: Helen and Rob turned around their business and posted a first-ever profit distribution within four weeks of starting Profit First. Notes and Quotes from Profit First: Money problems occur when one of two things happen:
Most business owners try to grow their way out of their problems, hinging salvation on the next big sale, customer, or investor, but the result is simply a bigger monster. (And the bigger your company gets, the more anxiety you deal with. A $300,000 cash-eating monster is much easier to manage than a $3,000,000 one. I know; I have survived operating both.) “Profit must be baked into your business. Every day, every transaction, every moment. Profit is not an event. Profit is a habit.” THE FOUR CORE PRINCIPLES OF PROFIT FIRST Old “Profit Last” Formula: Sales – Expenses = Profit New “Profit First” Formula: Sales – Profit = Expenses Here’s how you apply the four principles:
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