In this episode, we answer questions our listeners ask about implementing the Profit First System for their business. We discuss the rule of thumb for dispersing profits and retaining earnings, as well as using a vault account for long-term savings. We also provide clarity on which debt to prioritize when using the snowball system for both personal and business debt. Tune in to learn more about optimizing your profit and debt management.
Jan 14, 2021•23 min•Ep. 40
Whether you're a seasoned entrepreneur or just starting out, this episode offers actionable strategies for leveraging Profit First to make 2021 your best year yet. Tune in to learn how to optimize your cash flow, reduce expenses, and drive profitability in your business. Share this episode with your entrepreneurial friends who are looking to take their businesses to the next level!
Jan 07, 2021•24 min•Season 1Ep. 39
To get the biggest Return on YOU, make every morning of 2021 a Miracle Morning and then spend one hour sprinting ON your business to make 2021 your BEST YEAR EVER!!!! When you start your day right, you get your week right. When you get your weeks right, you get your year right -- so let's take control of our destiny in 2021 by starting each day off right so you get the biggest Return on YOU. You work too hard and risk too much being an entrepreneur to let others hijack your time and energy. Get ...
Dec 31, 2020•34 min•Season 1Ep. 38
Plus, learn from committed readers of Profit First on what it takes to succeed in using it as your cash management system. Let's "Fix This Sh!t NOW" and take control of your entrepreneurial journey!
Dec 24, 2020•25 min•Season 1Ep. 37
You'll discover how to review your financials and work with your bookkeeper to keep your cash flow healthy, manage expenses, and address slow-paying customers. Plus, find out how to add additional accounts to your profit allocations to monitor your money more effectively.
Dec 17, 2020•25 min•Season 1Ep. 36
Billy Ann, the Chief Guide at Profit First Professionals, shares her journey of becoming involved with Profit First and how she grew into her role as Chief Guide. She explains that while bookkeepers and accountants can provide clients with spreadsheets and cash flow forecasts, they cannot make the moves and decisions a business owner has to make. Business owners must own the financials of their company and ensure their profitability, even if they are working with the best professional bookkeeper...
Dec 10, 2020•29 min
Danielle and Mike Michalowicz discuss the eleventh step of Profit First, which is celebrating profit distribution at the end of every quarter. They explain that at the end of every quarter, entrepreneurs should check the balance in their profit hold account and take out 50% of that profit account to distribute to shareholders. This money that stays in the business is called cash equity, and the profit distribution can be used for anything that rewards the shareholder. They warn against the idea ...
Dec 03, 2020•24 min•Season 1Ep. 34
Our expert hosts share valuable insights on how to simplify and make this process enjoyable, making it an impactful and long-term strategy for your business. Don't miss out on our exclusive checklist resource, available at https://www.profitfirstnation.com/sign-up. Tune in to the Profit First Nation Podcast now!
Nov 26, 2020•25 min•Season 1Ep. 33
Nov 19, 2020•19 min•Season 1Ep. 32
In this episode, our experts break down the critical difference between mark-up and margin, two commonly confused metrics that can impact business profitability. Discover the true values in each and gain insights into how to leverage them effectively. With a cliff note summary that highlights the importance of increasing margin as one of only two ways to improve profitability, this episode is a must-listen for anyone looking to boost their bottom line. Tune in now to gain a better understanding ...
Nov 12, 2020•24 min•Season 1Ep. 31
As tradition dictates for episodes that end in "ZERO," Danielle shares her candid insights and expertise to help listeners gain a better understanding of key business concepts and strategies.
Nov 05, 2020•26 min•Season 1Ep. 30
With insights into how Allocation Days can give you a better understanding of your company's fiscal health, this episode is a must-listen for anyone looking to boost their bottom line. Tune in now to discover the power of Profit First Allocation Days and learn how to allocate your profits for maximum impact.
Oct 29, 2020•21 min•Season 1Ep. 29
In this episode, our experts take you on a journey to reach your target allocation percentages (TAPs) based on the Profit First Instant Assessment completed in Episode 27. Discover how to make allocation adjustments for each subsequent quarter to reach your TAPs and gain valuable insights into the true secret of going slow with modest adjustments. With tips for mapping out your Profit First journey and reaching your financial goals, this episode is a must-listen for anyone looking to take their ...
Oct 22, 2020•23 min•Season 1Ep. 28
Discover how to determine what you need to make to take care of yourself and your family, and gain valuable insights into the gross sales you need to achieve and how much you need to sell to hit your target owner's pay salary.
Oct 15, 2020•23 min•Season 1Ep. 27
In this episode, our experts share their step-by-step guide to completing your Instant Assessment - step #5 of implementing Profit First. Discover how to use our Instant Assessment Calculator to make the process simple and easy, and gain valuable insights into the 5th-grade math required to complete it. With a warning that this episode contains some "salty" language, our experts guide you through the Instant Assessment process and provide tips and tricks for making it a success. Tune in now to d...
Oct 08, 2020•28 min•Season 1Ep. 26
In this episode, our experts guide you through Step #4 of implementing Profit First - determining your allocation rhythm and scheduling your first allocation day. Discover how to build your profit habit and gain valuable insights into the importance of setting a regular allocation schedule. Plus, listen to our Profit First Nation Inspiration interview with Rob Hughes of Hughes Integrated and gain inspiration and insights from a successful entrepreneur who has implemented Profit First in his busi...
Oct 01, 2020•42 min•Season 1Ep. 25
In this episode, our experts guide you through Step #3 of implementing Profit First - the inconvenient bank. Discover how to remove the temptation of plowing money back into your business by making it inconvenient and gain valuable insights into the importance of this critical step for transforming your business from a cash-eating monster to a money-making machine. With expert tips and tricks for making the inconvenient bank a success, our experts provide actionable advice for building your prof...
Sep 24, 2020•18 min•Season 1Ep. 24
In this episode, our experts guide you through Step #2 of implementing Profit First - building your profit habit. Discover how to start allocating 1% of every deposit to your profit account and develop the muscle to make your business fiscally fit. With expert tips and tricks for making your profit habit a success, our experts provide actionable advice for building your financial stability and taking control of your business finances. Tune in now to discover how to take the next step towards fin...
Sep 17, 2020•20 min
In this episode, our experts guide you through the Start Phase of implementing Profit First, beginning with Step #1 - getting your butt to the bank! Discover the importance of physically going to the bank to establish a financial rhythm and start implementing Profit First. With expert tips and advice for making the most of this crucial step, our experts help you take control of your business finances and start building a profitable future. Plus, learn about the right time to start implementing P...
Sep 10, 2020•21 min•Season 1Ep. 22
Join the kick off to our Profit First 101 series as we discuss the “The Journey of Transformation” model. Additionally, we review Profit First’s three phases of implementation and corresponding 12 steps. If you have yet to start implementing Profit First, or you are stuck at a certain step, or you have already implemented Profit First – no matter where you are on your “Profit First Journey of Transformation” we have best practices to keep you on the path to permanent profitability!
Sep 03, 2020•23 min•Season 1Ep. 21
More of your Frequently Asked Questions (FAQs) addressed and answered covering a lot of ground to support you in doing Profit First “right” and keeping you on the path to permanent profitability.
Aug 27, 2020•21 min•Season 1Ep. 20
Don't miss out on this insightful conversation!
Aug 20, 2020•36 min•Season 1Ep. 19
No business is immune to the risk of embezzlement, and ignoring this possibility can be a costly mistake. In this episode, we discuss the uncomfortable yet crucial topic of safeguarding your company against fraud, and why you must take proactive steps to protect the integrity of your accounting practices. Join us to learn more about how and why you should act now to prevent embezzlement and protect your business.
Aug 13, 2020•40 min•Season 1Ep. 18
As a business owner, it's important to have a clear understanding of your company's financials, even if you have a bookkeeper or accountant managing your books. In this episode, we discuss the risks of completely abdicating your business financials, and share practical tips for working effectively with your financial professionals. Join us to learn why it's important to stay informed about your company's finances, and how to maintain a healthy and productive relationship with your bookkeeper or ...
Aug 06, 2020•27 min•Season 1Ep. 17
In this special bonus episode, we are joined by Ean Price Murphy, founder of Moxie Bookkeeping Mentoring and Consulting, for a deeper dive into the world of bookkeeping. As Mastery-Certified Profit First Professionals, Ean and our host share a passion for helping business owners take control of their finances. Join us as we explore important topics like red flags to watch out for, in-house vs. outsourcing bookkeeping, and more. Whether you're new to entrepreneurship or a seasoned pro, you won't ...
Jul 31, 2020•23 min
Join us to learn how to identify and hire A-player bookkeepers who can help your business thrive, while avoiding the pitfalls of working with B and C-player candidates.
Jul 30, 2020•32 min•Season 1Ep. 16
In this episode, we explore best practices for using credit cards as part of your Profit First system, while staying on the win-win side and avoiding costly mistakes. From setting clear boundaries to avoiding temptation, we cover everything you need to know to make credit cards work for you, rather than against you.
Jul 23, 2020•22 min•Season 1Ep. 15
Whether you're struggling to manage your finances or looking for new ways to improve your cash flow, this episode is packed with valuable insights to help you succeed. Join us for a fascinating conversation about the intersection of psychology and finance.
Jul 16, 2020•41 min•Season 1Ep. 14
Profit First is a powerful system for achieving permanent profitability in your business. But how can you ensure that you're doing it right from the start? In this episode, we share easy steps for priming yourself to implement Profit First effectively, while avoiding common missteps that can derail your progress. From allocating to profit to avoiding aggressive strategies, we cover everything you need to know to make Profit First work for your business. Whether you're new to the system or lookin...
Jul 09, 2020•28 min•Season 1Ep. 13
In this episode, we explore the five stages of crisis management and help you identify where your business is in the process. From there, we share practical tips for taking deliberate action to surge past your competition and serve your customers better.
Jul 02, 2020•34 min•Season 1Ep. 11
