Join us on this special bonus episode with fellow Mastery-Certified Profit First Professional Ean Price Murphy the founder of Moxie Bookkeeping Mentoring and Consulting. In this special companion bonus to Episode 16, we dive deeper into the topic of bookkeeping — including red flags, in-house vs. outsourcing, and more. with Ean.
Be wary of wolves in sheep’s clothing – individuals who call themselves “bookkeepers,” but lack the training and qualifications. Learn how to hire A-player bookkeepers and ditch the B and C-player ones.
Dive into the how and why you can achieve predicable cash in your income account. We explore the Borrower – Lender Matrix coupled with the fact that 90% of our money actions are emotionally-driven, while only 10% are logically-driven. The episode concludes with best practices on how to leverage your emotions to minimize your accounts receivables aging.
Doing Profit First “right” is remarkably easy. Once you start allocating to profit you are on the path to permanent profitability. In this episode we prime you for doing Profit First “right” from the start of implementing it. Additionally, we cover how to easily avoid missteps when implementing Profit First in your business. EPISODE SPOILER: Don’t be aggressive.
There are five stages when faced with a business crisis. Thanks to COVID every business has been dumped into crisis-mode. What stage are you in? How can you take deliberate action now to surge and burst past your competition? The businesses starting to surge and burst are taking this opportunity to serve their customers better.
On this episode, we will start to dive into ideas, concepts and
exercises you can do now as we all start to figure out this new present reality and what Mike Michalowicz has coined “Recession Response.”
We draw the line in the sand and you decide if you are a top 17-percenter entrepreneur, or are you an 83-percenter? Additionally, we answer seven of the most frequently asked questions related to getting started with Profit First.
We wrap up the Expense Challenge here in Week 4 with one final
set of exercises that turn operating expenses into profit opportunities. Additionally, we recap some very impressive results when it comes to nailing the Expense Challenge.
Week three of the Expense Challenge peels back another layer presenting more “profit opportunities.” Let’s apply a great benchmark to ensure you are getting at least the minimum ROI on you marketing dollars. Additionally, we award our first Profit First Nation ROCK STAR Award to Aaron Hendon a realtor to with a great tip to share.
We continue the next layer of the Expense Challenge with Profit Opportunities you can apply right now in your business so that you can meet the challenge of converting 10% of your current operating expenses to profit. We also feature a Profit First Nation Inspiration with Rob Hughes from Hughes Integrated.
This episode marks the first in a series based on the challenge of cutting 10% of your operating expenses? Why cut your operating expenses??? Because what you cut becomes your increase in profitability!!! Additionally, John Briggs, the author of Profit First for Micogyms joins us for a quick convo.
Join us as we dive into Profit First for Microgyms with with the book’s author, John Briggs, CPA. CEO of the accounting firm Incite Tax and an owner of a microgym in Utah, John shares his real life experiences and perspective this special bonus episode.
On today’s episode we discuss alternatives to the 10th / 25th rhythm prescribed in the book, as well as, the value of sticking to your rhythm. Additionally, we feature a “Profit First Nation Inspiration” with Dr. Leslie Cisar, a naturopathic doctor and a big fan of Profit First.
Download Show Notes:
WE ARE GOING TO TACKLE the MOST CRITICAL STEP in IMPLEMENTING PROFIT FIRST that often causes great pause in the business owners who have read Profit First and have declared they are ALL in... but sometimes lack the confidence to commit to the reality that is there is a greater disparity between their TOTAL REVENUE and REAL REVENUE....
Download Show Notes:
Profit First Rule #1 is to GO SLOW. Momentum builds slowly, but relentlessly. Small, repetitive, continuous actions, chained together, builds MO-MEN-TUS Mo-MEN-TUM….that is why we do our allocations on a rhythm and start off SLOW.
In this episode we cover Step #1 to implementing Profit First, "Get Your Butt to the Bank," as well as Step #2 and Step #3. Mike also pops into the podcast for three segments -- including why spreadsheets don't work in Profit First.