I recently had the opportunity to present Profit First to a group of business owners in Philadelphia. After the talk, several told me they were re-energized about trying to get Profit First working in their business. Unfortunately, their stories were ones of failed attempts. I have heard this repeatedly over the years from clients that […]
Now that summer is here and you’ve gotten through the hustle and bustle of tax season, you have more time to look back on your business habits and what needs fixing. You can dig into your business practices, the numbers, and financial accuracy. Look at anything that might help you improve. Most often, ecommerce sellers […]
Cash management is a critical piece of owning a business and growth and success. That’s why it’s so important to analyze how you’re managing your cash and make a plan for the future. By doing this, you’re not only setting yourself up for success, but also making a back-up plan for times when business just […]
Many times, ecommerce sellers come to us asking for help with Profit First because they’re having trouble managing money. However, after we do the Profit Assessment for their business, we find that what they actually need is help with cash flow planning. While Profit First is a great way to manage cash, it won’t help […]
Even if you don’t look at any of your other business numbers, the one that you should be looking at is Gross Margin. It’s important to know if your Cost of Goods Sold and the Cost of Sales is less than the Total sales by an amount big enough to fund operations, pay yourself and […]
The Profit First methodology is all about the bank accounts. There are several that you need to set up in order to disperse your cash effectively and increase your awareness of your spending. To do it right, you need to make sure you have the right accounts to help you structure your business to grow. […]
A huge part of owning a business is making sure that all your funds and expenses are being are being allocated correctly. As long as you have a good system nailed down, this commitment happens regularly and will take up less time. However, if you’re making it up as you go each month, it’s likely […]
When I speak to potential clients and ecommerce sellers, the first question I always ask is, “What is the biggest challenge your ecommerce business faces?”. The most frequent answer I get is Cash Flow, and I would guess your answer is probably the same. I find that cash flow is often the biggest obstacle because […]
In the past, I’ve discussed how to set up your Profit, Owner’s Comp, and Tax accounts using the Profit First method. But do you know how much to add to each account? Luckily, you don’t have to guess. You can use the Instant Profit Assessment instead. Know the Real Numbers Until now, I’ve only talked […]
Everything is so expensive right now. This week alone I got notifications from two software companies and my business insurance agency that their prices were going up. Not to mention the extra costs for gas and groceries. As if that’s not enough to manage, we have to be ready to pay our tax bill in […]