Prices continue to rise and it’s taking a toll on everyone. Everything has doubled (at least) in price and we still have to be ready to pay that tax bill soon on top of gas and groceries. It’s a bit overwhelming if you aren’t ready, so my question is, are you? Preparation with Profit First […]
There are a lot of process and some very specific math involved in starting Profit First but, in my opinion, there is no better way to start out the new year than gaining control of your finances. So, let’s discuss two primary cycles to help you make it all work: a 10/25 rhythm each month, […]
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 […]
When Mike Michalowicz, my friend and mentor, first discussed the idea of Clockwork with me, I won’t lie and tell you I wasn’t nervous. The idea of letting some things go and allowing other people to step in and handle them felt scary. I mean, as a business owner some things can only be done […]
Like we discussed last week, I frequently hear questions about hiring, but the most common is, “How can I be sure I can afford to hire someone?” This is often a problem with entrepreneurs because no one can do it all, and your business can’t grow if things aren’t being taken care of. When your […]
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. […]
Proper allocation of funds and expenses is a vital aspect of business ownership. Establishing a reliable system ensures regular commitment and reduces time investment. On the other hand, improvising each month leaves you at the mercy of Parkinson’s Law, relinquishing control over both your time and money. Even if you’ve only been around for a […]
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 […]
