Description
Here is what is included;
Book
Including; Supporting literature from Accounted For Ltd on Profit First. An optional 15-30 minute consultation with Lee and Leanne.
The Profit First book is a manual for any business owner who wants to transform their business and claim increased profits that have been rightfully earned. A physical copy of the Profit First book can become your handbook, no matter what stage your business is in.
Presentation
This teaching session will give you a clear understanding of just how the Profit First method can work for your business and give you a resource that you can keep coming back for.
Signing up for this short session will be well worth the investment to take control of business finances, helping you focus on profits first, improve cash flow and more importantly give you the confidence to run the business rather than it running you.
Assessment
Taking the profit first assessment will give you a more accurate picture of how your business is performing and give you the tools to make informed decisions. This assessment will transform the way you see accounting.
What You Will Gain By Implementing Our Profit First System
By purchasing our complete package, you take the first step required to implement profit first and make your own business permanently profitable.
Improved Financial Health
Profit First helps businesses prioritise their profit, ensuring that a portion of every penny earned is automatically saved. This method helps build a healthy profit reserve, providing better financial security.
Enhanced Cash Flow Management
By adhering to the Profit First method, businesses can improve their cash management system. It helps allocate funds into various accounts, reducing the risk of overspending and ensuring essential expenses are always covered.
Cost Control
Using this method, businesses are forced to scrutinise and justify every expense since the operating budget is determined after profit has been allocated. This can lead to more strategic spending and potentially lower overall expenses.
Strategic Business Decisions
Our Profit First accountants don’t just manage accounts; they provide valuable insights based on financial data. We help small businesses make informed decisions that can foster growth, enhance efficiency, and optimise resource allocation.
Consistent Profitability
By focusing on profit from the outset, businesses can ensure consistent profitability. This approach changes the mindset from seeing profit as what’s left over to viewing it as an essential first charge against revenue.
Professional Guidance and Accountability
We will act as your personal financial coach to hold you and the business accountable to its financial goals. Regular reviews and adjustments help handle your business’ banking to keep it on track and continuously improve its financial practices.
Customisation of Financial Strategy
Every business is unique so we tailor the profit-first method to fit the specific needs and goals of the business. This personalised approach ensures that the strategy aligns with the business’s long-term objectives.
Profit First FAQs
What Is Profit First?
Invented by Mike Michalowicz, a business makeover specialist and a small business angel investor, and employed by numerous multi-million dollar companies, the “Profit First” formula is a financial management strategy that rearranges the traditional accounting equation of Sales – Expenses = Profit to prioritise profit. In the Profit First formula, it is expressed as:
Sales – Profit = Expenses
This method involves setting aside a target allocation percentage of each dollar earned directly into a profit account before any operating expenses are paid. By using this approach, businesses ensure that profit is not merely an afterthought but a priority, fundamentally shifting how they manage and allocate their financial resources.
Who can benefit from using the Profit First method?
Many business owners, regardless of size, from small business owners to multi-million dollar enterprises, can benefit from using the Profit First method. It is particularly valuable for businesses looking to improve financial discipline and ensure consistent profitability.
How does Profit First contribute to long-term business growth?
By prioritising profit and efficient expense management, businesses can accumulate capital that can be reinvested for growth opportunities. This disciplined approach also helps create a financially sound business model that supports sustainable growth.
