Profit First Works.

If you want sustainable profit in your business there is one thing that has been proven time and time again – implementing the Profit First system works. No gimmicks and no need for a business finance degree. Profit First has been saving entrepreneurs from entrepreneurial poverty and helping create profitable businesses for years.

One of my favorite Profit First success stories comes from Casey Wright, CEO of The Ninja Zone. By implementing the Profit First system, Casey was able to obtain the financial structure she required in her business in order to yield amazing profitability. Casey took what started as a gymnastics business she took over for her parents years back and created a franchise of 325 locations worldwide with over 100,000 students. In FIVE years. Talk about growth! How do you tame that monster? One of the key factors to manage that growth? Profit First.

If you’ve read Profit First you know I do not necessarily push for exponential growth. Bigger isn’t always better, it just worked for Casey. She says one of the biggest challenges she faced as an entrepreneur was understanding how much to pay herself. Sound familiar? Profit First helped her look at her business – and the numbers, differently. What also worked for Casey was learning how to implement open-book management. This provided the transparency she required to comfortably take her profit. Now she can set clear expectations for her employee compensation plans going forward. She has a solid, profitable business. And, by the way, she recommends Profit First 1000%. (Hint, hint, if you’re not already on board.)

On page 33 I ask readers to email me. Entrepreneurs like Casey tell me how much Profit First has resonated with them and subsequently changed their lives. In the first chapter I share my daughter’s piggy bank story, the survival trap and how old business accounting practices kill our businesses (just to name a few points). If anything, Profit First will teach you that you are not alone in the challenges entrepreneurs face and that there is a clear cut path to a profitable business.

Over and over I meet entrepreneurs who say they wish they read Profit First before starting their businesses. They also tell me how much more profitable they are now that they have implemented the system.

So where do you start, if you haven’t already? Read Profit First and follow it! Email me to let me know you’re committed to profitability and get the free resources I offer which are impactful through your implementation journey. Complete your instant assessment and open the accounts. The method is simple. Every time you get a deposit from sales, take a predetermined percentage of that money as profit. Yes, there are a few more steps than this – simple steps that will provide financial structure and lead to profitability.

Profit is not an event. Profit is a habit. If you haven’t implemented Profit First yet, now is the time. If you have already established Profit First in your business, share the system and join me in my quest in helping fellow entrepreneurs eradicate entrepreneurial poverty.

Wishing you health and wealth.

-Mike

PSS – For more tax guidance and free, downloadable resources to help you ensure the health of your business, CLICK HERE. PSST! – The Profit First Instant Assessment has a tax section!

Wait! One more thing! Are the kids in your life financially literate? Start by reading My Money Bunnies with the younger kiddos. There are free downloadable resources for them here. For kids a little older, download the Profit First For Kids Chore List. Start them young!