Profit first is a way to make more profit for your business and also have predictable cashflows.
In this Episode, Lee Wilson from Profit First Coaching unpacks the methodology into its core components
There are 5 big ideas used in the methodology:
- Sales - profit = expenses
- Bank Profit as the first transaction each month
- Multiple bank accounts to manage your cash flow
- Right size your business - Teach the business to work with less including innovation
- Declare profits (according to well-defined profit benchmarks) each quarter and celebrate
The benefits for any owner-managed business would be:
- Right size your business taking out duplicate or unnecessary costs
- Your Profit will therefore increase immediately
- There will be adequate and predictable cash flow leading to reduced stress
- You will become proactive with a forward-looking view of your business
- Scaling and selling your business becomes much easier
Where can we find out more information?
- Come to my website www.profitfirst.co.za
- Get an overview, videos and a free summary of the book.
- Book an assessment
