A lesson in Profit First
You should not have to wait for your annual accounts to be prepared before you know whether or not you have made a profit.
Step 1️⃣) Systems
✅ Look at your bookkeeping and accounting systems – do you have management accounts in your business? Do you know what profit you have made this month? Is there any cash lest over for you once you have paid your bills? I estimate 75% of entrepreneurs are effectively living from hand to mouth with less than 3 months of cash saved to cover their bills.
✅ Fed up with being the last to be paid? Our Caseron clients and Profit Hacker members are rethinking their systems and learning how to tweak their processes to make sure they always put their profit first and always have enough cash put aside to pay their tax bills as they fall due.
We’d rather have the problem of what to do with that extra cash, than how to find that extra cash when you need it most, but haven’t got it!
Step 2️⃣) Structure
✅ Simple changes to the structure of your business and to the way you use your bank accounts to manage your incoming cash is a fundamental principle in the process of putting your profit first.
✅ Our members are learning how to structure their businesses to put profit first which means the end to overdrawn loan accounts, cash in the bank to pay their bills, contingency cash saved so that they can cover their outgoings for 3-6 months should they fall ill, take time out of the business or should something as surreal as a global pandemic happen.
Step 3️⃣) Savings
✅ Day to day spends can easily escalate and before you know it – you are hemorrhaging cash on subscriptions you don’t use, training you never finish and you are committing to outgoings that you cannot pay for.
✅ Our clients and members are learning how to take control of their costs and embed strong financial controls into their day to day activities.
✅ Profit leaks are a daily event for most companies – lost income, missed opportunities and profits left on the table. Learn how to avoid these mistakes in your business.
Does that sound like you?
- Fed up with being the last to get paid?
- You want to make changes and put YOUR Profit First?
- You want to pay your tax bills on time?
- You want to take proactive control over your business finances?
We can help you fix that!
I am delighted to announce that Caseron has joined the Profit First Professional Team – we are advisers in training!
We’ll be certified Profit First Advisers within 3-6 months. Exciting times!!
We are bringing Profit First Into Profit Hackers!
Join us on our journey and learn how to implement Profit First into your business.
We’ll show you the tips, tricks and hacks to put your Profit First.