Can Profit First apply to personal financial management? Uh, yeah, totally. Look, Profit First as a system, like the guidelines that it offers, is really about spending money first on paper, setting aside money, and putting boundaries around your money, before you’re actually tempted to use it on other things. If you need a refresher on the basics of Profit First, download this free overview…
Congratulations on your new business! Good things are coming your way. You’ve got your collateral, you’ve leased a space, have a few employees and a great product. You’re ready! But now the real work begins. Running a business isn’t just getting everything started and then sitting back and watching the money come in. Hopefully, the money will start coming, but so will your expenses. So,…
Setting up a system for your business is a lot of work. The Profit First cash flow management system is no different. It’s a lot of work up front but pays off in the long run. However, every once in a while the system needs some maintenance. Things change, your business grows, or your personal circumstances change, so naturally your cash flow system will need…
Creating a budget is one of those tasks that seem to be on everyone’s to-do list, but rarely gets checked off. That’s sad for the budget. Seriously, though, budgets are amazing when done right. Traditional budgeting has you looking at the past 12 months and calculating a monthly average for each expense and income stream. They suggest glancing through your expenses to see if you…
Every small business owner would like to watch their business grow. I envision you probably started off with a small lemonade stand at the end of the street and watched it blossom into a food truck where you started selling it at school carnivals and football games. Obviously following a detailed business growth plan you wrote in school. Next thing you know you’ve got 5…
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