Eat Your Veggies

By February 17, 2020February 22nd, 2020Profit First

OK, So I am going to admit something about myself. I LOVE food, but there are just not a whole lot of veggies I like to eat

When start a new meal or diet plan, I tend to be frustrating to nutritionists, because I am just picky.

For what its worth, I apologize to all nutritionists out there on behalf of the vegetables haters. We know they are good for you. We all just wish they didn’t taste so bad

 

OK, OK, so what does this have to do with money and the Profit First System?

Well, actually there is a principle within System that we call “eating your veggies”.

 

What does that mean in regards to your finances?

When thinking about your money, whats the “vegetable”?

If you are like most gym owners (or any business owner) one of those “vegetable” is usually paying yourself. We KNOW it needs to be done and that it is a good thing, but it isn’t always fun.

 

So, just like it is important to prioritize those veggies if we want to have a healthy body, we need to prioritize our money vegetables to establish a health profit flow.

When you sit down (hopefully twice a month like we talked about in THIS previous tip video), you should tackle those “veggies” first.

 

The 3 “veggies” a lot of gym (or business) owners usually have is
-Profit
-Owner’s Pay
-Taxes Account

 

So, let those be the first things you do on allocation day. Move the money need into those designated accounts (more details about those accounts here). Then with the money that is left over you can allocate it towards different things for your Gym.

 

The benefits of doing this is it allows you to see how much in expenses you probably SHOULDN’T have (how short you are). At the end of “Eating Your Veggies” you are able to look and see maybe where it is time to scale back and reevaluate some of the commitments we have made financially until you increase profits.

 

I hope that this tip video below helps you understand why it is important to “eat your veggies”.

Check out our other videos for information on the Profit First system and on Reading your Financial Statements

 

In my new book, Profit First For Microgyms, I break down Mike Michalowicz’s proven method, so that it is easily digestible by our Microgym owner community.

 

You can order your copy today by clicking here. 

 

Interested in more tips and advice on how to better manage the financial health of your microgym? 

 

I would LOVE to connect.

 

I share daily tips and advice not only for Microgym owners but for all of us being bullied by the IRS.

 

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