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How Have the Top Fitness Industry Experts Pivoted Their Business Because of COVID?

By Business, Crossfit, MicrogymsNo Comments

A growing crowd amongst the fitness industry believes that fitness will never be the same after COVID.  It’s possible there isn’t enough data yet to make that claim, but there is enough data to know what types of pivots during the crisis ended up being great pivots.  We’ve made connections with some fitness industry experts that are making a splash for the rest of us…

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Bookkeeping 101

By Accounting, Bookkeeping, BusinessNo Comments

Whether you decide to stay inhouse or outsource, you need to know some bookkeeping basics. My goal is to give you a big picture overview of bookkeeping, so you’ll have a foundation to build your business knowledge on. The more you know. (Did anyone catch that reference?)   Bookkeeping is recording every transaction you make for your business in your books. Every cent you spend…

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TAX Account – What Now?

By BlogNo Comments

If you follow the profit first system you have set aside money throughout the year into your tax account.   Are You Following The Profit First System?   Ideally, as of AT LEAST tax day at the latest, you have made a payment towards your income tax payment. So, lets just assume you have filed, you know the dollar amount, and you have paid that….

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Bookkeeping – Is it really that important?

By Accounting, Bookkeeping, Business, Cash ManagementNo Comments

What exactly is bookkeeping?   To put it simply and more official sounding, bookkeeping is classifying and recording every business transaction in your books. Your books can be a literal book with pen and paper. Or like most people your books are in a software program like QuickBooks for example. On the surface it seems pretty straight forward, but once you get into classifications along…

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How To Forecast Cash Flow For 90 Days

By UncategorizedNo Comments

Let’s talk about forecasting cash flow   One of the struggles our gym owner friends have is forecasting their cash flow.   When the pandemic happened we created a 13-week cash flow tool which can be really valuable. If you would like a copy of this template we are discussing today, just shoot us a message and we will send it over.   In the…

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Profit First Rhythm Days

By UncategorizedNo Comments

I want to respond to a challenge that was mentioned in my Profit First For Microgyms Facebook Community. The topic – setting aside time to manage cash flow and implement profit first rhythm days.   First of all, I want to call a bit of BS about not having the time.   I don’t think you are struggling with setting aside time, I think you…

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How Do I Pay Myself: Advice For Gym Owners

By UncategorizedNo Comments

We have been surveying all of you and collecting that data and that is the inspiration behind the tips that we share with you. Here’s an interesting one for you today.   Too Many Of Your Are Not Paying Yourself…   I wanted to discuss a particular response that we got recently because honestly, the goal of every microgym owner SHOULD BE to pay themselves….

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Why Your Business Will Benefit from Professional Accounting

By Accounting, BusinessNo Comments

Note – This awesome post is written by a guest blogger, Chelsea Lamb with businesspop.net.   Have you thought about hiring a professional accountant? If you run a small business, outsourcing your accounting is a no-brainer. Investing in professional accounting services from a company like Incite Tax & Accounting will help you save time and money, avoid tax-time stress, keep your employees happy, and more!…

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