At Incite we firmly believe small businesses are the heart of the economy. Almost half of all employed people in the U.S. would be out of a job if all small businesses closed down, according to the SBA. That also means significantly less money being circulated, which would be devastating to the economy. That’s why you deserve to grow financially and the financial freedom that…
Victim of Success. Does anything feel better than a big balance in your business’s bank account? It’s not just excitement or happiness. It’s peaceful. It’s knowing that, for the moment, you don’t have to worry about money. You can try something new. Take a risk. Pay off debt. Grow a little bit. But the problem is, our brains react that way whenever we see a…
Small businesses like yours are the heart of the economy. Bookkeeping is the foundation of all your financial activities. So it stands to reason that small business bookkeeping is critical to the health of the economy. So, if it’s not already apparent… I cannot stress enough the importance of bookkeeping. ACCURATE and CONSISTENT bookkeeping. Your books contain the data you need to make…
How You Say It Managing a business is all about effective communication. You need to be able to talk to the people you work with. More importantly, you need the people you work with to want to listen to you. You could be saying the most brilliant things anyone has ever heard, and it will not matter if no one wants to listen to what…
Recurring Complaints Whether it’s one of you reaching out to me or me reaching out to you, I hear the same complaint all the time. It is by far the most common complaint and frustration business owners report to me. They want to vent about how frustrating it is to deal with their finances. And they want to know if there is anything they can…
Unpleasant Surprises When I go over expenses with clients, they often wind up telling me that they are surprised to see an expense on their account. I’ll either hear “I thought I canceled that,” or worse, “I don’t know what that expense is.” The last thing you want is to find out you’re paying for something you don’t know about. If you don’t know about…
To implement the Profit First system with a new client, we have 4 initial meetings to get everything straight and everyone on the same page. We’ll go through our entire implementation process over the course of 4 blog posts. You’ll know how to implement Profit First for yourself. Bookkeeping Review Profit First is only as good as the bookkeeping history. To make the…
Grow Your Fitness Business Recently, I got a great opportunity. I was invited to do a guest spot on Kelly Coulter’s fantastic series Grow Your Fitness Business. Kelly is a phenomenal businesswoman who has been involved in online marketing and the fitness industry since the ’90s. She is THE name in Online Fitness Business Marketing. Her show is an invaluable resource for microgym owners. She…
Spotting Scammers There are a bunch of people running around out there calling themselves “financial gurus.” They claim to have magic secrets to maximize profits and get out of paying certain taxes. And a lot of these guys have fantastic pitches. They’re very well written and worded to make it sound like they are legitimate professionals who have stumbled upon something new. But when you…
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…
Running A Business Is Hard The hard truth about running a business is that you will be doing better in some quarters than others. Some quarters you will be bleeding money. When that happens, a good business owner knows it’s time to start making cuts and changes to stop the bleeding. Or, at the very least, reduce the bleeding so you can survive until a…
Let’s Get Organized Before you can make financial decisions, you have to understand your finances. Making smart decisions is about working with as much helpful information as you can. And making a choice to be profitable starts with making smart decisions. So let’s take a deep dive into understanding financials. Tool and Tricks Follow along on this video with me as I teach you…
Your Microgyms’s Future Putting Profit First means keeping one eye on the horizon. Failure to plan is, after all, planning to fail. Your business is going to grow. Tracking your current financials and using them to make meaningful predictions about that growth gives you an edge in staying profitable. Growth is Success Your goal as a microgym owner is GROWTH. That’s true for any business,…
A new chapter for Profit First We have some exciting news for all of you! On May 25th, the Profit First team added another book to our ever-expanding library of resources to help you scale your business and maximize your profits. Profit First proudly celebrates the launch of our community member Suzanne Mariga’s new book Profit First For Minority Business Enterprises. An interview you…
We are almost in the middle of 2021 and here in the US, Biden has just announced his tax package. That got me thinking… Especially now, with the deadline extension this year and all these ideas with tax are going on right now. I wanted to share with you some of the frustrations we have experienced and heard. Frustrated with filing your…
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…
The Great Debate DIY or Hire a Pro? It’s not a question just for those needing to repair something on the house or replace a car part, but for bookkeeping as well. In business terms, it’s inhouse vs outsource and it will never go away. If you’re not sure bookkeeping is all that necessary, read the previous blog post, Bookkeeping – Is it…
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….
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…
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…
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…
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….
Today, Chris joins us for a conversation on how to increase prices at your gym. Change can be scary. It is important that we are strategic and intentional about our price increases so that we can retain your members and continue to grow as a gym. We see a lot of the same mistakes. Between Chris and I’s combined years of working with gym…
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!…
Incite Tax & Accounting is a Certified Public Accountant (CPA) firm with offices in Draper, Utah. With over 10 years of experience handling business taxes for large and small Utah companies, Incite Tax is one of the most qualified business CPA firms in all of Utah. No matter your tax needs, Incite Tax is the firm for the job.
Incite Tax believes in sticking it to the IRS. If you’re looking to better your financial situation contact us!
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