LEG: A Profit First Principle

By Profit FirstNo Comments
I bet you are curious what you leg has to do with your gyms profits.   LEG or "Length of Engagement" is tracking the average length of engagement for your members.   This can be easily tracked in your CRM by taking the current date and subtracting their starting date, this will give you the total number. Then you can take these numbers together to...
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January 3, 2020
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2019 Tax Planning Strategies to Save During Tax Time

By Business, Tax Strategy, TaxesNo Comments

Tax Planning Strategies You Should Consider before the year is up We know how you like the quick and dirty versions, so we won’t be long winded or technical. Here are a few things to consider when planning to take advantage of the tax code. Deferring Income – In the simplest of explanations, this is postponing income until next year.  Maybe that means asking that…

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December 17, 2019
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PAYING DOWN DEBT… Let’s Talk About It

By Profit FirstNo Comments
I bet you are wondering by now how you will ever get to paying down debt with this method. With Profit First, we believe in having profit paid FIRST!   But, that does not mean that we ignore our debts. So, what do we mean and how do you do that?...   When money comes into the business, we recommend allocating it to things with...
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December 5, 2019
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The Profit First Flip

By Profit FirstNo Comments
Today, I wanted to take a minute to introduce you to the concept of the "Profit First Flip".   BUT… in order to understand the “flip”, you must first know what it is that we are “flipping”.    Take a look at the following formula... Sales-Expenses=Profit   If you have ever looked at your tax return or profit and loss statements, you will see this...
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November 29, 2019
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Let’s talk about PAYING YOUR BILLS!

By Profit FirstNo Comments
OK, so far I have talked a LOT about cash-flow and putting money into separate bank accounts for separate purposes.    I bet, by now you are wondering, "How do I pay bills?" Before using the Profit First System, I handled bills like most people. I would receive a bill, have the best of intentions to pay it right away, but as often tends to...
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November 22, 2019
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Reading Financial Statements

By Profit FirstNo Comments
Are you reading that right? When you pick up a book it is simple. There is words on a page that brings the content to life. Your accountant will always tell you to "read your statements" ... But what does that really even mean? Consider, when looking at your statements, the "story" that they are telling regarding the journey and health of your business. These...
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November 15, 2019
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Removing Temptations From Your Books!

By Profit FirstNo Comments
We have talked about reviewing your books... Now let’s chat about REMOVING TEMPTATIONS from your books! A Profit First principle we call, “Remove Temptations”, is the idea that if you’re running the Profit First system, there is a flow of cash.  You have income coming in and you have to allocate that into your other business accounts, right?    Twice a month, you’re moving money to...
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November 8, 2019
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Rhythm Days Make For Healthy Finances

By Profit FirstNo Comments
Let's talk RHYTHM DAYS!   What is a "Rhythm Day"?...   Now, as a white guy with absolutely no natural rhythm I am sure you are wondering what on EARTH I could possibly teach anyone about rhythm.   No, sadly I am not about to break out into some super cool dance moves.   What I am referring to when I say "Rhythm Days" is...
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November 1, 2019
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Reviewing Your Books!

By Profit FirstNo Comments
Are you ready to talk about reviewing your books? I know it is a topic most of us avoid until tax season rolls around, but I am here to change that. Have you taken a look at your books lately?... I am sure many of you are thinking "Of course not! Its not tax time yet is it? "   WRONG!   Today, we are...
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October 25, 2019
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The Benefit of Smaller Plates

By Profit FirstNo Comments
Ready to talk about using "Smaller Plates"?  Are you confused yet?   Allow me to clarify what is meant when we say "smaller plates", because no, I am not referring to meal planning or portion control.   In Mike Michalowicz's book "Profit First" as well as in my own book "Profit First For Microgyms", we discuss a study that was done on Americans regarding plate...
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October 18, 2019
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Understanding Travel Deductions

By Profit FirstNo Comments
Who doesn't love to travel? Especially the idea of writing it off as a business expense. If you are traveling often for your business it is imperative that you learn how to manage your travel deductions. Are you interested in learning more about how to claim your travel as a business expense? Today, in my newest tip video I go into more detail about managing...
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October 11, 2019
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