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…
If you have ever looked at your tax return or profit and loss statements, you will see this formula played out, as that is just the natural order of those statements.
That right there though, is our problem. Profit is looked at as an afterthought. It gives us this sense that we can not control our profit.
By allowing that to be the mindset we have about our profits, it is as if we are telling ourselves “I sure hope there is profit left over after all these expenses we have taken on”. Like it is completely out of our control.
Basically, the Profit First Flip is going to take that equation and flip it. You are not changing any of the values or the components. You are merely looking at them from a different angle.
Let’s do a little rearranging and instead look at it as…
Profit now becomes something that we control.
We are able to look at what money we have left over and see what we are able to invest in. Honestly, it may be the best thing you ever had done for yourself, your gym, and your finances. You would be surprised how creative we can become when we have limited resources.
Check out my tip video on the Profit First Flip, to hear more.
In my book, Profit First For Microgyms, I share several examples of what making just a simple shift in thinking, can do for you and the success of your gym.
Ready to learn how to begin implementing the Profit First system in YOUR gym?
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I share daily tips and advice not only for Microgym owners but for all of us being bullied by the IRS.
If you’re wanting a Tax Genius to take a look at your situation to see if you are saving that maximum amount possible, head over here and we’ll take care of you.