Skip to main content

Why I’m Grateful for Profit First

By December 7, 2021December 16th, 2021Cash Management, Microgyms, Profit First

In the spirit of the season, I was thinking about all the things I’m grateful for. Of course my family, friends, and health are at the top of the list, but something else… I’m extremely grateful for Profit First.

 

Poor cash flow management can be a source of extreme frustration and stress. When I first started Incite, I was always worried about money.

 

How am I going to pay these large annual expenses?

 

What if I need to purchase more equipment?

 

Why are my employees taking home more money than I am when I’m the one taking the risks?

 

One day someone introduced me to “The Pumpkin Plan” by Mike Michalowicz, which I’m also grateful for because it led to my passion for helping gym owners keep their gyms in business.

 

And this, in turn led me to Mike’s other book, “Profit First.”

 

I’ll admit when I first started reading Profit First, I was thinking, “Oh my gosh! This is great. My clients need this!” I was too dumb to realize how much I needed it.

 

But eventually, after finishing the book and speaking with some Profit First professionals I started thinking I should probably look into this for myself.

 

The Profit First system has been a complete game changer for me!

 

I never liked the traditional budget practices. It seemed like an unnecessary stress to look at the past 12 months and figure out an average of how much was spent.

 

The Profit First system is a simple system based on percentages. Instead of looking backwards, Profit First is a proactive system of allocating your funds for the future. Any business in any industry can implement the system.

 

After switching to the Profit First system my accounting company started to thrive. Not only was I able to pay myself more, I was also able to set up a Team Member account for my team members. When I want to reward my team with an afternoon of Go-Kart racing or a family day of snow tubing, I just take the money out of the Team Member account.

 

Before Profit First the money would have just sat in my expense account, not really knowing whether it would be used for payroll or rent. Now I know using that money won’t affect payroll, or taxes, or daily operating expenses, because each of those are separate accounts with money allocated to them for only those specific purposes. With the Profit First system, if there’s money in the Team Member account then it’s designated to my team.

 

Now my team is happy because they feel appreciated.

 

I’m happy because my team is helping the company grow.

 

And my family is happy because I’m spending more time with them instead of stressing over money.

 

The simple fact is, the Profit Fist System works, and I’m grateful for it.

 

I’ve never met anyone who has implemented the Profit First system properly who hasn’t succeeded.

 

For example, last year hundreds of gyms shut down, either because their state government forced the closure, or because they didn’t have the cash flow to keep the doors open during the pandemic.

 

Every single one of our gym owner clients who had implemented Profit First before the pandemic hit are still open. Not to say it was smooth sailing for all of them, but they had cash set aside that could be reallocated during the emergency to keep them running lean.

 

I think that speaks for itself.

 

I created some self-study courses designed specifically for small gyms to implement Profit First on their own.

 

If you go to Profit First for Microgyms/cash, we have those at-home study courses that walk you through it so you can set it up yourself. The courses cover everything from Cash Flow Analysis to Debt Annihilation Strategy, and Pitfalls to Avoid.

 

I know that not everyone wants to hire our firm to help them implement Profit First. But I do think that everyone should have the Profit First system running in their business.

 

We help ALL business owners implement Profit First. It doesn’t matter what industry you’re in or how big or small your business is. We will customize the system to work with you. Schedule with a professional to see how we can implement Profit First for your specific business.

 

I’m so grateful for Profit First and what it has done for me and my business. I want everyone to take advantage of the beauty and simplicity of what it can do for you.

If you’re a small gym, take advantage of the courses that were created for your unique business. Click the button and choose the one that’s the best fit for you.

 

 

Follow us on…

Facebook

LinkedIn

Instagram

Twitter

YouTube

Leave a Reply