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004: Eight Mistakes People Make When They're Implementing Profit First
Are you someone who is passionate about the success of your business but need help seeing a return on investment? Maybe it’s time to give Profit First a try.
In this episode of Profit First for Tradies, we talk about the eight mistakes people make when implementing Profit First. We discuss how to avoid these mistakes and what you can do to make your business more sustainable and profitable.
Profit First is an innovative approach that turns traditional business accounting on its head by shifting your focus from simply maintaining books to building profitability through actionable strategies.
This technique turns how we think about our financials upside down; instead of worrying about revenue first and then using what’s left to pay yourself (or cope with surprise expenses), Profit First gets profit out in front so that the well-being of your business isn't sacrificed on the altar of cash flow crunching.
In this episode of the Profit First for Tradies, you’ll learn the following:
Gain greater clarity into your true financial performance and have more control over profits with this methodically proven system that uses simple workflow tactics to help businesses achieve their goals. Listen to this episode to discover what you should not do when implementing Profit First.
If you haven’t listened to our previous episode about why bookkeeping is important for your business, go back and check out Episode 003.
QUOTES
“We need to start where we are.” -Katie Crismale-Marshall
“Don't go too hard too soon. Don't do too much too soon.” -Katie Crismale-Marshall
“If growth in your business is your goal, do it in a sustainable and profitable way.” -Katie Crismale-Marshall
Resources
CONNECT WITH KATIE CRISMALE-MARSHALL
In this episode of Profit First for Tradies, we talk about the eight mistakes people make when implementing Profit First. We discuss how to avoid these mistakes and what you can do to make your business more sustainable and profitable.
Profit First is an innovative approach that turns traditional business accounting on its head by shifting your focus from simply maintaining books to building profitability through actionable strategies.
This technique turns how we think about our financials upside down; instead of worrying about revenue first and then using what’s left to pay yourself (or cope with surprise expenses), Profit First gets profit out in front so that the well-being of your business isn't sacrificed on the altar of cash flow crunching.
In this episode of the Profit First for Tradies, you’ll learn the following:
- Is going out alone a good thing? (01:00)
- The importance of a slow and steady start (02:05)
- How to grow your business in a profitable way (03:07)
- What costs should you cut? (04:14)
- How plowing back and reinvesting can damage your business (05:51)
- Why you should not write your tax account (07:08)
- How to not make things complicated (08:20)
- The must-have bank accounts for your business (09:04)
Gain greater clarity into your true financial performance and have more control over profits with this methodically proven system that uses simple workflow tactics to help businesses achieve their goals. Listen to this episode to discover what you should not do when implementing Profit First.
If you haven’t listened to our previous episode about why bookkeeping is important for your business, go back and check out Episode 003.
QUOTES
“We need to start where we are.” -Katie Crismale-Marshall
“Don't go too hard too soon. Don't do too much too soon.” -Katie Crismale-Marshall
“If growth in your business is your goal, do it in a sustainable and profitable way.” -Katie Crismale-Marshall
Resources
- Get your copy of Profit First for Tradies HERE
- Join the Profit First for Tradies Facebook Group
CONNECT WITH KATIE CRISMALE-MARSHALL
- Website: https://www.profitfirstfortradies.com.au/
- YouTube: https://www.youtube.com/@profitfirstfortradies9503/featured
- Facebook: https://www.facebook.com/ProfitFirstforTradies/
View all episodes
By Katie Crismale-MarshallAre you someone who is passionate about the success of your business but need help seeing a return on investment? Maybe it’s time to give Profit First a try.
In this episode of Profit First for Tradies, we talk about the eight mistakes people make when implementing Profit First. We discuss how to avoid these mistakes and what you can do to make your business more sustainable and profitable.
Profit First is an innovative approach that turns traditional business accounting on its head by shifting your focus from simply maintaining books to building profitability through actionable strategies.
This technique turns how we think about our financials upside down; instead of worrying about revenue first and then using what’s left to pay yourself (or cope with surprise expenses), Profit First gets profit out in front so that the well-being of your business isn't sacrificed on the altar of cash flow crunching.
In this episode of the Profit First for Tradies, you’ll learn the following:
Gain greater clarity into your true financial performance and have more control over profits with this methodically proven system that uses simple workflow tactics to help businesses achieve their goals. Listen to this episode to discover what you should not do when implementing Profit First.
If you haven’t listened to our previous episode about why bookkeeping is important for your business, go back and check out Episode 003.
QUOTES
“We need to start where we are.” -Katie Crismale-Marshall
“Don't go too hard too soon. Don't do too much too soon.” -Katie Crismale-Marshall
“If growth in your business is your goal, do it in a sustainable and profitable way.” -Katie Crismale-Marshall
Resources
CONNECT WITH KATIE CRISMALE-MARSHALL
In this episode of Profit First for Tradies, we talk about the eight mistakes people make when implementing Profit First. We discuss how to avoid these mistakes and what you can do to make your business more sustainable and profitable.
Profit First is an innovative approach that turns traditional business accounting on its head by shifting your focus from simply maintaining books to building profitability through actionable strategies.
This technique turns how we think about our financials upside down; instead of worrying about revenue first and then using what’s left to pay yourself (or cope with surprise expenses), Profit First gets profit out in front so that the well-being of your business isn't sacrificed on the altar of cash flow crunching.
In this episode of the Profit First for Tradies, you’ll learn the following:
- Is going out alone a good thing? (01:00)
- The importance of a slow and steady start (02:05)
- How to grow your business in a profitable way (03:07)
- What costs should you cut? (04:14)
- How plowing back and reinvesting can damage your business (05:51)
- Why you should not write your tax account (07:08)
- How to not make things complicated (08:20)
- The must-have bank accounts for your business (09:04)
Gain greater clarity into your true financial performance and have more control over profits with this methodically proven system that uses simple workflow tactics to help businesses achieve their goals. Listen to this episode to discover what you should not do when implementing Profit First.
If you haven’t listened to our previous episode about why bookkeeping is important for your business, go back and check out Episode 003.
QUOTES
“We need to start where we are.” -Katie Crismale-Marshall
“Don't go too hard too soon. Don't do too much too soon.” -Katie Crismale-Marshall
“If growth in your business is your goal, do it in a sustainable and profitable way.” -Katie Crismale-Marshall
Resources
- Get your copy of Profit First for Tradies HERE
- Join the Profit First for Tradies Facebook Group
CONNECT WITH KATIE CRISMALE-MARSHALL
- Website: https://www.profitfirstfortradies.com.au/
- YouTube: https://www.youtube.com/@profitfirstfortradies9503/featured
- Facebook: https://www.facebook.com/ProfitFirstforTradies/
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