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026: Effective Profit Distribution For Your Tradie Business
A Profit distribution in Profit First happens every quarter from our profit account. This is your reward for taking the risk of being the business owner.
In this episode of Profit First For Tradies, we explore the intricacies of profit distribution. We will talk about when to start using your profit account and how and when to do a profit distribution.
Profit distribution is a critical aspect of any business's financial management strategy. It involves determining how to allocate the profits generated by the business among various stakeholders, including owners, investors, and employees.
It's important to note that profit distribution has different purposes at different stages of your business. If you have debt then using the majority of your profit account each quarter to make a lump sum payment to your debt will help you get out of debt sooner. You may want to use some of your profit distribution to help you build your buffer accounts quicker. The one rule for the profit distribution is that your always take some for yourself as your reward as the business owner
Whether you are a business owner or entrepreneur looking to implement Profit First in your business and improve your financial situation, this episode provides a comprehensive overview.
In this episode of the Profit First for Tradies, you’ll learn the following:
What is profit distribution? (00:00)
Using Profit First in your business and taking your profit first is key to ensuring you are building a permanently profitable business.
If you haven’t listened to our previous episode about Beyond the Balance Sheet: Insights into the End of the Financial Year check out Episode 025.
QUOTES
“Every quarter is a game changer not only for your personal life but also for the business.” -Katie Crismale-Marshall
“We need to do something to make a change in your business.” -Katie Crismale-Marshall
Resources
CONNECT WITH KATIE CRISMALE-MARSHALL
In this episode of Profit First For Tradies, we explore the intricacies of profit distribution. We will talk about when to start using your profit account and how and when to do a profit distribution.
Profit distribution is a critical aspect of any business's financial management strategy. It involves determining how to allocate the profits generated by the business among various stakeholders, including owners, investors, and employees.
It's important to note that profit distribution has different purposes at different stages of your business. If you have debt then using the majority of your profit account each quarter to make a lump sum payment to your debt will help you get out of debt sooner. You may want to use some of your profit distribution to help you build your buffer accounts quicker. The one rule for the profit distribution is that your always take some for yourself as your reward as the business owner
Whether you are a business owner or entrepreneur looking to implement Profit First in your business and improve your financial situation, this episode provides a comprehensive overview.
In this episode of the Profit First for Tradies, you’ll learn the following:
What is profit distribution? (00:00)
- How to implement profit first in your business (02:13)
- Is taking money out of your business a good thing? (03:42)
- Profit distribution - how to implement it in your business (05:00)
- The importance of working with a specialist (06:37)
Using Profit First in your business and taking your profit first is key to ensuring you are building a permanently profitable business.
If you haven’t listened to our previous episode about Beyond the Balance Sheet: Insights into the End of the Financial Year check out Episode 025.
QUOTES
“Every quarter is a game changer not only for your personal life but also for the business.” -Katie Crismale-Marshall
“We need to do something to make a change in your business.” -Katie Crismale-Marshall
Resources
- Profit First for Tradies
- Profit First Professionals
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-MarshallA Profit distribution in Profit First happens every quarter from our profit account. This is your reward for taking the risk of being the business owner.
In this episode of Profit First For Tradies, we explore the intricacies of profit distribution. We will talk about when to start using your profit account and how and when to do a profit distribution.
Profit distribution is a critical aspect of any business's financial management strategy. It involves determining how to allocate the profits generated by the business among various stakeholders, including owners, investors, and employees.
It's important to note that profit distribution has different purposes at different stages of your business. If you have debt then using the majority of your profit account each quarter to make a lump sum payment to your debt will help you get out of debt sooner. You may want to use some of your profit distribution to help you build your buffer accounts quicker. The one rule for the profit distribution is that your always take some for yourself as your reward as the business owner
Whether you are a business owner or entrepreneur looking to implement Profit First in your business and improve your financial situation, this episode provides a comprehensive overview.
In this episode of the Profit First for Tradies, you’ll learn the following:
What is profit distribution? (00:00)
Using Profit First in your business and taking your profit first is key to ensuring you are building a permanently profitable business.
If you haven’t listened to our previous episode about Beyond the Balance Sheet: Insights into the End of the Financial Year check out Episode 025.
QUOTES
“Every quarter is a game changer not only for your personal life but also for the business.” -Katie Crismale-Marshall
“We need to do something to make a change in your business.” -Katie Crismale-Marshall
Resources
CONNECT WITH KATIE CRISMALE-MARSHALL
In this episode of Profit First For Tradies, we explore the intricacies of profit distribution. We will talk about when to start using your profit account and how and when to do a profit distribution.
Profit distribution is a critical aspect of any business's financial management strategy. It involves determining how to allocate the profits generated by the business among various stakeholders, including owners, investors, and employees.
It's important to note that profit distribution has different purposes at different stages of your business. If you have debt then using the majority of your profit account each quarter to make a lump sum payment to your debt will help you get out of debt sooner. You may want to use some of your profit distribution to help you build your buffer accounts quicker. The one rule for the profit distribution is that your always take some for yourself as your reward as the business owner
Whether you are a business owner or entrepreneur looking to implement Profit First in your business and improve your financial situation, this episode provides a comprehensive overview.
In this episode of the Profit First for Tradies, you’ll learn the following:
What is profit distribution? (00:00)
- How to implement profit first in your business (02:13)
- Is taking money out of your business a good thing? (03:42)
- Profit distribution - how to implement it in your business (05:00)
- The importance of working with a specialist (06:37)
Using Profit First in your business and taking your profit first is key to ensuring you are building a permanently profitable business.
If you haven’t listened to our previous episode about Beyond the Balance Sheet: Insights into the End of the Financial Year check out Episode 025.
QUOTES
“Every quarter is a game changer not only for your personal life but also for the business.” -Katie Crismale-Marshall
“We need to do something to make a change in your business.” -Katie Crismale-Marshall
Resources
- Profit First for Tradies
- Profit First Professionals
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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