Many tradespeople don't receive proper financial education and struggle when things go wrong with cashflow or debt, and this is often not their fault entirlly. So how can you get out of situations like this and finally be able to see the light at the end of the tunnel?
In this episode of Profit First For Tradies, we dive deep into crafting a profitable future - tradies, bankruptcy, and the power of Profit First.
Entrepreneurs believe that when they're buried deep into significant debt or cashflow problems, there's no more room to implement Profit First. However, this is the perfect time to use Profit First as it helps identify the weak spots in your finance so you can customise and ultimately take steps to improve.
Profit First is more than just putting money in a separate account. It's a process of listening to what the system tells you about your business and making changes accordingly. 
Certified Profit First professionals can provide customised guidance to get your finances on track. The key is to work with the right person to help educate you on you business finances - you don't need to be an expert but you do need to work with one to get started.
In this episode of the Profit First for Tradies, you’ll learn the following:

• The common thread for struggling regular business owners (01:39)
• The importance of educating clients (03:15)
• The value of having a good financial team (05:29)
• The customisation of Profit First (09:35)
• Three steps you can do to steer clear of unwanted business situations (11:32)
  
  

Facing financial distress is indeed overwhelming, but with the right knowledge, systems, and support, it's possible to turn around even the major challenges.

If you haven’t listened to our previous episode about Breaking the Myth- Profit First is NOT Just for the Profitable, check out Episode 033. 

QUOTES

"Whatever the goal is, your entire financial team should be  communicating to each other about what each of us needs to do, because we have different roles in the process and how we can help you achieve your goal." -Katie Crismale-Marshall  


 "It's never as bad as it seems. But if you don't put your hand up and say 'Hey, I'm not sure where to next.' It's never ever going to change." -Katie Crismale-Marshall  



Resources

• Profit First for Tradies
• Profit First for Tradies: Transform your business from a cash eating monster to a money making machine

CONNECT WITH KATIE CRISMALE-MARSHALL

• Email: [email protected]
• Website: https://www.profitfirstfortradies.com.au/ 
• YouTube:https://www.youtube.com/@profitfirstfortradies9503/featured  

Facebook: https://www.facebook.com/ProfitFirstforTradies/