“How To Manage Your Business Cash So You Make A Profit From Your Very First Sale”
Did you know…
Per Semrush.com, up to 66% of small businesses face financial challenges (https://www.semrush.com/blog/small-business-stats/)
According to CBInsights.com, up to 29% of new businesses reportedly failed because they ran out of cash (https://www.cbinsights.com/research/startup-failure-reasons-top/)
In short, managing your finances is critical to your success—now more than ever—as business leaders and entrepreneurs seek to earn income for themselves and their employees, as well as increase their hard-earned profits.
Collaboration with Online Business Lift-Off, Tracy Sellers, Profit Consultant, will give you the tools you need to get off on the right foot whether you’re running a $10,000pa or $10,000,000pa business. Tracy helps business-minded leaders create a steady stream of income that helps set them up for financial success.
We will share our Profit First Instant Assessment tool with you during the masterclass. This is a simple yet powerful and effective tool that will calculate your profits in an instant.
Now is the perfect time to boost your business profits! Register now to reserve your spot today! https://onlinebusinessliftoff.com/masterclass-TracyS
Profit First Course
How to Implement Profit First in your Business
What is a Profit First Professional?
A certified Profit First Professional is part of an international network of Accountants, Bookkeepers and Coaches who have been trained to help your business become more profitable.
Mike Michalowicz
Author of Profit First and Director of Profit First Professionals
PROFIT FIRST FAQs
More Bank Accounts result in a lot more bookkeeping work?
The additional bookkeeping time required to manage and reconcile multiple accounts for Profit First is negligible, and possibly even more efficient than using just one account. With Profit First, you simply need to reconcile the deposits and periodic transfers from the Income account. All expenses and payments come from the OpEx account. All the other accounts are generally only a handful of transfer transactions each month.
I take a Salary from payroll, do I still need an Owner's Comp account?
Yes. You will transfer the money from the Owner's Comp to the Payroll or OpEx account each pay day. The purpose is to always be able to instantly see what money the company is allocating to Owner's Comp (and the other accounts) when you look at your bank balances.
My business has debt. I can't be profitable until I pay off all my debt.
Wrong. In fact, the only way to pay off debt (which is simply past expenses that you haven't paid for yet) is to be profitable. You must make more money than you are currently spending in order to have current profits. You then use those profits to pay off your debt (past expenses).
Can I implement the Profit First system before my business is profitable?
If your business is not profitable, you need to implement Profit First right away! Implementing Profit First forces profitability rather than waiting for it. Start with low allocation percentages - like 1% to Profit and Tax - but get started NOW!
Our Packages
Profit First Assessment
Historical review of your financial trends covering up to 3 years of financial information
Categorisation of historical Profit, Owners Pay, Tax & Operating Expenses
Determination of Target Allocation Percentages (TAPs)
Determination of Current Allocation Percentages (CAPs)
High level plan for changing CAPs towards TAPs over 4-8 Quarters
High level analysis of current situation to identify areas to be addressed
One on one session via Zoom to discuss findings.
Premium Profit First Support Package
Profit First Planning Session – providing an in-depth plan for implementing Profit First in your business. This plan will then be used as the basis of the ongoing Mentoring and Support packages
2 x 1 hour zoom sessions per month for the first three months (this is typically the time most support is needed)
1 x 1 hour zoom session for month for the next three months (you will be feeling more comfortable with the process by this time)
Debt Elimination Plan and Monthly Review
Email support between sessions – 1 business day turnaround reply time
Standard Profit First Support Package
Profit First Planning Session – providing an in-depth plan for implementing Profit First in your business. This plan will then be used as the basis of the ongoing Mentoring and Support packages
1 x 1 hour zoom session per month for six months
Debt Elimination Plan and Quarterly Review
Email support between sessions – 3 business day turnaround reply time
Bonus – Complimentary online access to the Profit First DIY Quick Start Rocket Launch Program
Base Profit First Support Package
1 x 30 minute kick off zoom session on commencement of program
1 x 45 minute check in zoom session per quarter over six month period
Debt Elimination Plan
Email support between sessions – 5 business day turnaround reply time
Bonus – Complimentary online access to the Profit First DIY Quick Start Rocket Launch Program