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Profit First

Sales - Profit = Expenses

If you are just getting started or if you are struggling with your business figures, there is so much Profit First can do for you.
It starts with the incredible concept of paying yourself first – how exciting is that? Admit it, you want to know more…

 

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

 

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

 

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!

 

RESOURCES

Instant Assessment

Download the Profit First Instant Assessment form here.  You can use this as a guide to help you determine your Current Allocation Percentages and your Target Percentanges.

Profit First Book

Download the first two chapters of the Profit First book by Mike Michalowicz.

Business Health Check

A Quick Business Health Check