We are dedicated to arming you with the financial information you need to make decisions.
I have a confession – I despise setting goals. I read somewhere that you should set goals beyond what you think you can achieve. And if you reach 70 or 80% of that measurable goal, you’ve succeeded. HUH? In my brain, that means I am constantly striving for the unattainable or I haven’t pushed myself enough. Why would I want to run a race I cannot win? Consequently, goal-setting has always felt like pie-in-sky wish-setting. Recently, I was listening to a podcast by one of my favorite authors, Hal Elrod, and had a eureka-moment about this very subject. Geoff Woods, the vice president of The ONE Thing was his guest. Goeff states that: Most people think that the only reason to set a goal is to achieve a desired result. Yep – I’m right there. But, then he had this to say: “The purpose of a goal should be a dictator of your actions. They should inform the person you can become so you can earn the right to achieve those types of results. And this goes hand in hand with the biggest mistakes. Most people, because they believe that the purpose of a goal is to achieve a result, Continue Reading »
“what you think about, you bring about” and “our thoughts create our reality” and that “what someone says or does has nothing to do with you, and everything to do with them”. When they were growing up, I felt it was important that they have respect and kindness toward others, no matter what. I still do. Teaching good manners was huge too. They love to call me the “manners Nazi” because chewing with your mouth open, elbows on the table, or slouching are just bad form. Not sure if using the term “Nazi” in this way is considered acceptable anymore, but you get my meaning. I’m visiting my son this week, and it got me thinking about the advice I would give my adult children. Bar none, hands down, no competition it would be: “Do the Profit First cash management method and stick to it like glue!” It may not sound like the kind of advice you would keep forwarding around on a fancy graphic over social media, or have an epiphany about while on some spiritual vision quest. But having a profitable business is exactly the kind of vision we hold for ourselves! Life is SO MUCH BETTER when Continue Reading »
Managing your own accounting incorrectly can hurt your business now and in the long-term. Bookkeeping is by far one of the most important aspects of starting and operating a successful company. While it’s easy to get caught up in glamorous tasks like designing your website or choosing a logo, you will not survive without a solid understanding of the numbers. The streets of entrepreneurship are littered with former business owners who ignored the financials and discovered too late that they were operating at a loss, not a profit. Don’t just think about hiring a bookkeeper. Think about hiring a bookkeeper who will guide you so you can take your Profit First. For those of you stuck just thinking about the hiring aspect, you may want to pay attention to what Eileen P. Gunn from Entrepreneur has to say. “Entrepreneurs who hire accounting help usually discover they weren’t doing nearly as well on their own as they thought they were.” Among other things, a great bookkeeper and Profit First Professional combo, will know when you should be setting money aside for the slow months. The subheading of Gunn’s article also hits the nail right on the head: “When QuickBooks takes you Continue Reading »
We’re on a mission to help you improve your cash flow. To succeed, we really need to get you thinking and dealing with your numbers, proactively. Can you do this? Of course you can! Positive cash flow is the ultimate encouragement for business owners to look at their money and be excited about how well everything is going. The reverse, however, has quite the opposite effect. When cash flow is down or “not good,” we’re in a state of pain. It’s stressful and uncomfortable to even think about looking at the numbers. Conquering your numbers anxiety when cash flow is down will save you a lot of grief in the long run. Why? Because awareness allows for better decision making and brings about the change in your business that will fuel your activities with less or no pain going forward. Would you agree with the following statement? The more familiar I am with something, the easier it is to deal with. …We thought you might, so here are a few ways to both stay familiar with your numbers and experience positive cash flow more often, if not all the time. 1. Separate your profit from your operating funds, and manage Continue Reading »