Profit First

Moving Through the Sticky Parts

By | Business 101, CEO Mindset, Profit First | No Comments

Do you ever have a moment where you have a strong intention to do something, the skill, the understanding, but then things start to get sticky? You find roadblocks in odd places or you discover it was just a bit harder than you originally thought? That is what happened to me in the last couple of weeks as I recorded five implementation videos for the Profit First system. I was surprised to find the experience more rough than I imagined and I almost got stuck in areas I wasn’t expecting. This wasn’t my first video rodeo, being that I already…

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Is Medusa Creating the Paralyzing Fear You Have About Money?

By | Accounting 101, Bookkeeping 101, Business 101, Cash Flow, CEO Mindset, Profit First | No Comments

A good tool makes every journey a little easier. That is the same for our heroine’s money journey. As we will learn, planning is an important stage for our heroine and is the key to slaying the paralytic fear often created by the black and white of our numbers and their Medusa stare. The Story As our fable continues from last week, our heroine extends her money journey into the land of cash planning. A land that our heroine has been told is ruled by a creature known as Medusa. Greek Legend tells us that by looking straight into the…

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Fable Time: What if You Exchanged Money and Chocolate?

By | Accounting 101, Cash Flow, CEO Mindset, Profit First | No Comments

Let’s create a little Fable where Money isn’t, well, the current currency. Let’s take a trip into a mind-bending fable today. I want you to dig deep into your inner trick or treater, and imagine… what if in our reality, candy was the form of currency and exchange? Do you remember when you traded your Halloween haul – like licorice for a Hershey’s or two KitKat bars … but let’s get more specific … What if Chocolate were Money? (A Modern Day Money Fable) Once upon a time, our heroine of this story would jump out of bed every day, excited and ready…

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Your Natural Tendencies is the First Stop on the Habit Train

By | Business 101, Cash Flow, CEO Mindset, Profit First | No Comments

While working with customers as they implement their own version of the Profit First system (an intentional cash flow system), the one thing that pops up is the perfectionist tendencies that kick in as we change their money habits. What I found was that just outlining a new habit process was not enough. Habits and Implementation of Profit First When a business owner chooses to work with the Profit First system, we basically tackle a bundle of habit changes. We change how money comes in, goes out, gets prioritized, and even spent. We create a habit around how we use…

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A Money Story with Monsters, Magic, and Mindset

By | Accounting 101, Business 101, CEO Mindset, Profit First | 2 Comments

Monsters, Magic, and Mindset: A Money Story Sit back, I’m going to share a little story with you. A “once upon a time” kind of fable – full of mindset trolls and ego vampires. But don’t worry, the heroine prevails – with a sprinkling of magical dust that contains clarity and awareness! I’ll share the lesson learned (like every good fable, the lesson is the key) and even give you a peek into the origin of this not-really-a-fairy-tale. The Story A business coach was working with a business owner on pulling together the black and white of their accounting data to…

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Stop the Money Leaks in Your Business to Create More Profit

By | Accounting 101, AskConnie, Bookkeeping 101, Cash Flow, CEO Mindset, Profit First | No Comments

This month’s “Ask Connie series” question about Profit First even stopped ME in my tracks. Hint: this is often where a third party, one that isn’t emotionally attached to your business, makes for a helpful profit ally.. The Question: But I can’t even see how to cut my expenses – what’s your advice? Review your expenses In my last blog post we focused on how to increase our owner’s pay. As I mentioned, one of the fastest way to increase funds to pay yourself is going to come directly from the expenses your business is paying. Here are some items…

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Time to Celebrate and Take in the View at 500′

By | Accounting 101, Bookkeeping 101, Business 101, Profit First | No Comments

As we celebrate the end of 2nd quarter and get ready to calculate our Profit Distributions, it also signals time to pause and relook at our plans for the rest of the year. A chance to review our annual goals, our TAPs (intentional money use target allocations), and to give our plan that 500 foot level review. A mid-year review can be empowering and here is how I walk myself and my clients through the process. Profit First Celebration & Review Before we celebrate just a little administrative housekeeping. So let’s make sure everything has been accounted for: Close out…

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Q&A Time: How to Maximize Owner’s Pay using Profit First

By | Accounting 101, Bookkeeping 101, Business 101, Cash Flow, Profit First | No Comments

For our Ask Connie series, this month our question involves using the Profit First system and paying ourselves from the Owner’s Pay account. How to maximize the amount; address how/when to pay; and why we might “steal” during the month. The Question If I am transferring money to my personal account more than twice a month, should I up my owner pay percent instead until the business is bringing in more? I admit that I am much more disciplined in my business spending than personal. I feel like “cheating” between “pay days” actually keeps me taking less than I would…

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Time to Focus on What Happens When You Add Accountability

By | Business 101, CEO Mindset, Profit First | No Comments

You’ve set an intention for financial freedom and started to implement and use the Profit First plan, and then you were derailed. This post is going to talk about how accountability is a key step in the process to keep us focused and on task of reaching our financial freedom goal. Reminder Profit First Process In an earlier post I shared the basic steps (you can read the full post, here): Create smaller buckets, set-up the basic 5 accounts Adjust your accounting tool and process to be timely, accurate, and useable Establish your Target Allocation Percentages (TAPs) and transfer funds…

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What Happened When I Learned the Significance of a Paycheck

By | Accounting 101, Business 101, Cash Flow, CEO Mindset, Profit First | No Comments

In today’s post, I’m going to dive into a lesson involving energy intention, focus, and what it means to truly prioritize yourself – especially when it comes to your own paycheck. Problem Identified: I prioritized debt before myself The problem in a nutshell, there is energy in what you spend your money ON and spend your time thinking ABOUT. By prioritizing debt, you create more debt. I know that is super crazy weird and when I tell you, just believe me – you probably won’t. The best I can do here is share my actual story with you.  Perhaps, just maybe, you…

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