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Profit First!

Profit First: Finding the Rhythm of Your Cash Flow

By | Business 101, Cash Flow, CEO Mindset, Profit First | One Comment

There is a certain rhythm with money, it flows in and flows out. I have witnessed that most of the time businesses look at or deal with only one side of that flow. Either chasing the six or seven figure revenue number or focusing on how fast the money is flowing out and the lack it creates. Rarely do the two focuses intertwine. Ignoring the money rhythm can result in business failure. Here are a few steps to help find that rhythm and keep it it pulsing. Step 1 – Follow a Process To find the rhythm, create and follow…

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Profit First!

Profit First: The Small Plates Principal

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

In Profit First, Mike Michalowicz compares creating new money habits with phrases more commonly found in the diet industry. Profit First has four core principles, the first one is “small plates”. Thanks to many of our loving moms, we learned early on to eat everything that was on our plates. What we didn’t learn, was if the plate was smaller our angst over eating boiled Brussels sprouts would have been greatly reduced. Yuck! The key to this principle pulls from Parkinson’s Law (to read more on this, here is an earlier blog post), which states that work will expand to…

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Profit First: It’s Quarterly Distribution Time

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

My journey into business ownership resembles many of the business owners I have worked with since 2001: we all rocked a certain skill set that others could benefit from and we decided being our own boss was better than working for “the man”. Most of us didn’t have any business training or MBA’s, no mentor/coach, and definitely no direction on how to create a successful financially sound business. For me, business ownership has been a long journey that took many paths and in 2014 I found the catalyst: that thing or moment that brings your journey and education together into…

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Profit First!

Profit First: Parkinson’s Law

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

I must give kudos and credit to my coach, Tina Forsyth, for introducing me to the book, Profit First.  I found it easy to connect with author Mike Michalowicz’s message: simplify the accounting process, add in some mindset shifts, with the end result bringing the financial focus back to profit and how your business supports you first.  This is not some new magic formula. There are no special tools required.  Profit First just takes a slight spin on what you and I already knew.  It was brilliant.  So brilliant, it dramatically enforced the coaching I was implementing, and it was…

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