My business is a brand new startup. When should I implement
There is no wrong time to implement Profit First. If you are new, we’ll give you the bookkeeping foundation you need to drive profitability into your business. If you are an established business, we’ll simply implement a few changes in your cash management and start increasing your profitability from day one.
My business is in debt. Can I be profitable before I pay off
all my debt?
It’s simple – the only way to pay off debt (which is just past expenses that you haven’t paid for yet) is to be profitable. You must currently make more than you are currently spending, so that you have current profits. Then you use those profits to pay off your debt (past expenses).
Managing more bank accounts equals more time and
more work – right?
The time required to oversee and reconcile multiple accounts for Profit First is negligible, and possibly even more efficient than one using just one account.
With Profit First, you reconcile the deposits and periodic transfers from the Income account. All expenses and payment come from the OpEx account. All the other accounts are typically a single transfer in on the 10th and another on the 25th, and a single transfer out at those times. You will see Profit First benefits instantly by knowing what money is allocated to what purpose and how this profoundly affects the financial health of your business.
Why can’t I just read the book and obtain the same results?
Let’s be honest, changing habits can be hard. This is why you are even looking at the Profit First method; because you need to change. This is why working with a certified Profit First Professional is so essential. We work to change your habits and remove temptations to work around the solution rather than within it. You can keep operating in the same manner…and end up in the same place month after month or you can partner with Strategic Profit Solutions and finally put Profits First.