Articles
Your Guide to Taxes the Profit First Way
No one said taxes was fun but I, for one, am anxious to get mine done as soon as possible. Why’s that? Because I use the Profit First system and I have all the cash I need (and more!) saved to pay my taxes.
Take Action With Quarterly Profit Distributions
Our favorite time of year happens four times: at the end of each quarter. If you’re following Profit First, this is when you, as the business owner,...
Three Tasks to Include in Your Quarterly Financial Routine
Three months can fly by—especially in your business. It’s that time again for your Quarterly Financial Routine. You do have a quarterly financial...
Managing Your Business Finances with Multiple Bank Accounts
If you’ve struggled with managing your business finances, try using multiple bank accounts. It’s a new take on the old envelope system.
Managing Your Small Business to Success
There’s a lot that goes into small business success. But if you’re feeling overwhelmed, read on to find out some of the first things you need to do to build some structure into your business.
When Your Accountant Doesn’t Use Profit First
Here’s the thing though: Your accountant doesn’t actually have to be on board with you using Profit First. Because your accountant doesn’t actually balance your books for you and they aren’t creating your profit and loss statement or balance sheet–that’s your bookkeeper’s job.
Three Costly Accounting Mistakes to Avoid
Small business owners have a lot on their plates and accounting mistakes can happen. Time simply does not allow you to become an expert in all the...
Get Your Taxes in Order & Don’t Ask for an Extension
The 2022 calendar year is officially over, which means that tax season is upon us. It’s time to start getting organized so you don’t have to ask for an extension on your taxes.
How a Profit Coach Can Change Your Business
Once your business is running and you’ve started bringing in regular revenue, have you considered the benefits of a profit coach? A profit coach can truly change the health and sustainability of your business, something we’ve seen with so many of our clients over the years.
3 Priorities for Your Best Year Yet
Want to have your best year yet in your wellness business? You need to focus on these three priorities.
Setting Your 2023 Financial Goals
Setting financial goals is incredibly helpful so you have something to strive for, but setting the right goals is vital.
Why You Need to Change Your Profit First Allocations and How to Do It
If you’ve been using the Profit First system for a while, it might be time to change your Profit First allocations. Learn how, without going back to square one.
What to Do in a Year-End CEO Planning Session
Holding a year-end CEO planning session is exciting. So many possibilities for the new year! Learn some of the tasks to do during your session.
How to Use Your Money for Good
However you decide to give back, it is possible to use your money for good. And that looks different for everyone. No one way is right or wrong, and you can decide how giving back looks for you and your business.
How to Make Your Gym More Profitable
Being profitable doesn’t mean that your revenue is at a high. Find out what being profitable really means and how you can reach it too.
Creating an Annual Financial Action Plan
So what needs to happen to create a financial plan for your small business? It’s about knowing what you need to do, when you need to do it, and having the accountability to make sure it happens.
When Your Profit Distribution “Isn’t Enough”
One of the best things about using the Profit First system is profit distribution time. Being the owner of the company, you get to take a profit once a quarter and use it as you wish.
But sometimes, we hear from clients that they’re not making enough profit, or that they want (or need) to be able to take more in profits every quarter.
When to Start Your Profit First Journey
And so, when I hear people talk about starting to work the Profit First system and they decide to wait until January 1 or next quarter or whenever, I want to shout at them that NOW is actually the best time to start.
Who is on Your Business Money Team?
No matter how long you’ve been in business, it’s time to pull together your team now or revisit the individuals who are supporting you.
Planning for Quarterly Tax Payments
This is by far, the simplest system to making sure you always have enough in reserves to cover your income tax liability, no matter how much or how little you earn.
Use Your Summer Slow-Down Wisely
Prep your wellness business for the summer slow-down and turn off the stress that comes from lower revenue months. You’ll be ready for any slowdown!
How to Get Closer to Retirement
Are you on track for retirement or do you have to make a change, maybe a serious change, to how retirement is going to look?
It’s Time to Audit Your Expenses
This is a guest blog post from Howard Polansky of Cash Flow Coach. While it’s important to raise your prices as you go because your value and...
How to Manage Tax Season as a Business Owner
Tax law is constantly changing. How do you estimate your business’s taxes? Profit First in your business will help you finally feel secure about your taxes.