Articles
Streamlining Operations with Business Systems: Efficiency for Service-Based Businesses
In the heart of every thriving wellness business lies a secret ingredient: efficient business systems. As an owner or manager of a boutique gym,...
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.
Having A Plan For That “Extra” Money in Your Profit First Accounts
When a client tells me they’re finding “extra” money in their Profit First accounts, I get excited for them, but also a little concerned.
Excited because more money in their accounts usually means their revenue has increased. Business is probably going well.
Concerned because—well, remember when we explained Parkinson’s Law? The demand for something expands to match its supply. It’s a phenomenon of human behavior that proves itself time and time again. As it applies to money, here’s what happens: The more money you have, the more money you will spend.
Build Your Legacy with Profit First
Running a service-based business, whether it's a boutique gym or a calming therapy practice, a dance studio or a chiropractic practice, is more than...
Relay & Profit First: A New Partnership
For any small business, choosing the right banking partner is crucial, right up on par with choosing your financial partner (hi!). Traditional...
Transforming Your Money Mindset
Your relationship with money is incredibly important in your business, but it’s often overlooked. It's like that friend we sometimes have mixed...
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.
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.
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.
Creating Money Systems Beyond Profit First
You’ve already got a solid system for cash flow management if you’re using Profit First. And setting target allocation percentages for each of your accounts is part of a system to help you achieve your broader financial goals. What other systems should you create and maintain to keep your money working for you?
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.
Set Yourself Up for Financial Success in 2025
Have you set big, lofty financial goals for 2025? And if so, how did you come up with those numbers? Setting financial goals is incredibly helpful...
What Your Bookkeeper and Financial Partner Wants You to Know
Managing finances can be as challenging as it is critical, especially in a boutique wellness business. At Fit For Profit, we understand that while...
Common Financial Challenges in Wellness Businesses + Solutions
In the world of wellness businesses, whether it's a boutique gym, a therapist's practice, or a dance studio, financial health is as vital as the...
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.
Embracing Financial Clarity: The Upside of Outsourcing Bookkeeping in Wellness Businesses
In the wellness industry, where the focus is on holistic health and personal growth, the health of your business's finances can sometimes take a...
Cultivating Abundance: Principles for Financial Health in Wellness Businesses
The wellness industry is unique—it thrives on the principles of personal growth and enrichment of the human experience. Yet too often, those who...
Can’t Afford a Bookkeeper? Let’s Talk Truth.
You're staring at a mess of receipts, invoices, and transaction records. The constant push to bring in new clients leaves you without time or energy...
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.
Signs Your Wellness Business is in Trouble (But You’re Not Feeling it Yet)
At Fit For Profit, our mission is to support businesses, especially those in the wellness sector, in achieving financial success through intelligent...
Your Black Friday Deal Probably Needs a Drip Account
Don’t be tempted to move more than 1/12 of the Drip account funds into Income every month. Can you see how you will end up overinflating your Profit First accounts? OPEX will definitely be too high, and you will mistakenly think that you can spend more on expenses—which could topple your whole Profit First system.
Set Yourself Up for Success with Profit First
So while business owners had to do a fair amount of winging it these past 18 months, next year looks to be more predictable—and hopefully, more profitable. Have you started to plan for financial success in 2022 yet? Profit First is key to this (but you knew we were going to say that).
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.
Streamlining Bookkeeping Systems for Financial Efficiency
For many wellness business owners, financial management and bookkeeping might not be the most exhilarating part of the day. However, it's a crucial...
Essential Business Systems For Wellness Business Owners
Running a wellness business—whether it's a boutique gym, therapy practice, dance studio, karate school, or something else entirely—isn't just about...
How to Keep More Money in Your Business
Without enough money in your business, you’re likely running into one or more of these problems.
How to Profit First Your Way to Team Growth
Bringing on new employees is an exciting part of business growth. But if you haven’t done it before, or even if you have, it may be daunting to...
Mastering Cash Flow Management: The Path to a Financially Healthy Wellness Business
Running a wellness business involves a multitude of responsibilities, and maintaining financial health is among the most crucial. It’s the...
Building Resilience: How to Recession-Proof Your Wellness Business
In today's uncertain economy, it’s essential for any business to be prepared for financial downturns. A well-planned, recession-proof strategy can...
It’s Time for a Summer Account Review
I don’t know what it is about summer, but it always feels like a great time to reset. It’s midway through the calendar year, things seem to move a...
Using Profit First in Your Personal Expenses
If you’re already using Profit First in your business, it’s really simple to implement it in your personal expenses too.
Good Uses vs. Bad Uses of Debt: Knowing the Difference
At some point or another, most of us have had a relationship with debt. That first credit card we got in college or the mortgage to buy our current...
Charging Fairly for Your Valuable Services
There’s a lot of talk about charging what you’re worth. But when it comes to pricing your services, it's important to recognize that you can't put a...
You Have a Personal Savings; Why Not a Business Savings?
Many of us have a rainy day fund for when (not IF) things go south. Your car needs a new transmission, your roof has a leak, a child gets ill. These...
Managing Quarterly Profits and Taxes
Like anything in business, it’s important to talk directly to a tax professional when it comes to determining your tax liability and the business structure that’s best for you, your business, and your goals. It’s important to educate yourself about managing taxes and even reducing your tax liability throughout the year.
Why You Need Accountability to Hit Your Goals
Have you been wondering how to keep more money from your business in your personal life?If you said yes, you are not alone and accountability is...
Time for a Mid-Year Goal Review & Revamp
If you’re working to grow your business, you probably have goals that you check in on from time to time. (I hope you have goals you’re checking in on!)
One of two things might happen when you check in on your goals: You discover that you’re on track or ahead of schedule…so you sit back and rest on your laurels. Or you’re so far off from meeting your goals that you want to give up.
Mastering Big Purchases With Profit First
Making a significant purchase for your business can be both exhilarating and nerve-wracking. Whether it's investing in new equipment, expanding your...
Avoiding Burnout in a Wellness Business
Running a wellness business can be incredibly rewarding, but it's no secret that it can also be emotionally or physically demanding and...
Do You Value What You Do?
Picture this: you're a passionate wellness service provider, dedicated to helping others achieve health and happiness. You pour your heart and soul...
Our Favorite Money Books
We are focused on lifelong learning at Fit For Profit. We see the value in constantly honing our skills and finding ways to grow as individuals and...
Using Advanced Accounts to Up Your Profit First Game
Uplevel your Profit First system with advanced accounts and make those big purchases and expenses a breeze.
Adjusting Your Money Mindset
As a business owner, money is likely on your mind a lot. Is there enough of it? How should I spend it? Is it safe to spend? Will there be enough to...
What to Do With Debt: Paying Off Debt With Profit First
No matter how much you might hate your debt, realize that it gave you experiences that have brought you to where you are today. Your debt afforded you opportunities, but now that you are making a profit, you don’t need it anymore.
How to Be the CEO in Your Business
No matter if you have a large team in your business or you’re a team of one, it’s important to be and act as the CEO in your business. Being the CEO...
Why Being Profitable Isn’t Selfish
Many entrepreneurs may believe that focusing on profit is selfish or greedy. They often think that profitability detracts from the purpose of...
How Does Money Make You Feel?
Everyone has their own money story, and I’d venture to guess that most of those stories have negative connotations that made their way into the...
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.
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...
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.
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 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.
Is Your Personal Account Growing for Retirement?
I love to analyze numbers. Making projections about how much money this will grow at X% over Z years is just easy for me. But I have to be honest and know I am driving myself crazy over that stuff. If someone asked me what numbers they should track if they could only follow one statistic in their own personal financial life, I would tell them to track their savings rate.
How to Get Long-Term Results (in business and in money)
Getting long-term results requires putting a few good practices in place and repeating them over time. Do you have what it takes to make it in the long game?
Why You Must Raise Your Prices
The true reason to raise prices is two-fold. It allows you to work with the people that you prefer to work with, and more importantly, you will have more time to think of how to be even more productive without killing the business.
Start Your Year on the Right Financial Footing
What one thing will you choose to start with to become Consistent with, so it becomes Predictable, and then Repeatable? Where will you start your success in 2022?
How to Reduce Taxes Without Reducing Net Profits
The main thing to remember about the 1040 tax return is that it includes ALL sources on income, and well as all of the available credits and deductions; not just the business stuff. The popular ones are the student interest deduction, charitable contributions, the Child Tax Credit, Earned Income Credit, etc. Reach out to your tax pro to see which credits and deductions you may qualify for.
How to Talk to Your Clients About Raising Your Prices
First of all, don’t make it sound like you’re breaking bad news. Raising prices is a natural and recurring step in the life of a service-based business. Know your worth. Get confident and comfortable in your own head of the value that your business provides. If you can’t convince yourself that a price increase is warranted, then you won’t be able to sell it to anyone else.
Raising Prices Doesn’t Guarantee Increased Profitability
And what is profitability exactly? It’s a measure of your profit relative to your expenses. It’s an assessment that helps you determine if your business can sustain itself and grow. Ultimately you want to be able to project the profitability of your business well into the future.
3 Ways to Minimize Tax Season Stress
Tax season is around the corner. Getting everything together and filed can be really stressful, especially for business owners; but it doesn’t have to be. You simply need to know what you need and have it ready by the start of the filing season.
Money and Mindset for the Holidays
Also remember that you don’t have to buy gifts for everyone, and you don’t have to spend money to show appreciation. Sometimes just some quality time together is gift enough. Some families draw names so they don’t have to buy gifts for everyone. Others get gifts just for the kids, since the adults can just buy themselves what they want. Here are some other ways to make the most of the money you have.
Choosing The Right Business Coach
If you’re looking for a coach to help you improve your business or your finances, you will find no shortage of people out there to choose from. The same goes for life coaching or mindset coaching. Technology has made it possible for us to connect with anyone, anytime, anywhere in service-based relationships—but with coaching, I think you really need to have a personality connection more than anything.
What You Need to Do NOW to Prepare for Tax Season
The key to managing your tax taxes is Proactive Tax Planning. This can mean many things to business owners, depending on the size and complexity of your business. But for the sake of keeping things simple and pragmatic, we’ll refer to proactive tax planning as a periodic review of your financials and projected tax liability DURING the tax year. This allows you to forecast your potential tax liability and position yourself to maximize any credits or deductions you may qualify for. This is the best way to make sure you’re paying the least amount in tax that you’re legally obligated to pay. But what does this look like in practice?
How Profit First Can Help You Talk About Money
As a bookkeeper, I’m always taking the pulse of a business to help assess and improve its financial health—ultimately, so that the humans behind it...
Analyze Your Expenses and Increase Your Profits
Who doesn’t want a more profitable business? We’re in business to help people, sure, but we’re also here to make a living. And if we want to make a...
When and How to Reassess Your Profit First Distributions
So you’ve implemented Profit First in your business and are on your way to establishing smarter expense spending habits, financial security, and...
How to Remove the Temptation to Spend Your Revenue When Practicing Profit First
You’re tired of not having a handle on your money. As an entrepreneur, you know all too well the consequences of poor money management—on you and...
How to “Fix” Your Sales Challenges: Fix This Next Series
The best way to identify your Next Vital Need (what to fix next) is to take the assessment. And if the assessment tells you that you need to fix...
Mindset of Paying Yourself a Living Wage
You are committed to the success of your business. Your business’s health and wellness allow you to live a full life, make your mark on the world,...
Are You Making This Profit First Mistake?
There are several common Profit First mistake that a business owner can make while implementing the Profit First system into their business. And...
Do You Fix This Next (or That) in Your Biz?
The best way to identify your Next Vital Need is to take the assessment, but if you’re wondering what that even means then read on! You’ve been in...
How to Leverage Team Members in Your Wellness Business
It’s no secret that time management is crucial to your success as a business owner. If you find yourself wearing all the hats all the time, you know...
How to Project Taxes Accurately
Projecting your tax liability can be very tricky. First, the tax law is constantly changing, which can cause your tax liability to change, even if...
Seven Questions to Ask When You’re Hiring a Bookkeeper
Do you need help managing your growing business? Or are you just tired of staring at QuickBooks? Regardless of your motivation, finding a bookkeeper...
Don’t be Eligible for the Next Stimulus
As I write this, the latest round of COVID-19 related stimulus checks are starting to hit bank accounts. People and businesses are hurting, and some...
How to Determine Your Owner’s Pay Percentage
You started your business to make money and do something you love. But why are you having trouble allocating yourself owner’s pay? Put your Profit First.
Why Profit First Works.. Really
It’s true that it takes time, but the more you work that financial muscle, the more it will work in your business. Is it time for you to get started with Profit First?
Paying Taxes on the Profit First Model
What happens when tax time rolls around and there’s not enough in your reserve funds to pay all of the taxes?
Revenue Streams or Trickles?
Multiple revenue streams CAN be a good thing in your business. Your responsibility is to make sure that is actually happening.
Steady Salary Amid Uneven Revenues
Here’s how Profit First allowed me to pay myself a steady salary throughout the year WITHOUT having to earn extra revenue.
Why Would You Track Financials in Excel – A Rhetorical Question
A lot of business owners start out doing their financials in Excel. And sure, there’s a lot you can do in Excel, but it has its limitations.
The Art of Doing Taxes Without a Bookkeeper
When money is tight, it’s common to want to avoid paying for help in your business. Let’s take a look at what doing your taxes looks like without a bookkeeper.
DaVinci, Michelangelo, and You
Now you may not be in the same breath with the greats, yet, but it's a worthwhile goal. And while you may or may not be a master sculptor or...
Five Reasons You’re Not Seeing a Year-End Profit
As you digest your year-end financials, what’s the big thing that sticks out to you the most? For so many business owners, it’s the lack of a...
But Nobody Can Do It Like I Do!
Admit it. Even if you don't say it out loud, you rehearse it in your mind. After all, you are the one who started this business, and without you it...
What Being Profitable Really Means
Do you know how profitable your business is? To be clear, your profitability isn’t the revenue you’re bringing in or even your net income, after...
It’s Time To Let Go: How to Delegate Effectively
There comes a point when you can not and should not be doing everything in your business. When you have to let your inner "control freak" go. You...
The Right Person For The Job?
One of the biggest challenges I have had in my journey as a business owner is hiring. It's this weird dance of the applicant trying to convince you...