by Shannon Simmons | Feb 13, 2020 | Profit First
As we welcome in a new year (and maybe a new decade depending on how you count them), it’s a perfect time to reflect on the trends that will impact us and our businesses. Here’s a list for your consideration and reflection. Trend #1: Sustainability Concern for the...
by Shannon Simmons | Feb 6, 2020 | Income, Profit First
The two major ways entrepreneurs can take money from their business is through draws or by receiving a paycheck. The type of entity in which their business is set up will determine which method can be used. In either case, entrepreneurs need to be careful not to...
by Shannon Simmons | Jan 30, 2020 | Profit First
I have to give all of the props to one of my current clients, we’ll call her Jane. On August 24, 2014, Jane e-mailed me the PDF of the first 5 chapters of a book called Profit First by Mike Michalowicz and said, “I would like to implement Profit First process in my...
by Shannon Simmons | Jan 23, 2020 | Profit First
In his book, The Rebel Rules: Daring to Be Yourself in Business, author Chip Conley describes what investors look for in a management team when considering providing startup money to new businesses. He says your management team should consist of a “brain trust that...
by Shannon Simmons | Jan 23, 2020 | Profit First
I was frustrated, feeling like I was letting down my clients until I implemented Profit First in my fitness business. We’d have a meeting with a client and we’d go over the Profit & Loss line-by-line; I thought they got it and we made good decisions...
by Shannon Simmons | Jan 16, 2020 | Profit First
If there is a period of time between when your customers receive your goods or services and when they pay for them, then several things are true: • You have a balance in Accounts Receivable on your balance sheet that represents how much customers owe you• You have an...
