For contractors and service companies, maintaining a healthy cash flow can feel like a lofty goal when constantly bogged down with all sorts of delays, additional expenses, employee issues, and whatnot. With the help of Profit First Professionals, instead of keeping a “cash eater” business hanging by a thread, you can confidently run “money-making machines” that support growth and stability.
The traditional accounting formula for profit (Sales – Expenses = Profit) where most businesses merely survive from check to check – is now antiquated. According to Profit First author Mike Michalowicz, businesses should turn this equation around to work with human behavior rather than conventional logic. The Profit First formula (Sales – Profit = Expenses) allows for proper allocation for expenses, and ensures increased profitability and sustainability. This way, you’ll no longer waste a dime only to barely breakeven. You get to finance yourself first, rather than waiting and hoping that you’ll get good numbers by the end of the year. You can proceed with operations knowing that you are financially secure for expenses and higher levels of profit.
Profit First Professionals and What They Do
Profit First Professionals is a team of highly skilled accountants and bookkeepers, and some of the most sought after business coaches and industry experts – all dedicated to helping businesses achieve profitability with a new mindset and a practical approach. By giving you access to their know-how, you can learn to implement the principles and practices of Profit First, and reach the profit goals you set for your business.
Many small business owners make the costly mistake of attending to their financial books themselves, hire someone part-time, or assign an inexperienced full-time employee to assist with bookkeeping. Though often neglected, bookkeeping is actually one of the most crucial processes for a business to survive and thrive.
With Profit First Professionals, you have access to CPAs and certified bookkeepers to organize your records and prepare them for accurate reporting. This data will help you make well-informed decisions based on measurable performance indicators. You can make allocations accordingly, manage your taxes properly, attend to issues, make necessary adjustments, and strategize for your profit goals.
Business Coaches and Personal Coaches
Having years of experience coaching business leaders across various industries, Profit First Professionals can help you examine your entire business model thoroughly. They assess your business processes, pinpoint problem areas, and steer you towards the most efficient and profitable direction for your company.
Additionally, they also offer personal (and money) coaching. These coaches help you examine your spending and personal habits to see how external factors could be hurting your business. Some contractors lack the social skills to win more projects. Some have expensive tastes, and let lavish habits leech into their businesses. Profit First Professionals can help you identify those pitfalls, and guide you through reshaping your habits into positive behavior for your cash flow.
All vetted and certified, Profit First Professionals have established themselves as strategic partners for all business owners and operational managers. For contractors and service businesses, this opens up opportunities to improve productivity and overall financial performance. Whatever delays or production issues come your way, you already have your allocations set, solutions and strategies defined, and profit goals brewing.
Why let the numbers hold the verdict on whether or not you get to keep your business, when you can simply adjust your mindset and be in control of your numbers? It’s high time to shift the focus from just getting by to enjoying exponential growth. Let the experts show you how.