Stop Fighting Profit First: Implementation Tips & Alternatives – EP 030

The 2 Cents Business Podcast

The 2 Cents Business Podcast with Joyce M. Washington, CPA:

Money isn’t the easiest topic to talk about, especially when there’s misinformation and a bunch of jargon to contend with.

That’s why I created the 2 Cents Business Podcast to bust money myths and cover business money topics like budgeting, business planning, business growth, cloud bookkeeping, team building and profitability without all of the bookkeeping and accounting jargon.

Join me every Monday to dive into the money & metrics matters for business owners & entrepreneurs.

Profit First is still a thing. Although the concept is easy enough to grasp, for some CEOs, implementation can be elusive.

In this episode, I walk you through if the Profit First system is right for you and your business, as well as – what it is (and isn’t), how to implement it, who it works best for, does it actually work…some alternatives and recommendations.

If you’d like to get my eyes on your business and get a personalized implementation plan, grab some time on my calendar by going to thecommoncents.com/consult

Highlights of this episode:

02:15 What Profit First is
06:29 What it is not
09:00 How can it be implemented with ease?
10:45 Some questions to contemplate before implementing this type of system
13:55 Who does Profit First work best for?
14:48 Does this system actually work?
16:00 A few alternatives to Profit First and recommendations
18:45 What to skip for now and what to do instead
21:19 How can you customize to your habits and business needs
26:00 Should you use a system like Profit First at all…

RESOURCES

Kill The Vanity Metrics Challenge

Money Matters Checklist

Resources List

WORK WITH COMMON CENTS

Virtual Accounting, Bookkeeping & CFO Services

Courses & Programs

Templates

Planners & Printables

Thanks for listening. Don’t miss an episode – subscribe on: Anchor, iTunes, Spotify, Stitcher

Want to chat and hangout with me, Joyce? You can find me onFacebook,Instagram orTwitter…as @thecommoncents.

You can find all the links and additional show notes at: https://www.thecommoncents.com/podcast

030 – Stop Fighting Profit First: Implementation Tips & Alternatives

Profit First is still a thing. Although the concept is easy enough to grasp, for some CEOs, implementation can be elusive.

In this episode, I walk you through if the Profit First system is right for you and your business, as well as – what it is (and isn’t), how to implement it, who it works best for, does it actually work…some alternatives and recommendations.

If you’d like to get my eyes on your business and get a personalized implementation plan, grab some time on my calendar by going to thecommoncents.com/consult

Mentioned in today’s episode:

Additional resources:

Remember, this is an open discussion. If you have a question that you’d like me to answer on an upcoming episode, send an email to [email protected].

If you’re hanging out on social media, you can find me on Facebook, Instagram or Twitter…as @thecommoncents.

Reforecasting to Finish Strong

by Joyce

We’re in the last quarter of the year.

The things that you wanted to get done, maybe you got them done. Maybe you didn’t.

But you don’t have to take regrets into the new year.

I’m sure there are a few things that you absolutely must get done before the clock strikes midnight and they play Auld Lang Syne to begin the new year…

I can’t answer that for you but I’m sure as you’re reading this, you already have a few things in mind. Don’t you? (more…)

Revamp Your Budget

by Joyce

Sometimes plans go off course. We plan to focus. We plan to market. We plan and we budget.

We plan to do a lot of things but sometime the best laid plans fail.

When that happens, you come up with a new plan, a new focus, a new goal.

That, of course, leads to a new budget or a ‘reforecast’ of an old one.

(more…)

Putting It All On Paper… Sorta – A Budget Template

by Joyce

Goals and budgets are important.

I don’t know about you but several times a year, every quarter or so, I begin to contemplate successes, learning lessons and bends in the road…and start thinking about and planning for what’s next for me and my business.
(more…)

Goal Setting & Budgeting Checklist

by Joyce

You know the process but sometimes a checklist will help you take it to the next level.

The level that gets you closer to actually getting done.

I’m the same way. I seem to get more stuff done when I don’t have to think about what needs to get done or what order I need to complete the tasks. Or remember if I did everything.

(Click Image To Download The Checklist)

Get started on 2017 early

Download this printable step-by-step checklist and budget planner. (I’ve also included links to my spreadsheet templates – just in case you’re a spreadsheet kinda guy or gal).

Share your win!

Work through the checklist, create your budget and let me know how it goes.

Creating a budget isn’t all that difficult to do… it’s sticking to it that can be hard. That’s where reforecasting comes into play. Just remember that your budget isn’t etched in stone but it is a nice game plan/road map to get you started in the right direction. The direction that gets you closer to achieving your hopes, dreams and goals.

Until next time,
J

Notes & Resources:
Goal Setting & Budgeting Checklist (download – no opt-in)
Oh So Sexy: Goal Setting And Budgeting
Work With Me – Virtual CFO