Hello! New to the community! I am reading the book, Profit First, and was wondering if anyone is practicing this concept or working with a Profit First Professional. Id love to know your insights and experience with the method.
I read this book when I ran my last business, Fast Lawnscapes. I do credit this book with having a HUGE impact on our success and subsequent sale of the business. I'd love to chat with you more about how it can help your business because it changed my trajectory forever! Even though I didn't do all the different accounts (like taxes - QB handled that for us so there was no need for me to open a bank account for taxes per se), it changed my viewpoint and my focus.
What you focus on is what you grow - and we grew our profit from -3% in 2021 (yes, -3%, we lost money) to a 25% profit in 2024 and top-line revenue grew by 30% during that period too! We dialed down to make sure every job, no matter how big or small, was profitable.
This is so promising and inspiring! Thank you for sharing. I actually connected with one of the Profit First Professionals. I got very overwhelmed with my messy books! I’m so glad to hear from a real business owner with real results.
I read this last year. We have been in business for about 4 years now and cash flow always stressed me out and took a lot of my time. This book really reset my thought pattern and how I go about business finances now. I am not quite to the point of two transfers a month yet(I still do 3-4) but the accounts and the process he explains is a game changer! I am now exceeding the profit deposit % and really starting to see the benefits of owning and operating a business
THIS!!!!! This is business (and life) changing! It's really about resetting your thought pattern. When I decided to start coaching about 6 months ago - I asked in the Jobber FB Group what's the biggest pain point and overwhelmingly it was Cash Flow. Implementing the Profit First principles is the best fix for a Cash Flow problem in my opinion.
I really like the book Profit First. I was in the same EO Chapter as Mike and found him to be really thoughtful - the process ended up helping us in a big way. It also made running the business a lot more fun because you got to see the benefits of all the hard work.
I have read it twice and said for 2025 I would implement it entirely, but I haven't. I need to reread it and reset.
Don't worry about starting and getting it all nailed down 100% - start with just a profit account. Then add additional accounts as time goes by - you don't have to do it perfect - just DO IT.
Starting this now! It has been a bit of a struggle to grasp the concept of paying yourself first, and someone recommended this book. Looks like it's a good one!!
What great read, we actually hired a fractional CFO from profit first, great reference and tool/ogranization
YESSSSS!!!
My friend Shawn Van **bleep** co-authored Profit First for Contractors and I can say first hand, its a
F@CKING GAME CHANGER!!!!!!!
This literally changed everything for us and we continue to use it to this day. In fact, my wife and I also utilize the system to pay our personal bills, too.
