Join us on Profit First Nation podcast as we explore playful leadership with Profit First author Mike Michalowicz. Learn how incorporating play into your leadership style can strengthen team bonds, boost morale, and increase productivity. Discover daily huddle secrets and key strategies to create an unstoppable team.    Listen now for actionable insights and transform your business dynamics!  

Welcome to this episode of Profit First Nation Podcast, where we dive deep into maximizing your business's profitability through effective payroll management. Discover the secret to tripling the function of your roles without getting hung up on titles.    Learn how to make strategic hiring decisions, use job titles effectively, and set clear success metrics that ensure every dollar you invest in your team works three times harder for your bottom line.    Tune in for invaluable insights on building an unstoppable team that drives your business forward!  

“When in doubt, add an account.” Profit First Professional’s Chief Profit Guide, Billy Ann Grigg, discusses the concept of adding additional bank accounts to the Profit First system when necessary.  They highlight the importance of setting up accounts for specific purposes, such as a drip account for managing seasonal income, a payroll account to ensure you never miss paying your employees, and an account for large annual expenses like insurance or subscriptions.  They stress the need to track the return on marketing expenses and allocate funds for education and travel. The episode emphasizes the importance of allocating funds to different accounts to ensure financial stability and clarity in business operations. TIMESTAMPS: [00:45] Importance of additional accounts in the Profit First system  [01:47] The role of a drip account in stabilizing cash flow, managing retainers and allocation from the drip account  [08:09] Setting up a payroll account to ensure timely employee payments. Identifying payroll bloat and making staffing adjustments  [11:16] Tracking ROI on marketing expenses and setting up a marketing account  [16:38] Avoiding credit card expenses by having the money ready for large expenses  [21:24] Allocating for education and memberships  [22:53] Travel accounts for business trips and in-person events    KEY TAKEAWAYS: Establishing dedicated bank accounts for specific purposes within the Profit First system helps maintain financial stability and clarity in business operations. Accounts like the drip account, payroll account, and marketing account are essential for managing seasonal income, ensuring timely employee payments, and tracking the return on marketing expenses. Allocating funds for large annual expenses, education, and travel helps businesses plan and budget effectively, reducing financial stress and improving overall profitability.  

In this episode of Profit First Nation Podcast, we dive into the world of Profit First and uncover the top 8 mistakes that entrepreneurs often make when implementing this revolutionary financial system. From neglecting to set realistic profit targets to failing to prioritize profit allocations, these missteps can hinder your business's financial growth.   Join us as we discuss practical strategies to avoid these pitfalls and ensure that you're maximizing your profitability. Whether you're a seasoned business owner or just starting out, this episode is packed with valuable insights to help you take control of your finances and increase your bottom line.    Tune in now and discover how to make Profit First work for you!  

Your burning questions re: Owner’s Pay vs. Profit and multiple accounts for multiple entities are answered in detail on this episode. Really mastering Profit First is in taking small steps and more importantly doing Profit First RIGHT! Once you grasp the basics we peel back more layers that give you even greater clarity. Our tradition of answering your questions on episodes ending in “ZEROs” is are great resources. If you have a question we would be honored to answer it, so please email it to: [email protected]

Today we count down Dan Miller’s 10 Rich Characteristics and do a bit of brainstorming on how to develop and further strengthen these ingredients to success in life and in business.

In this episode, our experts guide you through Step #2 of implementing Profit First - building your profit habit. Discover how to start allocating 1% of every deposit to your profit account and develop the muscle to make your business fiscally fit.   With expert tips and tricks for making your profit habit a success, our experts provide actionable advice for building your financial stability and taking control of your business finances. Tune in now to discover how to take the next step towards financial success with Profit First.

In this special bonus episode, we are joined by Ean Price Murphy, founder of Moxie Bookkeeping Mentoring and Consulting, for a deeper dive into the world of bookkeeping. As Mastery-Certified Profit First Professionals, Ean and our host share a passion for helping business owners take control of their finances.   Join us as we explore important topics like red flags to watch out for, in-house vs. outsourcing bookkeeping, and more. Whether you're new to entrepreneurship or a seasoned pro, you won't want to miss this valuable conversation.

In this special bonus episode, we dive into Profit First for Microgyms with author John Briggs. As a CPA, CEO of Incite Tax, and owner of a microgym himself, John shares his insights and real-life experiences implementing Profit First in the microgym industry.