Keys To The Shop : Equipping Coffee Shop Leaders 576: Financial Stability Using Profit First for Coffee Businesses w/ Kim Logsdon of Caffeinate Your Cash
Many owners struggle to make a profit and to pay themselves. This inevitably will lead to burn out and disillusionment and sadly for many closing down the shop before ever really seeing what it's potential could have been. Making money in your cafe has a lot to do with how well you track and manage what you already make. Enter the Profit First system and the coach who helps apply it to the world of coffee shops, Kim Logsdon! Kim Logsdon is a long time CFO and financial consultant who has worked with business owners and entrepreneurs for the past 30 years. She started her consulting journey in banking working with entrepreneurs and private equity advisors providing them with financial services and credit facilities to grow and expand their businesses organically and through acquisitions. Kim has also had substantial personal experience as an entrepreneur and business leader where she further deepened her expertise that her clients today rely on to help them navigate their own journeys.
Among the entrepreneurs Kim works with, she has a particular focus on coffee shops and coffee roasters to help them with cash flow issues and achieve financial stability through here personal caching using the Profit First methodology. She also help streamline operations with Pumpkin Plan business strategies and is launching the Money Habit Mentor program to help owners and team achieve financial freedom in their personal lives. In todays episode we will be discussing:
- What is Profit First and why might you need it
- Why do owners pay themselves last?
- Why managing money well and specifically is the key to stability
- How to go about applying this framework to your business
- How much should you be saving and investing?
- Common hurdles or points or resistance
- The real cost of not managing finances and the real profits to be had
Links:
Related episodes:
- SHIFT BREAK! The Two Kinds of Margin You Need in the Cafe
- 202 : Mastering your Finances and Accounting w/ Keila Hill-Trawick of Little Fish Accounting
- 223 : Building a Financially Resilient Business w/ Andrew Carroll
If you are a cafe owner and want to work one on one with me to bring your shop to its next level and help bring you joy and freedom in the process then email
or book a free call now:
https://calendly.com/chrisdeferio/30min
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