Profit First Nation

In this episode, we explore the importance of probability in achieving long-term profitability in business. Our guest emphasizes the need to let a proven system work while spending brainpower on differentiation from competitors.   We also discuss the significance of starting over and adjusting rules to fix past mistakes and focus on actions that will lead to future profitability. Tune in for valuable insights on maximizing profits and running a successful business.

In this episode, we dive into the importance of understanding your "Return on Payroll" to achieve maximum profitability and growth in your business.   Our guest emphasizes the need to define success with measurable numbers and to watch payroll expenses, especially as the business scales. We discuss the impact of hiring average employees versus 5-star employees and how it can significantly affect payroll costs.   Tune in for valuable insights on how to maximize profitability and scale your business successfully.

Tune in for valuable insights on how to operate your business in your sweet spot and achieve long-term success.

In this episode, we are joined by Certified Profit First Professional and CPA, Denise Grove, as she shares a harrowing tale of how embezzlement by a receptionist led to a business owner facing foreclosure on their properties.   Our guest emphasizes the importance of not abdicating accounting and bookkeeping tasks and shares five low-tech tips to thwart embezzlement, which happens in 30% of small businesses. We discuss the need for business owners to stay vigilant and take preventive measures to protect their business from financial fraud.   Tune in for valuable insights on how to protect your business and avoid falling victim to embezzlement.

In this episode, we are joined by Billie Anne Grigg as we discuss how to understand the jargon of Profit First, specifically in chapter 3 of the book.    Our guest provides insights from both a traditional accounting/bookkeeping perspective and a Profit First cash management perspective to help readers overcome terminology hang-ups. We also reference a previous episode on cash management versus accounting for more in-depth subtopics.   Tune in for valuable insights on how to navigate Profit First terminology and achieve financial success in your business.

Our guests emphasize the importance of not settling for average or ho-hum employees and provide valuable insights into how to find and retain great talent.  

In this episode, we explore the link between pricing and profitability in a business. Our guest emphasizes the importance of maximizing pricing to achieve a healthy margin, which is a critical factor in overall profitability.   We discuss how premium service dictates premium pricing and the need to resist the temptation to serve everyone with your products or services. Instead, it is important to focus on ideal customers who value your premium service and are willing to pay for it. We also touch on the topic of resistance and balking on premium pricing, which can serve as a filter to identify your ideal customers.   Tune in for valuable insights on how to set your pricing strategy to achieve maximum profitability.

Our guest discusses when, why, and how to work with a consultant of any kind and variety, emphasizing the importance of aligning with a consultant who has experience in your industry and a proven track record of success. We also touch on the common misconceptions about working with consultants and how to overcome them.  

If you're looking to maximize your profits and take your business to the next level, this episode offers practical insights and guidance to help you assess and address the key areas impacting your profitability. Tune in to learn more and start fixing your Profit Level today!

Join us as we peel back more layers of Profit First and provide greater clarity on its implementation.