How Profit First Can Transform Your Business

Profit First isn’t an accounting system—it’s a cash management system designed to help you take control of your money, eliminate debt, and finally pay yourself what you deserve. In this video, I’ll break down how it works and why it’s a proven method for building a profitable, sustainable business.

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SALES - EXPENSES = PROFIT

The GAAP (Generally Accepted Accounting Principles) formula for determining a business’s financials is Sales – Expenses = Profit. It is simple, logical and clear. Unfortunately, it’s a lie. The formula, while logically accurate, does not account for human behaviour. In the GAAP formula your share is a left over, a final consideration, something that is hopefully a nice surprise at the end of the year. Alas, the business and you continue on your cheque to cheque survival.

SALES - PROFIT = EXPENSES

With our method, you flip the formula to Sales – Profit = Expenses. Logically the math is the same, but from the standpoint of the entrepreneur’s behaviour it is radically different. With this method, you take a predetermined percentage from every sale first, and only the remainder is available for expenses. This means more money in your pocket from the moment you change.

Not sure if Profit First can work in your business?  Check out the FAQ page for answers to some common questions.

If you want to watch more videos, head to my blog page.