How to Make Profit First in Your Business – In Just 7 Minutes with Annette Ferguson
Discover why you need to prioritize cash management first to gain financial freedom in your business Find out how to ditch that paycheck-to-paycheck attitude and make your money grow an abundance Learn what question should you be reflecting on to know more about your financial status and decisions in your business Resources/Links: Wanting to Find Out How to Manipulate and Grow Your Money More Than What It Is? Learn how to properly prioritize your profit and gain the financial freedom you deserve: Annetteandco.co.uk/PFbook Summary Wanting to ditch that paycheck-to-paycheck lifestyle and grow out your profit? Do you want to know the key to gaining financial freedom in your business? Are you ready to find out what Profit First Accounting is and how it will help save your business from all the financial trouble? Annette Ferguson is a firm believer in shaking up the accounting industry and practicing what she preaches. She loves working with forward-thinking business owners who are passionate about their businesses and their profit. In this episode, Annette talks about how you can gain financial freedom in your business by prioritizing your profits first. She also shares the big question you should be asking yourself in order to reflect what you should financially be dropping in your business. Check out these episode highlights: 01:10 - Annette’s ideal client: “My ideal client is a business owner that is making at least $100k in their business. And they're typically running a service-based business.” 01:25 - Problem Annette helps solve: “Basically, we help people take home more money from their business ultimately and make sure they have money set aside for tax so there are no nasty surprises.” 01:48 - Typical symptoms that clients do before reaching out to Annette: “So what typically happens is every time you get paid by a customer or client, it seems like you have another bill going out the door. It feels like every time money comes in, it disappears back out.” 02:50 - Common mistakes that people make before they find Annette’s solution: “Well, the thing is that they are exactly those people. They are the people who are driving revenue. And when you're driving revenue, sometimes you take an eye off the costs.” 03:51 - Annette’s Valuable Free Action (VFA): “What I recommend to people is to gather together all your business bank and credit card statements, ideally for the last year, and to go through them line by line, asking yourself two questions.” 04:40 - Annette’s Valuable Free Resource (VFR): Check out Annette’s Website: Annetteandco.co.uk/PFbook 05:27 - Q: Can all businesses implement the teachings of Profit First? A: Yes. However, you do have to be revenue-generating in order to implement it because Profit First is all about managing the cash that's coming into your business in a way that is going to give you more profit and save for tax and all those kinds of things. Tweetable Takeaways from this Episode: “When you're driving revenue, sometimes you take an eye off the costs. And so, what we see is that people are focusing on revenue, and sometimes at all costs, and neglecting themselves, neglecting their costs in their business.”…Click To Tweet Transcript (Note, this was transcribed using a transcription software and may not reflect the exact words used in the podcast) Tom Poland 00:10 Welcome, everyone,