Profit First Summer School is starting July 8th – and I’m curious to know:
Could be about making more? Keeping more? Spending less? Creating a budget?
Post your questions here and I’ll be sure to answer them during our LIVE classes.
What are your biggest questions about profit?
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I am looking to make my first profit in my business so knowing the key numbers to track and keep an eye on would be good.
How to pay off my business credit card debt as well as grow and now what to pay myself from the profits coming in every month.
I read the first few chapters of Profit First a few months ago, and I liked the idea of it. I did open another bank account, but because of debt/bad credit scores, I can’t open more bank accounts. I have biz and my personal expenses all mixed up, and I know it is time to detangle them. I have never had a Profit/Lost statement and I don’t even know what those look like. I was looking at taking a basic bookkeeping class at the local community college this upcoming semester so that I can figure it out. I have a lot of credit card debt and student loans in default. I am ready to face this, get right in alignment, and start to pay myself make profit!
Oh and to have to budget that feels fun and exciting would be great. I would like to expand my businesses, and be more conscious with my money.
I want to know how to manage the Profit First system and pay off credit card debt at the same time, what account does that some from?
How do I handle erratic income? I have read ProfitFirst and set up the 5 accounts but I have difficulty executing the plan because my income is not consistent and, for some months, it is not high enough to meet my (non-negotiable) expenses like the mortgage.
Thank you!
How to create a budget when income–and even some expenses–are unpredictable; also, what to track, what systems to use to track
I hope the info will be presented in layperson’s terms. I can figure numbers but some of the calculations in the book make my head spin (as easy as it’s supposed to be:).
absolutely! i’m all about keeping it simple
Hey Tina –
Am looking forward to delving in more :-). I’m hoping you have an easy system for determining expenses when most of mine (but not all) are paid by credit card so they hit my P & L this month but I make the credit card payment the following month. Thanks!
I’m excited to join your class! I got the book back when we were in CBN when I had heard about it, but haven’t opened it up yet 🙂 I would like to learn more about what numbers to look at most in my business and how to better track my progress. Thanks a million!
perf!
Hi Tina! We are so excited to implement more of Profit First with you! As a business that is growing so fast that it’s challenging to keep up, we have questions about implementation: (1) Some of our monthly income qualifies for affiliate commissions and some does not, how do we take affiliate commissions off the top in a systematized way and apply the Profit First percentages after that. (2) How to setup a budget that is systematized, but also flexible, as opportunities come up, things change, etc (3) what reports do we need to receive on a weekly and monthly basis to make this work smoothly. I’m sure there’s more, but I’ll start there. Thanks Tina! So excited!
awesome – I will bare all 🙂
As an independent contractor, income can fluctuate from month-to-month; I’d like to create a plan for saving monthly for retirement and paying myself regularly. Security is so important to me and I tend to worry if I don’t have savings + retirement and I’d love to feel more freedom when I take time off instead of worrying about losing income.
perf!
I would like to see how the Profit First Approach is applied to a business that you run part time, with very low frequency of transactions (e.g. a few jobs per year that generate income). So the business is not providing a significant source of income.
it works for any biz – part time or otherwise 🙂
I’m interested in learning how the approach to managing and budgeting money is different with Profit First. I have been budgeting and managing business cash flow for a long time. So there must be a mind shift or a different approach to the whole managing/budgeting process to consider profit first.
will be curious to see how this differs from what you do already Cyndie