Why Profit First?
Why Profit First?
Profit First was first published in 2014 by Mike Michalowicz. This was a year of a lot of changes for Piña Business Services and myself.
In June of 2014 I packed up my office and family and moved from East County of San Diego to Cheyenne, Wyoming. Not knowing a soul in Cheyenne, it was like starting the business over from scratch. I did have some faithful clients who stayed with me, understanding that accounting can be done anywhere. Later that year, I found the book Profit First, and this book really excited me, because the author Mike and I had the same thoughts about business.
First and most important: You want your business to show a profit. He also wants you to pay taxes. What, what? Pay taxes? Yes, that is right, if you have a profit you will have to pay taxes. But with the methodology of Profit First, it will set you up, so you have the money put aside for the “taxman.” Personally, I believe that you should meet with your accountant every quarter to do a tax planning session, so you know how much taxes you need to send every quarter, instead of waiting till the end of the year.
In 2015, Mike came to Casper, WY to speak at a conference, so I made the trip up to Casper to meet this author in a vest (as Mike was always photographed in a vest). Sure, enough there he was in his vest, introducing Profit First, and how it could have a positive, successful impact on your business, if you follow it correctly. The reason I say that is because, I had started using Profit First in my business, but was only doing a part here, and a part there. I signed up to be a Profit First Professional and received the accountability I needed to do Profit First correctly.
Fast forward to 2020 and COVID hits, many businesses that have been using Profit First were able to be successful through the pandemic, including my own business. Sure, I had a couple of rough months, but because of having the right accounts set-up, we were able to continue to operate business as usual, without wondering where the next check was coming from.
Because of Profit First, my wife and I were able to go on a Northern Eastern US/Canada cruise a few years back. I was able to buy a brand-new car for the very first time. There were other things we were able to do, like travel, I LOVE to travel and because I run my business with Profit First and staying disciplined with my business, I no longer stress over the small things anymore.
If you want to learn more about Profit First, please schedule a Free consultation! I would love to share it with you and help you make your goals into reality.