What We Learned After Six Months of Putting "Profit First" in our Creative Business
Do you often feel like your business takes more from you (time, money and energy) than it gives you?
If so, you should definitely pay attention to this episode - because a single strategy from a not-so-well-known book can radically change your financial position as a creative.
In this episode, we share how the Profit First strategy from the best-selling book helped revitalize and transform our business mindset, so that we made more money and became much more confident financially.
Profit First, a book by Mike Michalowicz, proposes a vastly different approach to business financial management. Instead of taking profit from the business after deducting expenses, Profit First advocates for a percentage of profit to be taken first, before expenses are paid. The complete plan also involves setting up different bank accounts for categories in your business and making very intentional decisions when it comes to purchases and debt reduction.
When I (Allen) instituted this method in my business, I immediately saw the change in my attitude toward financial management - from a “let’s get by” mentality to “I need to see benefits / profit” mentality. In this episode I’ll give you a 30,000 foot view of the founding principles of the strategy, so you can look further and decide if you’d like to implement it in your creative business.
Tap here to check out the book "Profit First"
In this episode you’ll discover:
- How traditional financial principles can stifle your creative business growth
- The basic underlying principles of Profit First
- How Profit First differs from the standard way of managing your money
- Specific ways in which we implemented the strategies to radically change our financial position.
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