What is Profit First and Why Should You Do It?

At Beyond, we have incorporated the principles of Profit First in managing our firm’s financial health. What Is Profit First?  And most importantly, how can Profit First change your life?

(Updated 5/13/2020)

Profit First is a system developed by Mike Michalowicz that takes the age old system of Sales – Expenses = Profit and turns it around to Sales – Profit = Expenses which allows your profits to skyrocket!

Beyond uses the Profit First method in our own firm, which means we can help you along the way to implement Profit First and assist you with all aspects of it.

We interviewed our founder Cindy to ask her how Profit First has changed her life.

Question: If you could sum up the Profit First message what would you say?

Cindy: Profit First changes your relationship with money and makes sure you are paying yourself as an owner while taking care of necessary things, like taxes.

Question: Why do you like Profit First?

Cindy: Because it teaches you how to plan for a profit instead of hoping for one.

Question: What has Profit First done for you?

Cindy: I look at my money differently and it has helped me to stick to a budget.

Question: Do you think that every business should use Profit First? Why?

Cindy: Yes, because it forces you to question where you spend money, which is good for all businesses!

Question: Did you jump right into Profit First when you heard about it?

Cindy: Yes! I heard Mike speaking at a conference, read his book “Profit First” that weekend and immediately implemented Profit First.

Question:What has been the biggest challenge?

Cindy: Reviewing expenses and determining what you can really give up.

Question: Biggest Reward?

Cindy: Every week I do my allocations of money to the different accounts- when I do that I feel happy and in control of my finances.

Question: How can you help people with the Profit First system?

Cindy: It’s really helpful to have a neutral party involved because we don’t have the emotion attached to the changes. Plus, since reading the book and following the program helped me, I know that it would be helpful to others. 

Question: How has Profit First changed your life?

Cindy: Paying taxes wasn’t painful this year, for the first time ever! I had the money sitting there ready to go, already allocated. It’s like magic, you always have the money in the right accounts that you need.

Contact us to find out about how we can help incorporate the principles of Profit First. Let us help you change your business for the better today!