Is Profit First making you Profitable?

[Pesso]

Hey Readers,

We’re finishing up reading Profit First by Mike Michalowicz, and have talked about profit basics, the principles and first action steps, our savings goal percentages, ways to cut down on our expenses, and customizing the system to fit your business. 

Now, let’s talk about how you’ve implemented what you’ve learned from the book. 

I’d love to hear how the process has been going for you so far, what it’s been like to actually enact those changes, and how they’ve impacted your business. 

Feel free to come back to this post in a few months or quarters to give us an update on how things go after a longer period of time!

Don’t forget to RSVP to our Live Discussion that we’re holding Today, Tuesday, February 27th, to chat together about the book and what we’ve learned. Hope to see you there!

We’d love to hear your answers in the comments:

• How do you feel about the process of implementing the Profit First system?
• What effects have you felt on your business finances so far?
• Are you going to keep this system in place? 

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Happy reading,

Pesso

[alexandriak]

I read this book back in 2019 and it was a game changer. It helped me get organized and create processes that have improved my money handling within my business. I should really bust it back out and re-read for a refresh. 

Thanks to this book I was able to double my pay and also build up savings for my business pretty easily and quickly. I can't recommend this book enough.

[Pesso]

Thanks for sharing, @alexandriak !

I'm so glad that it's had so much of an impact on your business. Doubling your pay is huge, and having ingrained processes that make it automatic is fantastic. 

I definitely recommend a reread, or at least reading through our discussion posts!

[Doran]

This book made me evaluate a lot of things in my business.  First, I doubled down on the different savings folders to better see my profits.  Then I dug deep to cut expenses.  Just the other day I found a new location I'm hoping to get that is a third of the price of my current spot.  It isn't as great visibility (if this construction fence ever comes down) as my current spot but it does have way more parking.  I found a better internet that is half the price and a few other ways to cut expenses.  Overall, I was able to cut almost 50% of my current expenses.  I plan on using the Profit First system forever.  

[Pesso]

Thank you so much for sharing this, @Doran !

I'm so glad to hear that this book helped you so much and changed the way you're looking and and operating your business!

I love that the savings folders helped you in the way laid out in the book, and that you really dug into the cutting expenses side of things. That's what really makes the difference and the leap into profitability! 

Congrats on finding a new location -- that's a huge step and I hope it works out. It sounds like it could be a good way to save and hopefully no issues there. 

Wow, 50% savings overall is absolutely huge! So happy for you and rooting for ya -- definitely keep us updated!