10 Top Lessons From the Book “Profit First”
📗Book Review
📗Book Review
1. Sales speed up problem
As your income climbs, your expenses will also rise quickly.
🟢The reality is that drought periods will almost certainly come just as quickly.
Then, if your expenses have also increased, you could have a significant gap in your cash flow.
As your income climbs, your expenses will also rise quickly.
🟢The reality is that drought periods will almost certainly come just as quickly.
Then, if your expenses have also increased, you could have a significant gap in your cash flow.
2. Less Money Available
When less money is available to run your company, you will find ways to get the same or better results with less input.
🔴Taking your profit first will force you to think smarter and innovatively
When less money is available to run your company, you will find ways to get the same or better results with less input.
🔴Taking your profit first will force you to think smarter and innovatively
3. Be the Best
💯Become the best in one area of what you do. Becoming the best in one field will allow your company to grow far bigger and faster.
You should first identify your strongest skill and become significantly better at this skill than you currently are.
💯Become the best in one area of what you do. Becoming the best in one field will allow your company to grow far bigger and faster.
You should first identify your strongest skill and become significantly better at this skill than you currently are.
4. Adopt a simple new accounting formula.
This system will be based around a profit first system of
👉 Sales - Profit = Expenses.
This system will be based around a profit first system of
👉 Sales - Profit = Expenses.
5. Working on your business is about building systems.
🔴An entrepreneur is someone who finds the solutions to opportunities and problems
and then builds systems to consistently deliver those solutions through other people or things.
🔴An entrepreneur is someone who finds the solutions to opportunities and problems
and then builds systems to consistently deliver those solutions through other people or things.
6. Figure out where you and your business are right now.
❌Enter your Top Line Revenue for the last twelve months.
After doing this, deduct all payments for materials and subcontractors.
This calculation should leave you with your Real Revenue.
❌Enter your Top Line Revenue for the last twelve months.
After doing this, deduct all payments for materials and subcontractors.
This calculation should leave you with your Real Revenue.
7. Destroy Your Debt
It is all well and good improving your profits, but if your company is still in debt, you might not be seeing much of these profits.
Debt is the biggest obstacle to putting Profit First.
It is all well and good improving your profits, but if your company is still in debt, you might not be seeing much of these profits.
Debt is the biggest obstacle to putting Profit First.
8. Never base your financial decisions on your best revenue month
🚫If you do this, you will run out of cash very quickly and start to accumulate debt.
✅Making decisions based on your best revenue month encourages you to survive rather than thrive.
🚫If you do this, you will run out of cash very quickly and start to accumulate debt.
✅Making decisions based on your best revenue month encourages you to survive rather than thrive.
9. Find Money Within Your Business
💯Investigate every aspect of your business and make the changes that will help your business get double the results with half the effort.
💯Investigate every aspect of your business and make the changes that will help your business get double the results with half the effort.
10. Sell More Productively
To sell more productively, you will have to learn to sell smarter.
Learn what works for you and your business, then implement this approach into the business’ system.
Subsequently, this approach will be adopted by everybody involved in your business
To sell more productively, you will have to learn to sell smarter.
Learn what works for you and your business, then implement this approach into the business’ system.
Subsequently, this approach will be adopted by everybody involved in your business
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Crucial for the immediate outcomes and Long-term goals as well!
Necessary for:
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Crucial for the immediate outcomes and Long-term goals as well!
Necessary for:
- small to large decisions
- the way we manage our time
- the way we manage our career
- the way we live
✅Get Yours NOW👇
1deepnote.gumroad.com/l/BeDecisive
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