The Beginning of Profit First Simplified
It all started with a simple conversation. Well, let me backup and tell you more…
It’s not just profit that requires baby steps. Just about everything in life and in business is a process that happens one day at a time. We don’t get there overnight!
As I’ve come to understand and accept the phases and seasons of business, and all the work that I do, I’ve also taken notice of what it looks like when others around me do the same thing.
I often admire the amazing women I see growing and scaling their business throughout our community. They work day in and day out with consistent, determined efforts, so that they can truly make a difference in the world. Have you ever felt that way when you’ve looked at the community around you? It inspires me to grow, to reach out with a helping hand, to serve, and to soak it all in. I’m so grateful when I see these women in action, and sometimes I think to myself, “Is that what I look like?” I’m so proud to be one of the amazing women going after her goals with such feminine ferocity! It reminds me to be diligent with the small steps required to fulfill my big dreams.
Over the last few years, I invested in real networking, with a genuine interest in building relationships. I’ve got stock in business women around me and I know that they too are cheering me on. I may have started alone in this sea of online business, but now I have a tribe and I feel supported. The power of connection is limitless within our online community and while I think I’ve always believed this, I can say now that I’ve actually experienced it.
It was from this connection in the community that Profit First Simplified was created!
Last year while talking with Kelsy, one of my business besties, I asked her about an idea to bring support to these incredible women who sometimes struggle with finances. They may have heard of, or even read about, Profit First. They may be looking to implement this into their lives, but don’t have the time it takes to figure it all out or even know how to get started. To my surprise and excitement, she had the same vision that I did! We are passionate about serving women in our space and helping them master their finances.
After a year in the making, Kelsy and I have created Profit First Simplified! Everything you see today was born from our willingness to combine forces, with our unique talents, knowledge, resources and circle of influence. Our vision was born from a simple conversation and then, we took simple steps to bring that vision to life. What makes this so special to us is that we get to empower passionate women to grow and scale with financial success. Profit First Simplified never would have come into existence without the gift of community.
Have you ever thought about who YOU might work with in the online space to make a greater impact? What would that look like? It’s worth considering how you can combine your talents to serve your communities. Imagine how your mission aligns or might compliment each other. Think about the new insight your audience will gain from a slightly different flavor – the purpose and heart is the same, but they may be drawn to your offer with fresh perspective or confidence. The collaboration and possibilities you’ll find working with businesses who are on a similar mission will multiply your efforts, your reach, your creativity and even the way you feel about the value you offer the world!
We have the most talented people at our fingertips, and you’re one of them! Surely there is more waiting for us in the wonder of this online community, there’s more to give and more to receive. Where can you start exploring your connections in the space you’re in?
Remember, it can start as simply as having a conversation. Whether it’s a much needed conversation about a hard week and understanding someone else’s business journey, or realizing you both have a unique idea for a new product that people in your community need, there’s something waiting for you in relationships you already have and new ones that have yet to be formed.
SIMPLE STEPS FOR PROFITABILITY
This is one of the many reasons I’m sharing with you today. I believe that as I continue to offer practical advice about getting started with Profit First, women in business all around me will transform their hard-earned success into gains they keep. If you’re reading this article, you’re my community and I want to give this to you today!
When it comes to building a profitable business, it’s not something that you can really do alone. Everyone needs help at some point in the story of their finances, and I know that first hand! This is why I built my business around Profit First, and why I love to help others start by killing the cash eating monster in their business, so they get a return on all of their efforts.
If you’re looking for ways to implement Profit First in your business, I’ve got two tips to leave you with today.
START WITH 1%
The first tip I want to share with you is simple (just like starting a conversation in your community): Start somewhere. The numbers outlined in Profit First are targets for you to aim at. It can feel tricky to establish what these numbers are, and it can feel very challenging to continually reach these new targets. Don’t worry, I have a tool that can help you determine your Profit Allocations in the simplest way possible (it’s my Profit First Instant Assessment). Although, even with your instant allocations, your results will not be instant. This process takes time! That’s why it’s so important for me to share that you just start somewhere.
You may find that your allocations are telling you to transfer 5%, 10% or even 15% profit! While that sounds really nice, it’s the other categories that are crowding the percentages and making that feel impossible. You know the ones, expenses, taxes, more expenses…
Before you get discouraged and give up on these seemingly high markers, just start somewhere that’s reasonable for your business right now. Sure, you may decide to make sacrifices, and that’s a part of the plan! However, it’s important to start implementing Profit First right away, even if it’s just baby steps. It starts moving the needle, affirms your efforts with tangible results, and it starts building your profit habit. Mike Michalowicz recommends starting with 1%. Think about it! If you have $100 in your business checking account right now, that’s only $1. It may not seem like much, but it’s a very reasonable amount that you don’t feel is going to break the bank while you put in the work to increase that profit allocation…2%…3%…4%, 5%! Progress over perfection is the mantra here!
SET YOUR PROFIT DISTRIBUTION DATES
It’s time to reward yourself! Get those profit distribution dates on your calendar. These take place on the 1st day of each quarter. Placing these dates on your calendar gets you excited about seeing your hard work pay off and it is a good milestone marker to assess how things are improving. One of the reasons that Profit First is so successful is that it’s a system that motivates and rewards! You’ll see that profit account growing, and you will feel so proud and impressed by your business’ ability to make a profit. This encourages you to continue working the system and getting clearer on those target allocations, making every effort to trim the fat and see your business at optimal health!
That said, know ahead of time what you will do with your profit. Are you going on a vacation with your profit? Are you renovating your kitchen, or investing in a spendy gift for a loved one? The options are limitless! That’s what is so beautiful about your profit distribution, it’s yours! It’s NOT for the business. You are under zero circumstances permitted to “reinvest” this distribution back into your business. Make your decision now for your hard-earned profit, and any financial investments that you plan to make for your business must come from your operational account.
Alright community, I hope these quick tips help you get one step closer to profitability! Especially if it’s just one small, simple step to get you started.
What’s the 1% you’re starting with today? Have you tried using Profit First? Let us know what has or hasn’t worked for you. We would love to hear from you and see what greatness is waiting for us both as we connect together.