When we say Profit First, what does it mean? How can you optimise your business with it? Will it be
contributory to the better management of your resources and, in turn, the growth of your organisation?
In this second part of our three-part series, Craig Minter and I talk about the beauty of implementing
the Profit First framework to your own business. We also talk about the difference between cashflow
forecasting and budgeting. Which one will your business benefit from the most?
Our discussion for today is going to be really valuable and filled with tons of lessons, so click that play button and let’s get started!
What’s Discussed In This Episode:
0:00 Opportunity Analysis
1:54 Welcome to the podcast
7:20 What is Profit First optimisation?
9:44 Two main things you get from implementing Profit First in your business
14:01 What it essentially means to have different “buckets” for your business?
15:30 The pros of having a detailed understanding of your finances
18:49 The beauty of implementing the Profit First framework in your own business
20:02 Customising tools and understanding data in a way that works for you makes all the difference
23:35 Know your numbers otherwise you’ll only be gambling
24:46 Budgeting vs forecasting: What’s the difference?
32:41 Cashflow forecasting is more valuable and beneficial for a business
About The Guest:
Craig Minter is a Business Strategy and Profitability Coach. He helps business owners accelerate growth and profitability through strategic business coaching. Craig is passionate about empowering other
business owners to make decisions with ease and improve their results through strategic business and profitability coaching.
Resources:
- Episode 330: Knowing Your Money Archetype (http://pixelme.thesiteshed.com/S-5NMyyU)
- Visit Craig’s website here: http://www.thehealthybusinesslab.com/
- Profit First by Mike Michalowicz (https://amzn.to/37HjoKs)
- Episode 270: Profit First for Tradies – Author Conversation
(http://pixelme.thesiteshed.com/stGuWy6Z)
- The Opportunity Assessment (FREE GIVEAWAY FOR A LIMITED TIME)
- Go to https://tradie.wiki/grow and use the code: SITESHED
- Join a global community of 6000+ trade professionals
https://www.facebook.com/groups/TheSiteShed
Connect with me on LinkedIn. For more podcast episodes, you may also visit my website. Tune in and subscribe to The Site Shed: You can also listen to The Site Shed on Apple Podcasts, Spotify, and
Stitcher.
Thank you for tuning in!
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