Friends, today I come to you with a plea. Don’t join Profit First Professionals. This elite membership organization for accountants, bookkeepers, and business coaches is not for everyone. I’d go so far as to say it’s probably not for you. How do I know? Your attributes Forgive me for being so bold, but I kind … Continue reading… “Don’t Join Profit First Professionals!”
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Blog
Fix Your Firm, Fix the Industry
There’s no question that the accounting industry is facing greater challenges than ever before (and, yes, we do remember the Enron scandal). We are in the eye of a perfect storm composed of three “pressure systems”: The increased push to implement client advisory services (CAS) in answer to the continued automation of compliance work A … Continue reading… “Fix Your Firm, Fix the Industry”
Where Tax and CAS Meet
All the industry experts agree: implementing client advisory services (CAS) is critical to the ongoing growth and profitability of your firm. CAS not only adds revenue and profitability to your firm, but it is also a “sticky factor” that makes it difficult for your clients to compare you to your competition. Plus, with automation and … Continue reading… “Where Tax and CAS Meet”
Lessons Learned while Playing Games
Have you ever played the game “Tap Away”? I recently started playing it on my iPad and it just struck me how much it reminded me of running a business. Just stay with me for a moment. The point of the game is to clear away blocks. Simple enough, right? Well, each block can only … Continue reading… “Lessons Learned while Playing Games”
Cut Expenses. Keep Investments.
There’s a common misconception that Profit First emphasizes expense reduction to the point that businesses are forced to run on “leftovers.” Yes, an expense analysis is one of the first things a Profit First Professional will do when implementing the program with a new client. And, yes, we do put a large amount of emphasis … Continue reading… “Cut Expenses. Keep Investments.”
Client Attraction: What’s Working Now
We got spoiled. In 2020 and 2021, business owners were clamoring for help. Accountants, bookkeepers, and financial coaches were the beneficiaries, and for a moment in time, we basked in the glory of knowing business owners saw us as the trusted advisors we are. Then the world opened back up, and things slowly returned to … Continue reading… “Client Attraction: What’s Working Now”
Profit First Isn’t Necessary
“Profit First isn’t necessary.” This is one of the objections we hear most often from accountants and bookkeepers. And, as much as it pains us to say it, they are correct. Profit First isn’t necessary… if you’re already wired to think like a financial professional. Which most business owners are not. In fact, I’d go … Continue reading… “Profit First Isn’t Necessary”
Let’s Talk about Debt, Baby
(Part 2)
In part one of this two-part series on the “D” word, we defined the two uses of business debt. As a recap, you can either Leverage debt to strategically improve your business’s profitability (this is the “good” debt), or Use a debt bridge to cover expenses that exceed your business’s income (this is the “bad” … Continue reading… “Let’s Talk about Debt, Baby
(Part 2)“
Let’s Talk about Debt, Baby
(Part 1)
Debt. It’s the four-letter word everyone wants to avoid, and yet we can’t stop talking about it. Whether it’s personal debt levels or the government debt ceiling, everywhere we look there is a discussion happening about debt. There’s a common misconception that through the lens of Profit First, debt is always bad. But debt can … Continue reading… “Let’s Talk about Debt, Baby
(Part 1)“
Relay is now an official banking platform of Profit First
You may have already heard by now, but we’re thrilled to announce that Relay is an official banking platform for Profit First Professionals. Many of our members already know and love Relay. But in case you don’t know them, Relay is a business banking and money management platform that is thoughtfully designed to help you … Continue reading… “Relay is now an official banking platform of Profit First”
Profit First? Ew.
A couple of weeks ago, the following email landed in our support inbox: “WOW…PROFITS FIRST? Really? Not ‘PEOPLE FIRST’? Really doesn’t say much about the corporate culture there.” And that got me to thinking: It’s time to write a blog about this particular elephant in the room. Profit and corporate greed We’ve all heard the … Continue reading… “Profit First? Ew.”
Why Your Firm Needs a Technology Account
The accounting industry spends billions of dollars each year on technology. Ten short years ago, the majority of that spend was in once-every-few-years equipment and software purchases. A firm could spend a few thousand dollars on a computer and software for each employee, then breathe easily for a few years until upgrades were needed. Today, … Continue reading… “Why Your Firm Needs a Technology Account”