In the past we’ve spoken about how valuable a Mastermind Group can be. Recently we were treated to another example, an introduction to a strategy that, for those that implement it, is a bit of a game changer.
It’s called Profit First.
One of our members, Tasha Darrington of The Little Land Company, together with her wife and business partner, Karen Whatley, have been utilising the strategy they discovered in a book by Mike Michalowicz – called Profit First funnily enough – for a fair while.
When Tasha mentioned it, as is often the case in the High Flyers group, she was asked to give us a few insights into how it works and the results it brings. Now, we in the group, all know that Tasha and Karen work smart. You can’t build a multi-million pound property business without working smart, that’s why they teach those that want the same.
So, we listened.
The basic premise is, of course, that before anything is taken from the income of the business, your profit should be taken out. Now, who does that? … Anyone? … Anyone?
OK, no, it’s a scary thought perhaps. Taking profit from your business before taking income, tax or operating expenses sounds pretty scary, and to some foolish … but is it?
Imagine if you could structure your business, build in the efficiencies and control finances so that the first thing that comes out at the end of the month is profit. Then your pay, then taxes, then operating expenses – and they all go into separate accounts.
When you make that work effectively, you have money in your profit account, money in your wages/salary/pay account, money in your tax account and all your overheads are covered. How would you feel if that was the case today?
Would you feel in control? Able to maximise your business? Comfortable about your future?
I’m not going to attempt to explain it here, Karen did a fabulous job when she presented it to the group, and still encouraged us all to read Mike’s book. So that’s what I’ll do to.
Profit First by Mike Michalowicz, find it on Amazon, order it from your local bookshop or wherever you buy your books, and get to grips with it. Is it easy? Well, it’s not difficult. However it does take some thought, planning and determination but it is absolutely worth it.
Have a look at a couple of Tasha and Karen’s websites to see what these ‘Smart workers’ do.