This program is for you if…
Your business is surviving cheque to cheque
You’re feeling overworked, unprofitable, confused and like your business is out of control
You are paying yourself less than you deserve and want
We help business owners have cash in the bank, pay themselves regularly, pay their taxes on time with ease, take time off while the business continues to thrive and have engaged employees who are well paid and invested in the success of the business.
Our firm utilizes the Profit First method of cash management which is based on a successful book written by Mike Michalowicz. We are also proud to say that Ellen Humphrey- Allen, CPA is one of the select few, nationwide, that has received a certification as a Profit First coach.
What does this mean for you? We will guide you with the methods needed to greatly increase the profitability of your business and support you every step of the way.
What is Profit First?
Profit First is a way of doing business which flips the traditional accounting formula, GAAP from
Sales – Expenses = Profit
To a behavioral approach that uses
Sales – Profit = Expenses
The formula, while logically accurate, does not account for human behavior. In the GAAP formula profit is left over, a final consideration, something that is hopefully a nice surprise at the end of the year. Alas, the profit is rarely there and the business continues on its cheque to cheque survival.
DON’T CHANGE HABITS, LEVERAGE THEM
The Profit First principle does not try to change your habits (that is nearly impossible to do), Profit First works with your existing habits. By first allocating money to different accounts, and then removing the temptation to “borrow” from yourself, your business will become fiscally strong and you will benefit from regular profit distributions.
You will not be ‘going it alone’, we partner with you through this journey. As your coach, Ellen will guide you as you integrate this proven cash management system into your business and support you through regular strategy sessions. These strategy sessions will give you clarity and insight into your business – sometimes we can’t see the way forward when we are deep in the weeds. Accountability meetings will keep you focused on what is important to move your business forward. Ellen has seen it all in her 20 years of business experience and is committed to helping you have a thriving business with less stress. Stop the cash flow crisis – we can help you drive profitability into your business and love your business again.
BANK BALANCE ACCOUNTING
Financial statements can feel intimidating to read and most entrepreneurs don’t have the time to manage the financial aspects of their business in fine detail. Many resort to “bank balance accounting,” where we check our bank balance every day and make financial decisions based upon what we see. Profit First encourages the entrepreneur to continue “bank balance accounting” by first allocating money to profit (and other important accounts) so that the entrepreneur sees the actual portion of deposits that are available for expenses and they automatically adjust their spending accordingly. No more wondering where you stand. Instead you can quickly and easily assess your financial picture at a glance.
Send us a message today to learn more about Profit First and how it can best work for your business. Send Message.