SBP024: How to make more Profit with Profit First (Part 1 of 2)
Roger Knocker • January 24, 2024
SBP024: How to make more Profit with Profit First (Part 1 of 2)
Profit first is a way to make more profit for your business and also have predictable cashflows.
In this Episode, Lee Wilson from Profit First Coaching unpacks the methodology into its core components
There are 5 big ideas used in the methodology:
The benefits for any owner-managed business would be:
Where can we find out more information?
Lee Wilson
Lee@profitfirst.co.za +27 83 627 4494
If you enjoyed this episode of the Smart Business Performance Podcast, then make sure to subscribe to our podcast.
In this Episode, Lee Wilson from Profit First Coaching unpacks the methodology into its core components
There are 5 big ideas used in the methodology:
- Sales – profit = expenses
- Bank Profit as the first transaction each month
- Multiple bank accounts to manage your cash flow
- Right size your business – Teach the business to work with less including innovation
- Declare profits (according to well-defined profit benchmarks) each quarter and celebrate
The benefits for any owner-managed business would be:
- Right size your business taking out duplicate or unnecessary costs
- Your Profit will therefore increase immediately
- There will be adequate and predictable cash flow leading to reduced stress
- You will become proactive with a forward-looking view of your business
- Scaling and selling your business becomes much easier
Where can we find out more information?
- Come to my website www.profitfirst.co.za
- Get an overview, videos and a free summary of the book.
- Book an assessment
Lee Wilson
Lee@profitfirst.co.za +27 83 627 4494
If you enjoyed this episode of the Smart Business Performance Podcast, then make sure to subscribe to our podcast.
Running a business in South Africa can feel like riding a rollercoaster. The ups and downs of the economy, changes in regulations, and unexpected challenges make it tough to stay on track. But there's a way to turn these challenges into opportunities: smart financial planning and analysis (FP&A). Think of FP&A as your business's GPS. It helps you see what's coming, plan for it, and stay on course. In South Africa, where things can change quickly, having a strong FP&A process is not just helpful—it's crucial. This guide will show you where to start and what to keep in mind when it comes to your company's finances. Anthony Wilson, Operations Director of KPI Management Solutions weighed in with tips to help your business become more resilient and help you grow, no matter what comes your way.
Finance creates value when it shows up weekly. Discover how finance teams move from compliance reporting to operational partnership.
