Profit First: Transform Your Business From A Cash-Eating Monster To A Money-Making Machine Quotes
"It feels good to be building a business that serves me. Profit First is helping me to live out my mission in my own business." – Darnyelle Jervey
"My business finances are organized and clean. I’m profitable (yeah!), disciplined, in control and motivated." – Carrie Cunnington
"I now need just 60 minutes a week to manage my financial planning." – Christian Maxin
"Once you have cash, opportunities start to appear like never before." – Paul Finney
"After 18 years of being in business, we finally feel we’re a success." – Helen and Rob Faulkner
"Revenue is vanity, profit is sanity, and cash is king."
"If you want to grow to make money for yourself one day, you are playing a game of kick the profit can down the road."
"You need to reverse engineer the profit. Take profit first."
"Profitability. Stability. Sanity. Forevermore."
"You can't grow out of your profit problem. You need to fix profit first, then grow."
"When you focus on growth, it is inevitably a scramble to grow at all costs."
"We default to managing the cash of our business by doing what I call 'bank balance accounting.'"
"It is our natural desire as entrepreneurs to find problems and fix them."
"If you haven't relied on it from the start, eventually the only 'solution' is to take on debt."
"How confident are you that you could grow your business if you operated this way?"
"Bank balance accounting is human nature. We humans are not big on change."
"At the end of the day, the start of a new day, and every second in between, cash is all that counts."
"To successfully run a profitable business, we need a super simple system to manage our cash."
"We place additional significance on whatever we encounter first."
"When you get into a rhythm with your cash management you’ll have your finger on the pulse of your business."
"Taking profit first will help you figure out which of the many things you do makes money, and which don’t."
"To grow the biggest and the fastest, you need to be the best at one thing you do."
"It is the concept of 'pay yourself first' meets 'small plate servings' meets 'Grandma’s envelope-money management system' meets your preexisting natural, human tendencies."
"Always, always allocate money based on the percentages to the accounts first. Never, ever, ever pay bills first."
"Eliminating unnecessary expenses will bring more health to your business than you can ever imagine."
"If you could run your business off $1,000, you can surely run it off $990."
"Trust the process. This works, but it is unfamiliar."
"I was practically killing myself before, and now I’m only working a few hours a week."
"My ‘profit’ used to be something I realized at tax time. You know, when the IRS gave me a refund of four or five thousand dollars."
"Running the Instant Assessment is easy. Facing the truth about your business financials, on the other hand, is right up there with root canals and colonoscopies."
"Don’t get punched in the face; don’t get caught unaware."
"A financially healthy company is a result of a series of small daily financial wins, not one big moment. Profitability isn’t an event; it’s a habit."
"You are not a fool. You have done nothing wrong, and you have nothing to be ashamed of."
"No matter what the number is, if you work toward it and believe it’s a possibility, you will not only achieve it, you will blow past the 'reasonable' numbers others have set."
"Your business may currently have better numbers than the TAPs. If that’s you, congratulations! This does not mean you can slow things down, however. You still need to push yourself."
"Remember, your business, not you, is now living off the leftovers. But your leftovers have to be enough for your business to continue to thrive."
"Profit First works on so many levels. It begins with setting allocation percentages, the amount you will transfer to PROFIT, OWNER’S COMP, and TAX accounts."
"My business serves me; I do not serve my business."
"The goal of every business is health, and that is achieved through efficiency."
"The transition from working in the business to working on the business happens over time—slowly, deliberately, one small step followed by another small step."
"The bottom line is this: don’t cut your salary to make the numbers work."
"The goal here is to establish a new automatic routine for you."
"If your business can't afford to set aside two percent of your revenue, it's probably not a business worth pursuing."
"The percentages we are about to assign to each account are going to be called your CAPs (Current Allocation Percentages)."
"Take small easy steps and you will gain powerful momentum."
"Enjoy a nice margarita tonight; that is, unless you don't like margaritas."
"You must get more enjoyment out of saving your money than you do spending your money."
"Immediate pain gets the ball rolling, but pleasure keeps it moving."
"Give yourself more joy when you choose not to spend money than you do when you choose to spend it."
"Celebrate every time you save—whether it’s ten bucks or ten thousand."
"Until your best month becomes your average month, it’s not the norm; it’s the exception."
"Debt will start to pile up. And you will go back to your old standby, 'Sell more—grow, grow, grow!'"
"Percentages are based on real results—the cash in the bank. No games, no hypotheticals, no 'We’ll make it up next month.'"
"Cut the fat out of your business, the stuff that is not generating or supporting income for your company."
"The relief you feel once you complete the Debt Freeze is way more powerful than the embarrassment you fear."
"The new definition of success is not about the most revenue, employees, and office space but the most profit."
"The only way to get out of debt is by being profitable."
"Efficiency increases your profit margins, or the amount of money you earn as profit on each product or service you offer."
"Focusing solely on increasing sales is like setting up a bunch of rain barrels next to your house and doing some frantic rain dance in a loincloth while ignoring a massive water source beneath your feet."
"Efficiency first, then sell more, then improve efficiencies even more and then sell even more."
"How do you get two times the results with half the effort?"
"The competition will squeeze you eventually, and soon, so keep finding ways to do what you do better, faster, and cheaper."
"If you’ve never seriously asked yourself, 'How can I get two times the results with half the effort?' how do you know that you can’t?"
"You don’t have to slash and burn the moment you put down this book. You can take it slow. Just get started."
"Profit is about the percentages, not a single number."
"You will become superefficient, because you now serve very few but consistent needs, rather than an excessive array of varying needs."
"When you focus on Profit First, even when choosing the clients and customers you are willing to work with, you increase your profit dramatically."
"Sales without first putting efficiency measures and systems in place is a dangerous game that only leads to bigger expenses and fewer ideal clients."
"The key to this advanced strategy is to connect the two—your clients and your offering."
"Profit First helps you create the lifestyle you want."
"You know that a smaller plate will help you trim the fat from your lifestyle and zero in on what’s most important to you."
"The ultimate goal of the Profit First lifestyle is financial freedom, which I define as doing what you choose to do whenever you choose to do it."
"Financial freedom means that you have reached a point where the money you’ve saved yields enough interest to support your lifestyle and continues to grow."
"If you own a business, your personal financial health is in lockstep with the financial health of your business."
"Face the music. This step should be easier now that you’ve faced the truth about your company’s finances."
"Never buy new when you can get the same benefit you would if you bought used."
"The man who can drive himself further once the effort gets painful is the man who will win."
"All you have to do is follow it. You don’t have to get an MBA, or take an accounting course, or start devouring articles in the Wall Street Journal. You don’t even need to know how to read your own income statement, cash flow statement, or balance sheet. You don’t have to change or 'fix' who you are for this to work. It just does."
"The normal response to fixing problems is to try to change our habits. Instead, simple systems that capture the good parts of our habits and guard us from the bad parts will bring about positive and permanent change, fast."
"Eradicating entrepreneurial poverty is my life’s mission, and my readers are part of that. You are part of that."
"I am debt-free and stringing together one small financial win after another—every tenth and twenty-fifth of the month."
"The fear of looking stupid or inexperienced wins out over logic, which tells players that the underhand shot will give them a higher success rate."
"Just as Barry—and Chamberlain, for one legendary game—racked up the points, you’ll watch your profit and your business grow while you do what comes naturally to you."
"You simply need to put your profit first and everything else will fall into line. It’s not rocket science, and you don’t have to have a truckload of karma to get it."
"Financial freedom really is just a few small plates away."