What is
Profit First
Profit First is a cash management technique developed by Mike Michalowicz that treats profit as part of your budget, rather than the lucky leftovers. Using intuitive methods that work with human behavior, you develop money-saving habits that actually stick.
Profit is not what's left over after expenses. Our revolutionary bookkeeping method starts there
and ends by making you more money.
The commonly used formula for determining business profit is Sales – Expenses = Profit. It is simple and logical, but unfortunately, impractical. The formula makes absolutely no allowances for human behavior.
Last we checked, humans run businesses. Not the other way around. And check–to–check survival is no way to run a business. Profit First is the better way and it starts by rearranging that old worn out formula.
Profitability isn't an event;
it's a habit.
– Mike Michalowicz
The math still works out the same. But the Profit First formula removes the temptation of human behavior that sideline so many promising businesses. Plan first and then work the plan, right? Let us show you how.
Cash Flow Roadmap
The old saying “cash is king” does not quite go far enough for business purposes. We think “cash flow king” is more like it. Adequate cash flow is quite literally, the lifeblood of every successful business. Maintaining that ebb and flow with a robust cash and liquidity management system plays a key role in the life of a thriving business. In a perfect world, business profitability starts on Day One and keeps producing profits quarter-by-quarter until a business is sold or closes. However, that is often not the case. Sometimes businesses need years to move out of the “red” and into the “black”. Doing so takes planning and commitment and that’s where One21 comes in.
We’ll work together to lay out a plan based on the fundamentals of Profit First to begin generating profits that your business can reliably deliver. Take the first step along the road to profits and schedule your FREE Profit First / Bookkeeping consultation.
