In this episode, we share how the Profit First strategy from the best-selling book helped revitalize and transform our business mindset, so that we made more money and became much more confident financially.
Profit First, a book by Mike Michaelowicz, proposes a vastly different approach to business financial management. Instead of taking profit from the business after deducting expenses, Profit First advocates for a percentage of profit to be taken first, before expenses are paid. The complete plan also involves setting up different bank accounts for categories in your business and making very intentional decisions when it comes to purchases and debt reduction.
When I (Allen) instituted this method to my business, I immediately saw the change in my attitude toward financial management - from a “let’s get by” mentality to “I need to see benefits / profit” mentality. In this episode I’ll give you a 30,000 foot view of the founding principles of the strategy, so you can look further and decide if you’d like to implement it in your creative business.
In this episode you’ll discover:
How traditional financial principles can stifle your creative business growth
The basic underlying principles of Profit First
How Profit First differs from the standard way of managing your money
Specific ways in which we implemented the strategies to radically change our financial position.
Check out "Profit First" Here - https://amzn.to/3GLTJkK
Links Mentioned in this Podcast Episode:
Join our membership for highly motivated creatives who want to gain complete confidence as artists and entrepreneurs - God and Gigs 360! Join for 30 days FREE by going to https://godandgigs.com/freetrial
https://GodandGigs.com/ToolKit - check out ALL of our most trusted and effective tools and resources for faith-focused creatives
https://Godandgigs.com/grow - FREE trainings where you’ll learn how to build your online audience and connect deeply with those you are called to reach with your creative work
Learn about The 4 Questions you need to ask before going Full-Time in Arts and Entertainment -
https://godandgigs.com/questions
