Profit First
Become Debt-Free
The average household carries $137,063 in debt, while the median household income is less than $60,000, according to data from the Federal Reserve and U.S. Labor Department. While it’s easy to get into debt, it can be hard to get out. Here are five tips personal finance experts recommend to lower your debt burden: List…
Read MoreGreat Uses For Your Tax Refund
Most Americans get a refund every year, with the average check weighing in at $2,895 last year. Even though it’s really money that they earned, many people are tempted to treat it like a windfall and splurge. If you can resist that temptation, here are some of the best ways to put your refund to…
Read MoreCost-Effective Marketing To Improve Your Profits
Regardless of the current economic outlook or the size of your organization, as an astute business manager, you’re always searching for ways to reduce expenses and improve your bottom line. If we have run a Profit First Analysis of your business, its likely that you learned that your operating expenses are just too high! Here are six…
Read MoreREALLY Moving the Needle Toward Profitability In Your Business
At the beginning of the year, I said that in order to really move the needle on profitability, you must focus on two key areas of your business: Products (the items or services you sell) People (the staff you employ and the people you serve) Today, I want to hone in on People. It’s been said:…
Read MoreMoving the Needle Toward Profitability In Your Business
On this first day of the year, we want to discuss first of two critical components that can really help you move the needle toward profitability in your business. Products (The Items or or Services You Sell) People (The Staff You Employ and the Clients You Serve) Why are we talking about products and services? Because they…
Read MoreWhittling Down Your Operating Expenses
We recently discussed setting up your Profit First bank accounts. But now, it’s time to dissect that infamous line item- Operating Expenses. We hate them. They keep us up a night. They can become like a runaway train. Before Profit First, you wouldn’t really know whether your expenses were too high for your size business. But most business owners…
Read MoreHow to Set Up Your Profit First Accounts
In a recent post I likened typical Bank Balance Accounting to a financial gumbo, where all the key ingredients of a business are swirling around in one pot. Then, I introduced Profit First and explained why it’s SO needed in our businesses. I said: Profit First teaches us that we should take those ingredients out and…
Read MoreHow Profit First Can Separate the Ingredients of Financial Gumbo
Recently, I told you how my young business lacked a plan and was held together by Band-Aids and Duct Tape. But then, this marvelous book Profit First came into my periphery. This week, I want to share more about Profit First. To recap, the standard GAAP (Generally Accepted Accounting Principles) equation for finances is: Income –…
Read MoreHeld Together By Band-Aids and Duct Tape Before Profit First
I recently told you my BIG WHY that propelled me into business and also what keeps me motivated to push forward. Where I left off was after I started the company. You see, when I started Dana McGuffin CPA, I didn’t really have a “business plan”. My plan was to secure an office, hire the right marketing…
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