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…

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Great 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…

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Cost-Effective Marketing To Improve Your Profits

Improve your bottom line

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…

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Moving the Needle Toward Profitability In Your Business

Moving 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…

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Whittling Down Your Operating Expenses

Whittling Down 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…

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How to Set Up Your Profit First Accounts

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…

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How 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 –…

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Held 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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