I clicked through 4 other videos on Profit First before I found yours, and I didn’t finish ANY of them. The creators were dry, boring, no voice inflection, some had no engaging visuals, and some were huge channels. Thank you so much for creating ENGAGING content about business. I have ADHD, and it's extremely difficult to pay attention to a lot of business content because of how dry it is. I'll definitely be subscribing, as I am right at the start of my business.
Very interesting, Dr Tamer! Profit First was the first week of our program ... As you'd be aware, many small businesses people don't even have separate personal and business accounts, so *any* structure of accounts or targeted allocations
Yes, overall this is a fantastic book and a great way to start budgeting and becoming disciplined financially in a small business. I mentioned I even talk about it positively on our Firestarter Programme. It’s just not perfect and doesn’t apply for every condition as the book claims it does. So when implementing it, I always suggest people understand it’s strengths and potentially weaknesses so that they can make the most out of it for themselves.
Yes it’s a great system for those that want a disciplined financial system 🚀 How long have you been using it for? And how many bank accounts do you use?
I've read the book a few times but honestly I've struggled with it. I like how you called out the various bank accounts and systems. I just don't have it in me to manage that logistically. What would you advise around paying yourself first every time? As a small business owner I've had to reinvest quite a lot in my business to keep growing it...how do I reconcile a healthy financial strategy vs a desire to enjoy my lifestyle vs growing a business? 😅
Yes I’ve heard this criticism more than once. And whilst I agree with you, ironically if you are struggling to manage your finances, then a lot of the discipline the book recommends may not be a bad idea to get into the habit and practice of financial management. But I would also say that prefaced to this, you should really identify what success looks like for your business and for you financially. How are you going to source money into the business and what your business model will be. In addition to that then figure out how much money you need personally to survive and plan how you can source that money (revenue, funding, borrowing, credit terms). You really need to have a financial forecast and keep tweaking. It’s at this point where you can begin to identify what budget percentages you need for each pocket of money. If this all sounds too daunting then you have two choices. 1. Admit defeat and follow the book 😆 or 2. Find a programme like our Firestarter Programme that teaches you how to understand to manage your finances and cashflow in you business 😉. Do you want me to do a video on the basics of managing your finances?
For me the whole profit first theory goes against the keep it simple theory. Two banks with five accounts and a huge table with different percentages to keep in mind 🤯 I worked as an accountant so def not afraid of tables and numbers but still
Thanks for the review. I really want to get a handle on this. Is there a better book you'd recommend? Is this a good start before going to a different book? I don't want something that is overwhelming or confusing. I'd like to get control of my income.
Of course it is an money management tool better for frecquent sales and income coming in, off course you need to adapt the right frecuence when you have an special bussines, thats not a negative point its just an rare exception, when you have an bussines you are a salesman, everyday, and ussaly that creates frequent income money!
They say you should have accounts at different banks so you simply add money to it and not see the total amount on a regular basis to make sure you not using it.
Most accountants and bookkeepers do follow this system so maybe just check in with your bookkeeper to see how they intend to utilise the concepts for you
What do you think of Profit First? Haven't read it yet? ceoe.co/pf Get it here then come back and let us know!
👌🏼
I clicked through 4 other videos on Profit First before I found yours, and I didn’t finish ANY of them. The creators were dry, boring, no voice inflection, some had no engaging visuals, and some were huge channels. Thank you so much for creating ENGAGING content about business. I have ADHD, and it's extremely difficult to pay attention to a lot of business content because of how dry it is. I'll definitely be subscribing, as I am right at the start of my business.
I implemented PF about 18 mos. ago. Complete life-changer for me and my business. Huge fan and highly recommend.
Awesome!
Very interesting, Dr Tamer! Profit First was the first week of our program ... As you'd be aware, many small businesses people don't even have separate personal and business accounts, so *any* structure of accounts or targeted allocations
Yes, overall this is a fantastic book and a great way to start budgeting and becoming disciplined financially in a small business. I mentioned I even talk about it positively on our Firestarter Programme. It’s just not perfect and doesn’t apply for every condition as the book claims it does. So when implementing it, I always suggest people understand it’s strengths and potentially weaknesses so that they can make the most out of it for themselves.
I agree with profit first theory. I have experienced this first hand
Yes it’s a great system for those that want a disciplined financial system 🚀 How long have you been using it for? And how many bank accounts do you use?
audible book purchased. I like your point about being careful to not stunt your growth so will go into with my eyes (and ears!) open. Thanks!
You’re welcome! It’s a great listen.
Thank you Dr. Am not seeing your recent videos. Keeping our generation
We took a bit of a break to plan our (hopefully) next stage of growth. Stay tuned. Videos coming next week hopefully
Just a simple 20% sales for taxes and savings is all I need
Definately very good articulation especially adding your experience helps to dig the concept better for us
Perfect choice . Thanks
You’re welcome!
I've read the book a few times but honestly I've struggled with it. I like how you called out the various bank accounts and systems. I just don't have it in me to manage that logistically. What would you advise around paying yourself first every time? As a small business owner I've had to reinvest quite a lot in my business to keep growing it...how do I reconcile a healthy financial strategy vs a desire to enjoy my lifestyle vs growing a business? 😅
Yes I’ve heard this criticism more than once. And whilst I agree with you, ironically if you are struggling to manage your finances, then a lot of the discipline the book recommends may not be a bad idea to get into the habit and practice of financial management. But I would also say that prefaced to this, you should really identify what success looks like for your business and for you financially. How are you going to source money into the business and what your business model will be. In addition to that then figure out how much money you need personally to survive and plan how you can source that money (revenue, funding, borrowing, credit terms). You really need to have a financial forecast and keep tweaking. It’s at this point where you can begin to identify what budget percentages you need for each pocket of money. If this all sounds too daunting then you have two choices. 1. Admit defeat and follow the book 😆 or 2. Find a programme like our Firestarter Programme that teaches you how to understand to manage your finances and cashflow in you business 😉. Do you want me to do a video on the basics of managing your finances?
@@CEOEntrepreneur Thank you so much. You've given me some food for thought. A video on that would be ace. Thank you!
Stay tuned!
Did this video come out? Managing your finances.@@CEOEntrepreneur
Thank you for sharing. You have a new subscriber.
You’re welcome! And welcome to the channel. Feel free to make requests for video topics (business related! 😅)
Thanks
For me the whole profit first theory goes against the keep it simple theory. Two banks with five accounts and a huge table with different percentages to keep in mind 🤯 I worked as an accountant so def not afraid of tables and numbers but still
Great review!
Great 👍
Thanks for the review. I really want to get a handle on this. Is there a better book you'd recommend? Is this a good start before going to a different book? I don't want something that is overwhelming or confusing. I'd like to get control of my income.
Awesome ❤
Thanks 🤗
Of course it is an money management tool better for frecquent sales and income coming in, off course you need to adapt the right frecuence when you have an special bussines, thats not a negative point its just an rare exception, when you have an bussines you are a salesman, everyday, and ussaly that creates frequent income money!
Does Mike make any mention on business partners in the book? Does this affect % split in any way?
Have you ever reviewed the Pumpkin plan or Emyth Revisited?
Its just basic financial literacy. Make a budget, reduce expenses, don't use debt, pay yourself first, save profits.
Great video. Why have accounts with two banks, instead of having all of your accounts under one bank?
They say you should have accounts at different banks so you simply add money to it and not see the total amount on a regular basis to make sure you not using it.
Have you reviewed Natural Laws of Management by Arte Maren?
i love profit first i use it with ynab and 1 bank account.
Awesome, and even more awesome you chose to adapt it to suit you. That was the point of the video 🚀
Me too!
Do a review on ZERO TO ONE BY PETER THIEL
Same
The writer of the book is dry
Omg i couldnt follow him on youtube with free audiobook
But his concept seems sensible and amazing
sir why is it difficult to make profit in business especially us small business owners
I don't guess this system works well if you have a bookkeeper
Most accountants and bookkeepers do follow this system so maybe just check in with your bookkeeper to see how they intend to utilise the concepts for you
Entrealeadership book by Dave Ramsey - can you do commentary on this one?
Tamer.
Dave.. 😉