Why You Need a Profit First Professional
Profit First can truly change your business, and it is 100% effective when implemented. But there's the catch! You have to implement it.
Profit First is about changing your behavior, and like most habits, they're hard to break (apologies Chicago). I have seen business owner successfully implemented Profit First without any assistance, but they are the exception. Most people come to us frustrated because they want to grow profitably, and Profit First is an excellent tool to accomplish this, but they can't figure it out. Here are the most common problems we see in implementing Profit First.
Don't Understand Process
Although Profit First is a simple concept, every business is unique. Customizing the process for your business isn't really covered in the book! Using a professional familiar with Profit First eliminates that "square peg, round hole" feeling. Using a Profit First Professional also gives you the confidence of knowing you are doing it right.
Accountant Doesn't Understand Process
Many professional accountants embrace Profit First, but we run into businesses all the time that can't get their current CPA's help. I understand where they are coming from, as a CPA myself. I spend years thinking that I needed to educate business owners on finance, when in reality I just needed a better tool so they would understand. Profit First meets the business owner where they are in terms they understand (the bank account). If your CPA doesn't like Profit First or bother to understand it, get rid of them.
Lack of Accountability
Here is the main reason Profit First fails. There is no one to tell you you're not doing it or you're doing it wrong. Transferring money from your profit savings account to cover expenses? You're doing it wrong. Only making transfers to savings when you have extra money? You're doing it wrong. Working with a Profit First Professional gives you objective feedback and accountability to keep you on track.
Can you lose weight? Can you run a personal record in your next race? Can you increase your profit 20% this year? The answer to all of these questions is maybe. Trying to do it by yourself, probably not. That is reality. We all work better with others guiding us, encouraging us, and yes, sometimes telling us no!
