Paying Profit First – The Path to Permanent Profitability

I couldn’t go past making Profit First the first book review on this blog. As you can see from my 7 Business Books to Boost Your Profit post, I love reading to gain insights and ideas on how to create a more profitable business. And no book has done this more than Profit First. So much so that the methodology is now entrenched in the foundations of my own business as well as the consulting work I do.

Why the Profit First book?

While listening to the Inspiring Innovation podcast a number of years ago, one of the guests had mentioned a book called The Toilet Paper Entrepreneur by Mike Michalowicz as one to get your hands on. I jumped straight in and downloaded from Audible. I loved the style of writing (and narrating) that kept me interested and informed from the get go. The sense of humour along with the realness Mike brought to business issues was refreshing and had me flying through the book in no time.

The book finished and I immediately wanted more, what else had Mike done and written? This led to The Pumpkin Plan, which was even more eye opening, thought provoking and just as easy to digest. Taking a pumpkin farmer and showing how growing prize winning pumpkin could translate into business success was truly genius.

From there it was a natural progression to look into Profit First, and it didn’t disappoint. Being a CPA, there were many ideas that flew in the face of what all my training as an accountant had taught me. But it resonated as a simple and practical approach that could make me far more profitable than I had ever been. And an approach that would work with any client, regardless of what their financial literacy may be.

What has been the impact since I started implementing Profit First:

Simple…I am more profitable than I have ever been. And I am paying myself profits on a quarterly basis, just like big business does with their dividend payments.

In the beginning, it was all about starting small. Setting aside small amounts of money every couple of weeks into a profit account, slowly building up the percentages, to a point now where the whole process just works like clockwork.

My wife and I now use the growing quarterly profit distributions as a form of celebration. These are the rewards for all the hard work and sacrifice that goes on behind the scenes in business.

So what does it mean in dollar terms?

The impact the book has had on my business, and ultimately my life is priceless. A clear, simple and structured approach to having permanent profits in my business actually can’t have a dollar figure put against it.

Although what it has meant in dollar terms is my percentage allocations of profits have increased, along with the dollar figures attached. This in turn is motivation to drive more business, generate more revenue, while managing expenses at sustainable levels. Over time, the snowball effect starts kicking in and the momentum and feel good factor that I am in control of the business (and not the other way around) keeps it all running like a well-oiled machine.

What you can do?

Read the book for yourself! And put yourself on the path to permanent profitability. Joining thousands of businesses worldwide who have already transformed their businesses as a result of reading the book and taking action.

If you want to get a taste of the book at no expense, you can grab 2 fee chapters of the Profit First book here.

Or if you are someone that goes all in, and you want to get the full book, get hard copy of the book here (it’s the cheapest place around and where I get all my books from). Or get the audio version here.

And finally, connect with Mints CD Consulting on our social media channels to follow the latest on making your business more profitable than it ever has been.

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