Welcome to this week’s instalment of The Profit Project interview series where we’re talking all about profitability and Profit First implementation. With the guest being one of Mints CD Consulting’s Profit First clients, Jade Allerby from Focus SME.
In our chat we cover:
How Jade discovered Profit First and why it resonated with her
At the time Jade was just establishing her social media marketing business, and with a strong background in marketing was struggling to understand the finance side of the business. She attended the same networking group as Craig, and hearing Craig present and talk about the Profit First methodology got Jade interested in the program.
Experiences with accountants
In the beginning Jade only used an accountant for her personal tax returns. There was no one to guide her on forecasting and cashflow management, and putting tax aside for the business. And while she believes accountants are important for making other financial decisions in relation to tax, she feels like Profit First has been really valuable in helping her to understand her finances and set financial goals.
Challenges when implementing Profit First
The biggest challenge Jade shared was making the decision to go ahead with the program, and really understand the difference between Profit First and accountants. Further challenges faced were understanding how the Profit First methodology worked, in terms of getting her head around the structure and reading the data.
Benefits and outcomes of implementing the methodology
Jade identifies 3 key benefits she saw, and each of these happened quite quickly
- More visibility and clarity in her business
- Being able to make financial decisions with ease
- Actually getting excited about her finances and seeing where all her money is going
Tips for implementing and ideas around profitability and cashflow
One of the main points Jade noted was having visibility and an understanding of your finances to make financial decisions. With peace of mind knowing that you have money available when needed. Jade also shared “Definitely have a look at Profit First as it’s been a game changer for my business. I don’t know what I would have done or where I would be without it”.
Check out the full interview here for more great insights on implementing Profit First:
Show links:
- https://www.focussme.com/
- Facebook – https://www.facebook.com/focussme/
- LinkedIn – https://www.linkedin.com/company/focus-sme/
To see other Profit First implementation stories, check out more interviews here.
