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 my Profit First mentors, Laura Elkaslassy from Profit First Australia.
In our chat we cover:
How Laura got started with Profit First
At the time Laura was running her own bookkeeping business. She was sick of conversations with business owners and not getting anywhere in terms of implementing strategies to produce particular outcomes. Laura then came across the Profit First book when it first came out, and was one of the first or second Australians to sign up with the US.
Challenges Laura Experienced
One of the biggest challenges for Laura once she implemented Profit First was stopping the bad habit of spending money in different directions, and trust that in time she would be able to spend money more freely. Laura’s clients also faced some challenges when trying to implement Profit First. Feeling overwhelmed with debt and thinking they’re too far gone within their business to make a change.
Benefits and outcomes of implementing the methodology
Laura identifies 3 key benefits for her business and her client’s businesses
- Having extra money in their profit account
- Concentrated effort on what’s working in people’s businesses
- Being able to take home a consistent wage even if it starts small
Tips for implementing and ideas around profitability and cashflow
One of the main points Laura noted was how you want your business to run. Reactive or proactive. And how implementing Profit First would definitely be advantageous to your business running proactively.
Check out the full interview here for more great insights on implementing Profit First:
- Website – https://profitfirstaustralia.com.au/
- LinkedIn – https://www.linkedin.com/company/profitfirstaustralia/
- Twitter – https://twitter.com/profitfirstau/
- Facebook – https://www.facebook.com/profitfirstaustralia/
- Instagram – https://www.instagram.com/profitfirstau/
To see other Profit First implementation stories, check out more interviews here.