Profit First Accountants UK
What is Profit First? It is a Game Changer. We 100% believe that. It transforms business owners’ lives, FULL STOP. We live and breathe the PF method ourselves and have seen the impact it has on businesses.
Let’s hear it directly from the man who created it.
What if you could have profit guaranteed?
“That was the question I asked myself after yet another year of my company’s check-to-check survival. I have become convinced that the biggest source of entrepreneurial stress (and even depression) is the lack of cash reserves.
I created the Profit First system to eradicate my own financial struggles. And I am honored to say, that as of writing this, over 175,000 companies have implemented the system.
The method is simple. Every time you get a deposit from sales, take a predetermined percentage of that money as profit. Of course, there are a few more steps than just that. But even with the simple first step, of taking your profit first, you will become permanently profitable.
Profit is not an event. It is habit. This book will show you exactly how to do it.”
— Mike Michalowicz
Putting profit first
So what does ‘profit’ really mean? According to the generally accepted (GAAP) accounting rules, your profit is the balance left over once you have deducted your expenses from the top-line sales: Sales – Expenses = Profit. This is logical to most business owners, however, there is no guarantee that anything is going to be leftover!
PF uses ‘Priming’ to focus on what really matters, making profit the focus:
Sales – Profit = Expenses
This may appear to be exactly the same thing, just in a different order? Mike Michalowicz is trying to highlight human behavior (as we are not logical creatures!). What comes first, gets done. What comes first gets our priority and ultimate attention. Sales are required for any business but profit must come before expenses in our priorities in order to run, grow and scale a financially healthy business.
What is the profit first method?
The PF System bakes profit and cash into your business from the get-go. Accounting profit can often bear no reflection to real cash in the bank. PF ensures that as the business owner you are rewarded as an ‘Owner’ (You take a profit distribution) and also as an ‘Owner Operator’ (if you work in your own business) you take a ‘salary’ (not just a tax salary, as a salary for your actual effort). It’s time to start rewarding the best employee that you’ve got, yourself!
The book that started everything
The book has had a huge impact on so many business owners around the world. As of the time of writing more than 175,000 companies have implemented the system in their business. It has sold over half a million copies and now has more than 5,000 reviews on Amazon.
Getting Started with Profit First
To get started and start making an instant difference in your business with PF, please book in for a call below. We can then discuss how the programme works and the different options available to you. Essentially we have a DIY (Do It Yourself) programme with our set up and support, a DWY (Do it With you) package and finally a DFY (Do it For You) option. All options are designed to provide a minimum of 3x ROI in your business within the first 12 months. We always think win-win! Make sure you tick the box on our booking form where it asks are you interested in PF!