Profit First Update: Cash Management Revolution [THA 389]

Update: 2024-07-18

Description

Thanks to our Partners, NAPA TRACS, AutoFix Auto Shop Coaching, and Today's Class

Join Dan Bryant and Heather DePriest as they discuss the transformative power of Mike Michalowicz's 'Profit First' methodology. Heather and Dan share their success stories and discuss the essential principles of cash management that have helped them grow their businesses sustainably. Tune in for insightful discussions on budgeting, cash allocation, and the critical role of business coaching.

Heather DePriest, American Garage, Chinook, MT. Heather's previous episodes HERE

Dan Bryant, American Pride Automotive, 5 StoreS, VA

Show Notes

Watch Full Video Episode

Starting Profit First (00:03:01 ) The challenges of starting the Profit First system and the benefits it brought to their business.

Impact of Profit First (00:04:11 ) How Profit First helps with budgeting, tax payments, and managing expenses, leading to significant improvements in their business.

Issues with Managing Cash (00:06:15 ) The consequences of not managing cash properly and the stress it can cause for business owners.

Need for Coaching and Education (00:08:38 ) Heather and Dan emphasize the importance of coaching and education in implementing Profit First and improving business management.

Core Principles of Profit First (00:10:15 ) Dan Bryant explains the core principles of Profit First, including setting up main accounts, allocating percentages, and removing temptation.

Rhythm and Account Setup (00:15:06 ) Heather discusses how they simplified their accounts and the importance of finding a supportive bank for setting up multiple accounts.

Inconvenient Bank and Transfers (00:16:48 ) Dan explains the concept of the "inconvenient bank" and the purpose of transferring funds to it, emphasizing the removal of temptation.

Success and Expansion (00:18:57 ) Dan and Heather share their success story and how Profit First helped them manage cash and expand their business.

Struggles in Business (00:19:25 ) Dan and Heather discuss the struggles of business ownership, including talent acquisition and financial challenges.

Business Expansion and Financial Management (00:21:12 ) Dan shares insights on business expansion, financial management, and the importance of sustainable profit.

Team Building and Family Inclusion (00:24:51 ) Dan discusses team building activities, including the importance of including family members for better participation.

Profit First and Budgeting (00:25:17 ) The conversation delves into how Profit First aligns with budgeting and financial planning for the future.

Tax Allocations and Financial Security (00:26:13 ) The importance of setting aside funds for taxes and the peace of mind it brings to business owners.

Thanks to our Partner, NAPA TRACS

NAPA TRACS will move your shop into the SMS fast lane with onsite training and six days a week of support and local representation. Find NAPA TRACS on the Web at http://napatracs.com/

Thanks to our Partner, Auto-Fix Auto Shop Coaching

Proven Auto Shop Coaching with Results. Over 61 Million in ROI with an Average ROI of 9x. Find Coach Chris Cotton at AutoFix Auto Shop Coaching on the Web at https://autoshopcoaching.com/

Thanks to our Partner, Today's Class

Optimize training with Today's Class: In just 5 minutes daily, boost knowledge retention and improve team performance. Find Today's Class on the web at https://www.todaysclass.com/

Connect with the Podcast:

-Follow on Facebook: https://www.facebook.com/RemarkableResultsRadioPodcast/

-Join Our Virtual Toastmasters Club: https://remarkableresults.biz/toastmasters

-Join Our Private Facebook Community: https://www.facebook.com/groups/1734687266778976

-Subscribe on YouTube: https://www.youtube.com/carmcapriotto

-Follow on LinkedIn: https://www.linkedin.com/in/carmcapriotto/

-Follow on Instagram: https://www.instagram.com/remarkableresultsradiopodcast/

-Follow on X (Twitter): https://twitter.com/RResultsBiz

-Visit the Website: https://remarkableresults.biz/

-Join our Insider List: https://remarkableresults.biz/insider

-All books mentioned on our podcasts: https://remarkableresults.biz/books

-Our Classroom page for personal or team learning: https://remarkableresults.biz/classroom

-Buy Me a Coffee: https://www.buymeacoffee.com/carm

-The Aftermarket Radio Network: https://aftermarketradionetwork.com

-Special episode collections: https://remarkableresults.biz/collections