Profit First Professional
Company: Angus Morrison Accounting & Business Solutions
Location: Mentone, VIC
Hi, my name’s Angus Morrison and I’m qualified as a Chartered Accountant, Registered Tax Agent and Certified Profit First Professional.
Working with business owners has shown me that the typical approach to cashflow management and profit often doesn’t work. Many businesses suffer from credit card and ATO debt, cashflow problems, financial instability and low profits. This is despite their considerable expertise in their field and their ability to manage operations, staff, customers and suppliers. For business owners to be so adept at some many things yet fail to make a profit and build financial wealth, something must be going fundamentally wrong in their approach to their finances.
The effect of the inability to generate and retain consistent profits is immense, placing huge financial pressure and stress on the business owner, a constant precarious financial position and the ever-present threat of going out of business.
Whilst consulting to these companies, I regularly urged them to manage their tax liabilities throughout the year, focus on profit and understand their profitability each month. This was a good start but didn’t complete the full picture. Upon reading Mike’s book, Profit First, and reading about the principles of Parkinson’s Law and how it relates to spending and the simple solutions Mike put forth, I realised the Profit First philosphy was something I strongly agreed with, complemented my existing advice and completed what was missing for how business owners managed cash and built profits.
Paying profit first, putting profit first on the profit and loss statement, making a quick ‘initial assessment’, focusing on cash profits and managing cashflow through spending percentages and different bank accounts all result in a business with financial control, consistent profits and a continued focus on lowering expenses.
The complete Profit First approach has been implemented in several clients business’s. Already, these clients are remarking how they have significantly more clarity about how to manage cash, generate profits, pay off debt and work towards financial goals. These clients will continue to grow and I hope you can join them and me on your road to higher profits, less financial stress and greater choices in your life.
- Fitness and Gyms
- Service Based Businesses