🎙️ Are you truly profiting from your business? Discover how to take your profit first.

From Battle to Business

In this episode of "From Battle to Business," host Dean Van Dyke engages in a compelling conversation with Suzanne Mariga, CPA, fractional CFO, and Profit First expert. Suzanne shares her journey of founding Mariga CPA PLLC in 2008 while caring for her newborn daughter, driven by a mission to impact her family, fellow minority business enterprises (MBEs), and the world. The discussion delves into the challenges minority business owners face in achieving substantial personal earnings despite significant business revenues. Suzanne introduces the Profit First methodology, emphasizing the importance of intentional profitability and effective cash management systems to ensure business growth translates into increased owner's pay and sustainable success.

Key Takeaways:

• Intentional Profitability: Establishing deliberate systems to ensure profits are prioritized, enabling business owners to benefit proportionally as their businesses grow.
• Profit First Methodology: A cash management system that encourages entrepreneurs to allocate profits before expenses, fostering financial discipline and sustainability.
• Challenges for Minority Business Owners: Many achieve significant revenues but struggle to bring home substantial earnings due to a lack of effective financial systems and goal-setting.
• Importance of Systems: Implementing robust operational and financial systems frees up time for business owners to focus on growth and personal endeavors.
• Revenue vs. Profit: High revenue does not automatically equate to high profit; intentional strategies are necessary to convert revenue into meaningful personal income.

Quotes:

• "When you don't have a system in place to create intentional profitability, the limits that you set on yourself become the goal." – Suzanne Mariga
• "Profit First allows you, as an entrepreneur, to take your profit first." – Suzanne Mariga
• "Systems are key to freeing up time for business owners to focus either on growing their business or on other activities they love to do." – Dean Van Dyke

Resources Mentioned:

• Profit First by Mike Michalowicz: A book introducing the Profit First cash management system, guiding businesses to prioritize profitability by allocating profits before expenses.
• Mariga CPA PLLC: Suzanne Mariga's accounting firm specializing in implementing Profit First strategies for entrepreneurs, aiming to maximize profits and establish effective financial systems.

Personal Advice:

As someone deeply involved in helping businesses optimize their operations, I can't stress enough the importance of implementing a robust cash management system like Profit First. It not only ensures profitability but also provides clarity and control over your financial health. Start by assessing your current financial practices and consider integrating the Profit First principles to create a more sustainable and profitable business model.

FAQ:

What is the Profit First methodology?

• Profit First is a cash management system that encourages businesses to prioritize profitability by allocating profits before expenses.

How can Profit First benefit my business?

• It ensures consistent profitability, improves cash flow management, and helps make informed financial decisions.

Is Profit First suitable for all business types?

• Yes, Profit First can be adapted to various industries and business models.

How do I start implementing Profit First?

• Begin by reading the book "Profit First" by Mike Michalowicz and consider consulting with a certified Profit First professional.

Can Profit First help in reducing debt?

• Yes, by managing cash flow effectively, Profit First can assist in allocating funds to pay down debt systematically.

Connect with Susanne Mariga at: https://susannemariga.com/work-with-us/

Connect with Dean Van Dyke at The Pillars Group:

• Website: https://www.deanvandyke.com
• Instagram: https://www.instagram.com/dhvandyke27/
• Facebook: https://www.facebook.com/thepillarsgroup/

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