Double your profits in 24 months - no really
We utilize and support Profit First to help companies grow from owner-operator, where you have created a job, to owner-manager, with the profitability, time and freedom that comes from there.
It is not unusual for businesses that implement the Profit First methodology to increase their bottom-line profits by up to 200% within 18-24 months of implementation.
What is Profit First?
Profit First is a straight-forward but innovative approach to business finances developed by Mike Michalowicz. Traditional business accounting has evolved from GAAP (Generally Accepted Accounting Principles), which is too complex for most small businesses, and drives owner attention to the wrong area. As a result, most small businesses operate on a cash-basis, keeping “tax-books” once a year. While this lets you comply with the IRS, it doesn’t help you drive your business. As a Certified Profit First firm, we help you with your traditional accounting needs while implementing the innovative Profit First system.
The Profit First System is an adaptation of traditional personal finance principles to the needs of a small business. Similar to the concept that finance is 80% behavioral and 20% math, Profit First drives you to operate your business in such a way that you focus on the cash flow allocations necessary to pay yourself and cover your bills.
It’s essentially a set of accounting practices that help influence you to make better decisions.
Implementing the Profit First Approach
Profit First does involve more transactions, making it important to be diligent in your financials during the year. As a result, instead of one large annual tax prep and accounting bill, with Profit First clients work with us on a monthly basis for compliance or controller services to maintain their records throughout the year. By standardizing on a consistent package, you have one consistent monthly bill to cover all your accounting and financial needs. Our clients utilize our team for monthly services, but we routinely work with partner organizations that combine compliance and tax strategy services.
For our Sub-contracted Controller clients, we’ll review your business, profitability, and how you are progressing with your Profit & Loss statement as well as Profit First implementation to help you to grow your business.
Ready to become profitable? Start with a Profit First Assessment
We will show you how to create sustainable profitability so you can eliminate debts and gain complete control over your finances.
With Summit Business Advisors, Your Path to Success is as easy as 1-2-3
Start with a Basecamp Assessment
We’ll discuss your business and financial goals and what is preventing you from reaching them, and run a full diagnostic on your business financials to better understand how we can help you.
Begin Your Ascent
We explain the findings from our review, the challenges before you and how you should specifically address them with a series of customized recommendations.
Reach Your Summit
With our guidance and support, we help you to get confidence in your financials, make accurate data-driven financial decisions, and provide a clear path to reach success in your business journey.
Your path to the summit starts now with knowing your score
With Summit Business Advisors, project-based businesses have real-time visibility into their performance and can make data-driven decisions that drive results.
✓ Profit First
✓ Utilization rate, and
✓ Net revenue per employee