In the previous banking article we looked at the core accounts all business owners should use when first implementing Profit First in their Australian business. It’s time to start exploring some of the more detailed, advanced banking concepts that business...

There has been a lot of discussion this past week in the Profit First world in response to some recent articles that imply the system is detrimental to business growth. As a Profit First Professional who has spent the last two years talking to business owners about...

Profit First is all about establishing rhythms around the way we handle money. These patterns, when repeated regularly, become habits. Good money management habits are the end goal!. In this week’s article we’re covering the cash transfers from your income account to...

A Profit First business is, for the most part, debt free. While there are some notable exceptions the general principle is “accumulate cash rather than borrow”. At Panic Atax we refer to the process of stopping all debt as The Debt Freeze *cue a chilling wind*. Why is...

The Profit First system starts with opening a series of bank accounts. An endless number of bank accounts to manage is certainly not a great approach so it’s important that we open the right accounts. Failing to get this step right will result in the system being...

We have all been to small business networking events where particular individuals like to tell everyone how much money they are making. “The business is going great! We’ve grown from a $500,000 business last year to a $5,000,000 business this year”. You leave the...