💡 Want to boost your team’s motivation and business growth? Profit sharing might be the key! By sharing a portion of your profits, you can inspire your employees to work toward common goals and drive long-term success.🏆
Ready to learn how to set it up for your small business? 👉🏼 Watch the full video now to find out!
#ProfitSharing #SmallBusinessTips #BusinessGrowth #TeamSuccess #EmployeeEngagement #BookkeepingServices
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🎥 CONTENTS OF THIS VIDEO
00:00 - Intro
00:19 - What is Profit Sharing?
00:44 - Why Profit Sharing Works for Small Businesses
01:29 - Common Mistakes to Avoid with Profit Sharing
01:34 - Focusing on Short-term Profit
02:15 - Not Setting Clear Goals
02:46 - Adjust as Needed
03:19 - Steps to Implement Profit Sharing in Your Business
03:24 - Step 1: Understand Your Numbers
03:51 - Step 2: Set Clear Goals
04:07 - Step 3: Celebrate Success
04:19 - Step 4: Review and Adjust Regularly
04:31 - Examples of Profit Sharing Structures for Small Businesses
04:39 - Equal Profit Sharing
05:31 - Tiered Profit Sharing
06:31 - Goal-Based Profit Sharing
07:40 - When to Pay Out Profit Sharing
07:45 - End of the Fiscal Year
08:01 - Quarterly Payouts
08:22 - After Major Milestones
08:44 - Ensure Cash Flow Stability
09:20 - Key Takeaways
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🔗 MENTIONED IN THIS VIDEO
► Avalon Accounting
www.avalonaccounting.ca/services
► Employee Gifts - CPA Shows You How to Avoid Costly Tax Mistakes
th-cam.com/video/Y0or-22VdJM/w-d-xo.htmlsi=CZ0C3AN23N1qFl-t
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🅰️ AVALON ACCOUNTING
Avalon is a virtual accounting firm located in Canada. We aim to be THE online accounting department for small businesses in Canada.
We provide online bookkeeping, accounting services and expert financial advice for small businesses.
We are on a mission to educate small business owners through our TH-cam channel, blog and free resources. Check out our links below to dive in.
► Website: www.avalonaccounting.ca/
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🧑‍🏫 ONLINE COURSES
► Take your business to the next level with our online courses.
www.avalonaccounting.ca/courses
✅ ESSENTIAL FINANCIAL CONCEPTS FOR SMALL BUSINESSES (🆓FREE COURSE)
► Keys to building a business that provides owners with time, money and purpose.
www.avalonaccounting.ca/courses/essential-financial-concepts-for-small-businesses
🖥️ LEARN MODERN BOOKKEEPING
► Learn to do your own bookkeeping with modern tools and our proven practices.
www.avalonaccounting.ca/courses/bookkeeping-with-xero-and-dext
📈 BOOKKEEPING AND TAX FOR FREELANCERS
► This course teaches sole proprietors how to simplify bookkeeping and taxes.
www.avalonaccounting.ca/courses/bookkeeping-and-taxes-for-freelancers
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🧑🏻‍🏫 FREE BUSINESS GUIDES:
► Starting Your Business Guide:
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► Business Owner’s Productivity Guide:
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► Financial Foundations Guide:
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► $1 Million Dollar Service Based Business Guide: joecollins.typeform.com/to/e26VYo7R?typeform-source=avalonaccounting.ca