Our Lady Mary Mediatrix of All Grace- Maria Paz- Harana sa B-D ni Maria

26th Sunday in OT
ALELUYA
Juan 17, 17b. a
Aleluya! Aleluya!
Amang D’yos ni Hesukristo,
ang salita mo’y totoo
kami ay pabanalin mo.
Aleluya! Aleluya!
Let me share an Fb post:
“Eliminating unnecessary expenses will bring more health to your business than you can ever imagine."
8 lessons from "Profit First: Transform Your Business from a Cash-Eating Monster to a Money-Making Machine" by Mike Michalowicz:
1. Prioritize Profit: The core principle of the Profit First system is to take your profit first before allocating funds for expenses. This approach shifts the focus from a traditional model of sales minus expenses equals profit to a model where profit is a predetermined priority.
2. Use Multiple Bank Accounts: Michalowicz recommends setting up multiple bank accounts to manage your finances effectively. By designating separate accounts for profit, owner's pay, taxes, and operating expenses, you can better control your cash flow and ensure that you allocate funds appropriately.
3. Start Small and Scale Up: When implementing the Profit First system, begin with small profit percentages and gradually increase them over time. This allows you to adjust your business operations without overwhelming yourself or your finances.
4. Create a Sustainable Business Model: The book emphasizes that a small, profitable business can be more valuable than a large business that struggles to maintain profitability. Focusing on sustainable practices ensures long-term success and stability.
5. Track Your Financial Health: Regularly reviewing your financial statements and cash flow is crucial. Michalowicz encourages business owners to monitor their financial health closely, which helps identify areas for improvement and ensures that profit remains a priority.
6. Eliminate Unnecessary Expenses: The Profit First methodology encourages entrepreneurs to scrutinize their expenses and eliminate those that do not contribute to profitability. This practice helps streamline operations and improve overall financial health.
7. Mindset Shift: Adopting a Profit First mindset requires a shift in how you view money and business operations. By focusing on profit as a primary goal, you can change your approach to decision-making and resource allocation.
8. Celebrate Profit: Michalowicz stresses the importance of celebrating your profits, no matter how small. Recognizing and rewarding yourself for achieving profitability reinforces positive financial habits and motivates you to continue prioritizing profit in your business.
These lessons from "Profit First" provide a practical framework for transforming your business into a profitable venture, emphasizing the importance of prioritizing profit and managing finances effectively.