As a woman business owner, streamlining your finances to know where you stand immediately is one of the best things you can do for yourself. The Profit First method helps you take control of your money, allowing you to feel confident when paying bills and saving time by providing a clear snapshot of your finances at a glance. This approach ensures you know exactly how much you have available, making money management fast and easy so you have one less thing on your plate. 

Why Profit First? 

Profit First flips the traditional accounting formula. Instead of Sales - Expenses = Profit, it becomes Sales - Profit = Expenses. This subtle shift makes a big impact, prioritizing your profitability. 

Steps to Implement 

  1. Evaluate Your Current Financials: Understand your financial baseline. 
  2. Set Up Multiple Bank Accounts: Create separate accounts for profit, taxes, operating expenses, and owner’s pay. 
  3. Determine Your Allocation Percentages: Assign percentages of your income to each account. 
  4. Automate Transfers: Regularly move funds to maintain discipline and consistency. 

Benefits for Women Entrepreneurs 

Using the Profit First method offers numerous benefits. It simplifies financial management, providing clarity and control by showing exactly where your money goes. Intentional savings for taxes and profit reduce stress and last-minute scrambles. This approach also empowers you to make confident financial decisions, supporting the growth of your business on a solid foundation. All things that help us free up brain space for other areas of our life. 

Stay Focused and Disciplined 

Regularly review your finances and adjust allocations as your business grows. This proactive approach keeps your business healthy and profitable. 

Implementing the Profit First method can transform your financial management, making profitability a priority and providing you with the confidence to focus on growing your business, making your role as a business owner easier, so you have more time to focus on all the other roles you play in life.  

Profit First for Ecommerce is one of my favorite things to help with - I literally wrote the book on it – and I would love to help you get started as well. You can use our free Quick Start Guide to take your first steps and reach out to me if you need any help along the way! 

About the author 

Cyndi Thomason

Cyndi is a mom and author of Profit First for Ecommerce Sellers and Motherhood, Apple Pie, and all that Happy Horseshit. She is also a speaker and thought leader in areas of ecommerce accounting and Mom Entrepreneurship. Cyndi is the founder of bookskeep which provides accounting and Profit First advisory services to hundreds of ecommerce businesses around the world. When not helping business owners or her team, Cyndi can be found in her garden.

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