219: 6 Months into Using the Profit First Accounting Method - An Honest Review + Tips!

If you’ve been in the online space for a while, you may have heard of “doing Profit First”, which is based on the popular book Profit First by Mike Michalowicz. It’s a way of taking your profit first (literally) instead of looking at your profit as “what’s left over” after all of your expenses have been paid. When I started using this accounting method in December, I knew I had to share it with my podcast community. In this episode (part one of two), I'm going to share what Profit First is and how I set it up for my business. But listen - if you're new to Profit First, that's okay! I'll explain it all to you. And if you're not a fan of accounting, I get it. But I promise that in this episode I am going to make it practical and share what's working for me financially right now. I’m sharing all about setting up Profit First accounts, my different percentages, how I close out my finances each month, and more. There's a lot to cover… so get comfortable! And hey, if you love this topic, be sure to tune in next week for part two, where I'll go even more in-depth and walk you through exactly how I manage my finances at the end of each month. Links mentioned in this episode: - Get the full show notes: https://elizabethmccravy.com/219 - Join our FREE Breakthrough Brand Facebook Group: https://elizabethmccravy.com/facebook - Connect with Elizabeth on her Instagram: https://www.instagram.com/elizabethmccravy - Buy The Profit First Book: https://rstyle.me/+33cGG1wZcw27QExfi5HnEw - Looking for a better way to know your numbers? Check out my profit sheet: https://elizabethmccravy.com/profit-sheet Book Your Next Client ASAP: https://elizabethmccravy.com/ASAP Check Out The Official Profit First Bank: https://elizabethmccravy.com/relay If you're a new business owner who still doesn't have a website yet, I made something for you. It's a free 15-page guide that walks you through exactly what you need to launch your first website — what to skip, what actually matters, and the five steps to go from zero to live. No coding, no big budget, no perfection required. Plus you'll get 20% off my Showit templates inside! Get it FREE at https://elizabethmccravy.com/ Need some extra pages to improve or add onto your Showit website, BUT you’re not in the market for an entirely new template? You need my Add On Templates for Showit! You'll find add ons like speaker pages, podcast pages, quiz lead magnets, favorite things pages, Link in Bio pages, and more. Use the code “BBPOD”to save 15% on your add on or full site template for a limited time: https://elizabethmccravy.com/shop