Ep #6 | Master Your Money: The Profit First Approach to Keeping More of What You Earn

Send a question or message to Kate & SamWelcome to Episode 6 of the Roadmap to Business Success series, and the first episode of Quadrant 2: Keep More | Profitable Operations!You've done the work to generate revenue. Now it's time to talk about the part most business owners avoid until it's too late: keeping it.In this episode, Sam takes the lead on one of her favourite topics: money. Not the fluffy version, but the practical, roll-up-your-sleeves kind that actually changes how your business feels to run day to day."Most business owners know what they're earning. Very few know what they're actually keeping."In this episode, you will learn:Why traditional accounting often fails business owners: How accounting is largely historical and tax-focused, and rarely designed to help you make better day-to-day decisions.Markup vs margin: One of the most common and costly mistakes small business owners make, explained clearly and simply.How to make your chart of accounts work for you: Why restructuring how you categorise income and expenses gives you far greater clarity over where your money is going.Cost of goods sold vs operating expenses: Why separating these properly is essential for accurate forecasting and understanding your true profitability.The Profit First method: How splitting income across separate bank accounts for profit, tax, operating expenses and owner pay creates automatic financial discipline.How to build a cash buffer: Why a financial cushion isn't a luxury, it's a necessity, and how to start building one even when cash feels tight.Adjusting your Profit First percentages by business stage: Why the right allocation for a startup looks very different to an established business.Why you must never "steal" from your profit account: The habit that keeps business owners stuck in financial stress, and how to break it.Sam and Kate also discuss why money slips through fingers even when revenue is strong, and why the solution isn't always earning more, it's managing better.Recommended Reading: Profit First by Mike Michalowicz, the book that underpins Sam's entire approach to profitability.Join the Workshop: Kate and Sam are hosting Profit Unlocked on Wednesday 20 May, 9–10:30am AWST | 11am–12:30pm AESTYou'll get 90 minutes of live profitability coaching.🎟️ Attend LIVE: $110 | 🎧 Replay only: $50 👉 Register hereComing Up Next: Episode 7 — pricing for profit, why you're leaving money on the table, and how to price based on value rather than time.Thriving Business Podcast 🌐Website:   https://www.thrivingbusinesspodcast.com/ Connect with Your Hosts:Kate De Jong, PhD | Inspired Business 🌐 Website: https://katedejong.com/ 📱 Instagram: @katedejong.inspiredbusiness ✉️ Email: [email protected] Morris | The O8 🌐 Website: https://www.theo8.com/ 📱 Instagram: @the_o8crew ✉️ Email: [email protected] THE AI SETUP WORKBOOK🌐 https://www.thrivingbusinesspodcast.com/ai-setup-workbookGET YOUR FREE PASS TO THE ENGINE ROOM🌐 https://www.thrivingbusinesspodcast.com/the-engine-roomNOTE - OUR WORKSHOPS AND RETREAT WILL BE BACK IN 2027!