075 - The Profit First Master with Rob Williams
We sat down with mastery certified profit first strategist, Rob Williams, to break down what exactly it means to be “PROFIT FIRST.” One of only 400 mastery certified PF strategists in the country, Rob shines a light on how to uncomplicate and begin transitioning your business into a profit first model. Listen now to make a change in your business that will ensure you’ll never look back.
Show Notes
How Rob got his start. (2:15)
What is “profit first”? (15:49)
Finding a distribution rhythm. (26:00)
Money management with small plate practice. (38:00)
How to get started with profit first. (46:00)
Analyzing your sales. (55:00)
Quotable Moments
“Profit first is an envelope system using your bank account for your business.” - Rob
“Think of it as a dashboard for your business. It is not an accounting system. Do not drop your accounting system!” – Rob
“The majority of the businesses I’ve worked with now, more than 400, don’t know if they made money last month or last quarter or last year.” – Rob
“For years, I was overthinking and overcomplicating profit first. It’s a simple system. Don’t turn it into your accounting system.” – Rob
“Small plate is that whatever is there, you’re going to use it. If you have three months to do a job, you’ll take three months. If you have $5,000 to complete a job, you’ll use that $5,000.” – Rob
“You must find a way to not take money out of your accounts. Sometimes that way is to call somebody up and say, “I can’t pay you until after the first.” – Martin
“The first step of getting started is to open a bank account and start putting in that 1%. The second step is to get an asset allocation assessment. The third is to
“A lot of times the activity that generates the most sales, generates the least margins.” – Martin
“Analyzing your sales – If you have segments of your business and analyzing your different offerings and they’re not close to the benchmarks... then maybe you need to gradually make a transition to something else.” – Rob
“Diversify what your options are. Don’t just be stuck.” – Rob
“My program starts making profits once we get the accounts in there and then we help them to actually change those numbers.” – Rob
“I had a client who had been growing for years but wasn’t making any money. We analyzed his behavior and there was one activity that was using up a lot of his resources and wasn’t making him much money. We convinced him to drop that service. This reduced his sales by 34% and made his net profit go up 808%.” – Martin
Resources
Iron Gate ESS website
Rob’s podcast website
Email Rob
Check us out on Youtube
Subscribe to our newsletter, The Countdown
Have questions? Email us!
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