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Dare to Lead: Gaining Clarity for Financial Decisions in Uncertain Times
I’m currently reading Dare to Lead by Brené Brown and although I’m not ready to do a newsletter series on it yet, I wanted to borrow something from this book. Let’s rumble with vulnerability. There are many attributes to Daring Leadership, but I just want to bring out...
Understanding the Payroll Protection Program (PPP) & SBA EIDL Loans for Your Business
The Payroll Protection Program is one of the hottest topics around. The rules state that it can be used for payroll, rent, mortgage interest or utilities. However, 75% of the funds must be used for payroll. You must retain/rehire back your employees for the 8 weeks...
Understanding HR 6201: Emergency Family and Sick Leave Provisions for Small Businesses
HR 6201 is in response to the massive amounts of people now out of work and school. The first part of the bill deals with food programs and I’ll let you read up on that for yourselves. For now, my focus will be how this changes our businesses. First there’s a change...
How to Maintain Liability Protection for Your Corporation
When you started your business, you may have formed a corporation to protect your personal assets from lawsuits against your company. However, you must also operate your business like a corporation — or risk losing the liability protection you expect to have. The...
Customizing Your Profit First Accounts for Financial Clarity
In the beginning of Profit First, Mike Michalowicz suggests that you set up these 5 accounts: Income Profit Owner’s Compensation Taxes Operating Expenses These accounts are meant to help you manage your business’ finances at a glance without the need for an up to date...
How to Increase Profit by Boosting Efficiency and Finding the Right Clients
The truth of the matter is – you do have money in your business that’s waiting to be used properly. You can realize a higher profit in a couple ways. First – let’s talk efficiency. Are you sure your business is doing things efficiently? I’ll give an example from my...
Overcoming Debt with Profit First: Practical Steps for Business Survival
Mike states there is a “tweak” to the Profit First system when extinguishing the battle of debt. The Profit account is disbursed as 99% to debt and 1% to you as profit. You might say, then why even put money in the Profit Account? Answer is simple – because we want...
Managing Cash Flow with Profit First: Setting a Financial Rhythm
Profit First has you depositing a percentage of funds into different accounts. This helps you to not overspend and to ensure that you have a profit, owner’s compensation and tax money at the end of the year. What if your funds come in sporadically over the course of...