How to Run a Business During a Crisis

At this point you've probably gone through the spectrum of emotions with what's going on in the world right now. My inbox has been circulating with questions over the past couple of weeks. What should we do to prepare? What if my revenue continues to drop? Should we stop setting aside profit to help with a dip in cash flow? Regardless of your opinions on what's going on with the Coronavirus, the fact remains that things are still changing. It's best to be proactive when it comes to our business and avoid panicking. There isn't a cookie cutter answer for what you should do to prepare. Each situation is different and should be approached that way. While your business may be less suscep

4 Reasons to "Profit First" Your Business

If you haven't heard of Profit First before, it's an incredible system that teaches you how to manage your cash flow in a way that nurtures permanent profitability. Let’s face it; you likely started a business to improve your lifestyle. Whether it was the freedom of working for yourself, or the limitless earning potential, most business owners jump into entrepreneurship to support their personal dreams (in addition to the self-less “save the world” reasons, of course). Unfortunately, what most individuals find (myself included), is that being your own boss does immediately lead to freedom! You likely found that you worked more hours for less money. What a crock! So what’s the solution? More

The #1 Reason Profit First Fails

I just finished having coffee with a friend of mine who owns a business. While these meetings are typically informal, we always wind up talking about our businesses and money. He's been interested in Profit First, but just hasn't quite jumped in yet. As he took a sip of his coffee he looked at me and said, "Are all those bank accounts really necessary? Don't you have a spreadsheet I can track it on?" To be honest, this question didn't surprise me too much. Not only is it a valid question, but it's a question I get all the time. It's also the main reason Profit First fails. So the short answer? Yes, you need the bank accounts. Profit first is designed to support what you're already doing. Don

One Debt Most People Overlook

If you're focused on following the steps in my roadmap, you've likely created your debt snowball and started making some progress on paying down debt. I wanted to point out a debt that you have that you might not have considered... Your phone. Are you part of one of those "next plans" with your cell phone? This is where you pay a little bit each month for your phone, and then when your contract is up you can trade it in. I won't even get into why this is such a rip off (if you want to hear my rant, feel free to email me). So here's your quick win...find the balance on your phone and add it to your debt snowball. I know what you're thinking... "Gee, thanks for that win, Craig. Now my snowball

How to Easily Adjust Your Business' Offer

In reaction to COVID-19, many business owners have evaluated their offering and made some adjustments. I've seen service based companies use their tools to offer completely different services. Some people have even stumbled on a service that they plan on keeping long term, even when life gets back to "normal." If your business is taking a hit in the revenue department, it's essential you make a change. So how can you create a new service to offer? There's a simple trick called the One-Step-Back method developed by Mike Michalowicz. How does it work? Start with your current offering. Then move one step back. What happens before that? And then what happens before that? Think of a restaurant,

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Profit First Coach |   (512)573-4387

Austin, TX

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