Stop Spending Money on Operating Expenses!

Here's a quick tip to help you reduce the amount you're spending on operating expenses. Stop spending money on expenses. Expenses cost you money. That means it takes cash from your business and doesn't provide a return. Reframe how you think of your expenses. Instead of operating expenses, make operating investments. Look through your expenses and analyze the ROI on each. What value is it providing the company? Is it bringing more money in, or just draining cash? Could that money be better invested? When we think of each dollar we spend as an investment, we're less likely to spend frivolously. This exercise is best done with a 2nd or 3rd pair of eyes. If you have a coach, have them go thr

The Best Way to Handle Sales Tax In Your Business

I was working with a business owner not long ago who was incredibly stressed about their taxes. In the past they weren't great about setting money aside for their quarterly payments, so they were hit with big tax bills the following April. As they implemented Profit First, they opened a bank account for taxes and began setting money in there with each sale they made. It was working beautifully! Well, except for ONE thing... They made the common mistake of putting their federal/state taxes AND their sales tax in that account. This wasn't the end of the world. Honestly, I was just glad they actually saved the money! But it did create a small headache and was throwing off their numbers. As busi

Happy 2nd New Year!

Did you know that September is considered the 2nd new year? With summer in the rear view mirror, many of us use this time for a fresh start with our business goals. So tell me... are you where you hoped you'd be this far into the year? Has your business hit those revenue goals? Are you happier and taking home more money? Have you gotten organized with the money, or have you relapsed into some old habits? Look, let's face it. 2020 didn't turn out the way any of us expected. Business owners got hit hard and are still trying to pick up the pieces. However (get ready for a gut-check), we can't let excuses stop us. If we're not focused on adapting to better serve our customers, our busines

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Profit First Coach

info@craigdacy.com |   (512)573-4387

Austin, TX

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