Today I am super excited to be chatting to Jodi Porteous, owner of North West Accountancy. She helps put systems on struggling businesses by implementing the Profit First strategy in their finances. Jodi is a successful and driven businesswoman who knows the value and principles of profit first. She is also one of the eight Profit First masters here in Australia.
In this episode, we will be speaking all about managing your money in your business to make sure that you’re constantly pulling out a profit. It’s a super juicy topic today, and this is something that changes my life from a $50,000 tax debt to a bank and stress-free around money when it comes to paying my taxes. Jodie’s going to chat to us all about how we can use the Profit First method in an e-commerce store. So jump into this one, get a pen and paper because there will be many tips to write down.
- What exactly is the Profit First method? [3:22]
- If your business doesn’t pay, you should go to the next job and meet somebody else [7:06]
- Transition your business from a hobby to a real business that pays you [7:34]
- The biggest thing about Profit First is that you get to pay yourself first [8:38]
- What does getting allocated mean? [9:39]
- The difference between your profit and your owner’s pay? [10:35]
- Separate your bills from your wages [12:13]
- In what type of business can Profit First be used? [14:26]
- Cutting out the things that we don’t need in the business to focus on the significant steps that we do need. [20:10]
- Profit First: Transform Your Business from a Cash-Eating Monster to a Money-Making Machine
- Book by Mike Michalowicz
- North West Accountancy
- Jodi’s LinkedIn
- Jump on the waitlist for a special offer on our Ignitor course
- Join our free group Unstoppable eCommerce Entrepreneurs on Facebook
About Jodi Porteous
Jodi is an astute and professional accountant who brings value by giving her clients exceptionally well services and she’s also well versed in the world of tax accounting. She’s very passionate about what she does and she loves teaching people and influencing them to take action and do more.