#54 Profit First for Social Enterprises with Annette Ferguson
You know how strongly I feel about social enterprises creating a profit in their business which is why I invited Annette Ferguson Chartered Accountant & Certified Profit First Professional to join me on the podcast today.
Profit First is a fantastic cash management system, designed by Mike Michalowicz. Annette uses this as a certified professional to help small businesses apply it to their business, so they can generate a profit and pay themselves as well as everything else that has to be spent on in a business.
I wanted to share this method with you and explore with Annette how it can applied specifically to social enterprises, and the difference it could make.
All to often I see social enterprises (and other small businesses) pay for all their operating expenses before allocating revenue to profit, salaries, pension and tax. The Profit First model flips the traditional "profit = revenue minus expenses" to "revenue - profit = expenses".
Learn more in this incredible episode and discover how you can start making a cash profit too.
Find out more about Annette Ferguson:
Annette & Co Website
The Wealth Lab: Building Your Implementable Profit Plan
Instagram: @annette_fergs
Facebook: https://facebook.com/annettefergusonuk
Follow Kat
If you're a business and would like to embed more of a social or environmental mission or purpose into your business and explore becoming a social enterprise get in touch.
Instagram: @katluckockcoaching
Facebook: facebook.com/shareimpactpod
Subscribe here to the podcast to receive weekly email updates of the latest episode.
Free Resource: Achieve Your Monthly Income Goal
Grab my 6-step BLUEPRINT for achieving your monthly income goal, month-after-month in your social enterprise; my MONTHLY INCOME PLANNING SHEET which I use to get focused on exactly what I need to do each month in my own social enterprise, and the EXACT spreadsheet template I use every month to budget, track my cash-flow and stay on track to reach my income goals.
Join The Impact Entrepreneurs Club for free here
Learn more about how to work with me here.