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ARE YOU CONSTANTLY
Worrying about running out of cash?
Feeling unsure about how or how much to pay yourself?
Wondering if you have enough money to make payroll?
Feeling overwhelmed by the financial side of running a practice?
Tired of working so hard and not seeing the profit you were hoping for?
Paying for yesterday's bills with tomorrow's deposits?
Unclear if you're saving enough money for taxes?
Unsure if you're setting yourself up for financial success?
Your Practice Deserves to Be Profitable!
Cathy, Group Practice Owner
What I really like about the profit first method is that it is a strategy and it feels very proactive versus reactive. Before Profit First I was doing bank balance accounting. And I didn't really want to be in that space because I wanted to feel confident about paying myself. I wanted to feel confident about all the dollars and cents that were coming in and out of my business. And before I implemented profit first, I don't think I really had a clear enough grasp of what that was like and how that could be leveraged.
Kate, Group Practice Owner
I had wanted to implement Profit First, but didn't quite know what do it with it.
I had an accountant that I just didn't think was savvy enough with it to really help. When I started working with GreenOak Accounting - the way you [helped] break it down - made it just so simple.
Whitney, Group Practice Owner
Now that I'm doing Profit First, I can see that I have money to put into payroll and benefits. I have money to add benefits for my employees that I didn't realize I could afford.
I've started things I'd wanted to do for years, and now that I have the peace of mind, I feel like I can take some risks that I didn't feel like I could take by myself.
What EXACTLY is Profit First?
In Profit First, practice owners take their profit first - rather than paying themselves with what’s left over after expenses.
The system involves transferring percentages of your income into various bank accounts to cover profit, taxes, operating expenses, payroll, and owner’s compensation. It’s so simple, and yet so powerful!
Sales
Expenses
Profit
Sales
Profit
Expenses
SMALL PLATES
Take profit first and split the balance into small accounts. With less cash-on-hand, you'll be forced to find innovative ways to achieve more with less.
SERVE SEQUENTIALLY
Always take your profit first and pay your bills last, so you can only spend what you can afford.
REMOVE TEMPTATION
Once you've taken your profit, keep it out of sight, out of mind and hard to access (except for the right reasons).
BUILD A RHYTHM
Log in daily to check your balances. Manage your allocations and payables twice a month.
Why ProfiT First?
Over the years, so many of our clients have come to us for help implementing Profit First. The original book does a great job of explaining the concept, but it can be hard to translate things to therapy. Our clients had often tried implementing Profit First on their own, and were stuck.
I’m writing this book for everyone who wants to implement Profit First in their private practice but needs a little more support on how to do it specifically for the mental health industry. I also want to share the many lessons learned along the way and help readers anticipate issues and avoid mistakes.