Let’s say you’re running a business and have a pretty good handle on: But when you open up the bank account or QuickBooks? Stopped dead in your tracks. I was there too at one point. Below, I’ll share a 7-point list of where you should start on your financial journey (whether 1st inning or 8th…
My goal at Profit Mastery is to save small businesses through consistent profit improvement. Along with our stellar profitability course, we’ll be regularly sharing tips, tricks, and strategies from our learnings. Thanks for reading. The ultimate business advice… A week ago, I attended a conference dedicated to business owners, search funds, and investors. There were several…
I’ve briefly touched on my background but haven’t yet shared the full story: my name is Colin and I’m an entrepreneur building a collection of businesses inspired by Berkshire Hathaway. We’re actively applying the Profit Mastery tools in our companies and this experience is a key driver on why we wanted to acquire Profit Mastery. It reminds me of an…
I’m tired of seeing crummy articles about building a budget, forecast, model, etc. so I decided to create this incredibly simple yet practical guide to budgeting. [In case you didn’t pick it up, I use the terms budget, forecast, and model interchangeably.] What are the steps? You likely already know what a budget is – we’re trying…
When it comes to managing a business, there are typically 2 schools of thought with staunch defenders on each side: (The latter is sometimes referred to as micromanagement.) In his recent article Founder Mode, Paul Graham (founder of startup incubator, Y Combinator) compares the hands-on management approach (Founder Mode) with the traditional delegation approach (Manager Mode)….
Ever feel like running a business is a lonely endeavor? When starting or running a business, going it alone certainly allows for more control but comes at the expense of added stress. I’ve heard some experts say that every business owner should have a coach, or mentor, or some other support. But what does that…
What can you learn from Netflix Q4 results? As an SMB owner (and avid student of good investments), the public markets offer an excellent source of lessons and benchmarks for us small-time pikers. Let’s take a look at Netflix Q4 results to find some nuggets of wisdom: Beyond Netflix’s impressive quarter (massive subscriber growth, outstanding…
Let’s take a look at one of the most useful tools in all of small business (actually, businesses of any size should be using this). Imagine a financial roadmap for the next three months. That’s what a 13-week cash flow forecast is. It’s a simple tool to predict your business’s incoming and outgoing cash over…