CFO, author, and entrepreneurial expert Susanne Mariga builds her work around the Profit First system. Profit First allows businesses to scale in ways that increase revenue and keep the cash flowing. This system uses a series of individual bank accounts that are created for specific purposes, such as profit, salary, taxes, and operating expenses. The first bank account to receive funds is the profit account while the last is the operating expenses. Many business owners make the mistake of doing the opposite by prioritizing the expenses for running the company. When there is less money to work with, owners adjust and make decisions using the resources available to them. In Susanne’s book Profit First for Minority Business Enterprises, she helps business owners implement systems that free them from money-related stressors and earn them the salary they deserve. One of the most impactful sections of her book discusses ways to approach taxes strategically so that companies use legal entities to their benefit and subsequently build their wealth. Having financial experts like Susanne and the Mariga Group in your corner can make all the difference in the success and sustainability of your business.
Main Topics
- Key aspects of the Profit First system (02:30)
- Financially preparing for tax season (04:30)
- Using systems that work for you (09:10)
- How to get started using Profit First (12:05)
- Seeking professional help with accounting (17:20)
- Susanne’s book serves minority demographics (19:00)
Episode Links
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