87 - But First, Profit
Parts Department · Justin Brouillette & Jem Freeman
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Show Notes
Justin and Jem discuss dealing with cash flow issues in their businesses, new financial strategies they are trying based on the book Profit First, banking and software tools they are using like the Spark email app. They also talk about upcoming sales events and how to setup for steel milling!
DISCUSSED:
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Please note: Show notes contains affiliate links.
Book club: Profit First
- Accounts > Automated?
- Percentages
- Modelling
- 52-week cashflow
- Mercury - PF Bank Justin went with
- Fernery
- Shopping Slitting Saws
- Planning to cut steel
- SC: Spark email
- PDX CNC Sale
- Names
- Timing
Profit First Percentages
- Real Revenue under $250,000:
- Profit: 5%
- Owner's Compensation: 50%
- Taxes: 15%
- Operating Expenses: 30%
- Real Revenue $250,000 to $500,000:
- Profit: 10%
- Owner's Compensation: 35%
- Taxes: 15%
- Operating Expenses: 40%
- Real Revenue $500,000 to $1 million:
- Profit: 15%
- Owner's Compensation: 20%
- Taxes: 15%
- Operating Expenses: 50%
- Real Revenue $1 million to $5 million:
- Profit: 10%
- Owner's Compensation: 10%
- Taxes: 15%
- Operating Expenses: 65%
- Real Revenue $5 million to $10 million:
- Profit: 15%
- Owner's Compensation: 5%
- Taxes: 15%
- Operating Expenses: 65%
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Show Info
HOSTS
Jem Freeman
Castlemaine, Victoria, Australia
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Justin Brouillette
Portland, Oregon, USA