The well-known Profit First method, automated with Flow: make your business profitable and avoid financial surprises.
Many businesses are thriving businesses, but profits are lagging. Revenue is increasing, but costs are rising just as fast. You have an insufficient grip on figures and your (expensive) accountant does not contribute to this.
This should not have to be the case, what if you could achieve this?
- You make a profit on every payment you receive.
- You always have enough money reserved for the tax authorities, suppliers, and your own salary.
- You can see at a glance how you are doing so that you can make the right choices.
The Profit First method
The solution starts with managing your finances with different jars. Break down every invoice you receive into different accounts, for costs, taxes and investments and—of course—a Profit account. Profit First has calculated what percentages should be allocated to each account.
Profit First is a money method, by Mike Michalowicz and Femke Hogema that applies the "pay yourself first" principle to your business. It's a complete method, including which accounts you'll need and what percentages are the right for your business. With the method, you'll change your mindset: revenue - profit = costs. You'll focus on profit and at the same time learn to budget your costs.
“Profit First completely transformed how I handle business banking. I hadn’t even finished the book before immediately putting a four-account distribution system in place. As a result, Mike’s system moved me from break-even to profitable within a month.” - Jenny Blake, Author of Pivot
“Entrepreneurs commonly confuse cash flow with profitability. Profit First makes the process so radically simple that you no longer have an excuse not to be profitable AND have cash flow!” - Greg Crabtree, Author of Simple Numbers, Straight Talk, Big Profits
Profit First automated with Flow
Profit First worked well for countless businesses for many years. Transfer the money every 2 weeks from your "money inbox account" to your Profit First accounts, using a provided spreadsheet, or by calculating the percentages yourself.
We worked with Profit First to take away the willpower and manual work of drafting the same payment transactions in your banking app over and over again. By connecting your bank accounts to the Flow app, you can turn on and customize your Profit First system in Flow. The Flow app will then automatically divide the money and transfer it into the right accounts.
With the Flow app, you can automate your entire Profit First system. This is perfect for businesses that do not want negative financial surprises but do want a grip on their finances and focus on growing their business.
How to get started?
Profit First is integrated in the Flow app. It's a €6,99/month subscription and with this, you'll get:
- All Flow premium features
- Profit First templates, made by Profit First
- 10 video course, starring Mike Michalowicz, Femke Hogema, and Flow
- The Profit First audiobook, read by Femke Hogema (in Dutch)
Download the app and look for the Profit First flows in the Discover page to get started!
