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87 - But First, Profit
Episode 875th March 2024 • Parts Department • Justin Brouillette & Jem Freeman
00:00:00 00:44:12

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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!

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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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HOSTS

Jem Freeman

Castlemaine, Victoria, Australia

Like Butter

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Justin Brouillette

Portland, Oregon, USA

PDX CNC

Nack

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