Photographer turned expert advisor to some of the best creative small businesses in the world.
This success story highlights how one business transformed its accounting system by implementing a new Chart of Accounts, automating routine tasks, and improving financial reporting. Learn how these changes led to increased efficiency, better financial insights, and new growth opportunities.
Read MoreUnderstanding your Profit & Loss statement is key to making data-driven decisions for your business. Break down the key sections of a P&L and learn how to use it to identify areas to cut costs, evaluate profit margins, and forecast future performance.
Read MoreMaintaining and optimizing your Chart of Accounts is key to keeping your accounting system efficient and accurate. Learn essential steps like automating routine tasks, setting up bank feeds, and integrating payroll and spend management platforms.
Read MoreDiscover the common signs of a disorganized accounting system and how they can hinder your business's financial clarity and decision-making. Learn how restructuring your Chart of Accounts can provide clear insights, reduce stress, and improve overall financial reporting.
Read MoreDiscover step-by-step how to set up a new Chart of Accounts in QuickBooks Online, including importing new accounts and merging old ones, to optimize your business's financial management. This comprehensive guide will help you streamline your accounting processes and improve the accuracy of your financial reporting.
Read MoreIn this episode of The Profit Plot, host Jeremy Millar uncovers the timeless wisdom of Michael E. Gerber's "The E-Myth Revisited." Discover why many small businesses fail despite their owners' technical skills and learn practical strategies to transform your business from a chaotic operation to a well-oiled machine.
Read MoreYour business performs exactly as it's designed. In this episode of the Profit Plot, Jeremy highlights the importance of intentionally designing business systems. He discusses common pitfalls small business owners face, such as neglecting crucial aspects like marketing, hiring, and financial management.
Read MoreEconomies of scale refer to the savings that a business can achieve at increased levels of production. How do you foster substantial growth without exponentially increasing resources? How do you determine the right size and pace for your business growth? The concept of "economies of scale" might hold the answers you seek.
Read MoreThere are so many ways to track your business's performance, but how do you know what's the right way? You must measure and manage the right data points using the right method. Explore the often-misunderstood mantra, "What gets measured gets managed," and discover its potential pitfalls.
Read MoreHow much money should stay in your business bank account? Creating a financial safety net is essential for small business owners. How can you calculate the right amount of cash to keep on hand to cover operating expenses and seize growth opportunities?
Read MoreEntrepreneurship is an exhilarating journey. It allows you to tap into your unique skills and turn your passion into a profitable venture. But what happens when you realize that your business solely depends on you? How do you transition from being a high-performing individual to leading a sustainable business that can operate independently?
Read MoreData is one of the most sought-after resources in the world right now. Protecting, interpreting, and gathering it helps companies make billions of dollars. What if you could leverage your own financial data to understand your business, resulting in a deeper understanding than ever before?
Read MoreTrying to predict sales figures as a small business owner is one of the hardest financial KPIs to accurately predict! There are so many factors that can cause sales to fluctuate, and many of them are out of your control completely. If you focus on the right things, a new strategy can help you peel back the fabric of the universe and predict what your sales will be.
Read MoreA budget is a document used to project future revenue and expenses in a business. However, most small business owners don't have a budget! This simple tool can be used to scale your business and achieve your goals with confidence.
Read MoreA fractional CFO can be a game-changing hire for a small business owner. vCFOs allow you to redirect your energy away from your business's finance and focus instead on growing your business. These essential service providers can be cheaper than a full-time executive while still delivering immense value.
Read MoreCash flow management is an essential component of running your small business. Without properly managing your money as a business owner, you risk defaulting on loans, being unable to run payroll, and bankrupting your business. Luckily, cash flow management is an incredibly accessible practice!
Read MoreFinancial forecasting helps you model scenarios and paint a picture of the future. When done correctly, it can help you unlock an edge in your business that is unlike any other. One that allows you to be confident in your plans moving forward, in the decisions that you're making, and in your business itself.
Read MoreProft and Loss. Balance Sheet. Statement of Cash Flows. Your financial statements are vital documents that uniquely illustrate your business's story! Understanding and analyzing these statements is a critical component of building a successful business.
Read MoreThere are many types of business coaches. Some focus on C-Suite or Executive level coaching, many focus on mindset, and still others choose to focus their coaching efforts on the business as a whole. The most effective coaches leverage data and information from the business itself in order to deeply understand the story within.
Read MoreBusiness finance is complex and confusing, and at the same time, incredibly important. Your understanding of your small business's finances is directly related to the overall success of your business. Dive into the basics in this episode of the Profit Plot.
Read MoreThere is power in simplicity when it comes to financial management. Debunk common misconceptions about multiple bank accounts and learn how an efficient two-account system can revolutionize your small business's financial life!
Read MoreDiscover how successful entrepreneurship extends beyond economic growth, driving personal development for employees, fostering a robust local community, and creating a nurturing environment for the business owner's family.
Read MoreThere are critical differences between a company's profit and its cash flow. A profitable P&L statement does not necessarily imply positive cash flow due to factors like capital expenditures and loan repayments!
Read MoreCustomizing your Chart of Accounts (COA) to reflect your unique business needs provides more precise financial analysis and helps drive informed business decisions for growth and profitability. A unique COA is key to the success of your business!
Read MoreStrategically managing owner withdrawals involves understanding your business's income generation, maintaining separate business and personal accounts, setting up a regular pay schedule, and prioritizing business growth through cautious reinvestment.
Read MoreExplore hiring a bookkeeper to maintain accurate financial records, support growth, and allow you to focus on core business activities by following a structured onboarding process and establishing an ongoing maintenance routine.
Read MoreLearn the foundation of understanding and analyzing your Profit and Loss (P&L) statements to help maintain your business's financial health, enable you to make well-informed decisions, and set you up for success when building your business toward sustainable growth.
Read MorePatience, the value of partnerships, embracing imperfection, exceptional customer service, and transparency. These five lessons can help aspiring entrepreneurs navigate the complexities of business ownership and foster lasting success.
Read MoreUnderstanding the basics of your financial statements is a simple but extremely powerful tool for small business owners. Unpack the theory behind complex statements like your Profit and Loss and Balance Sheet in order to truly understand how to build a profitable business.
Read MoreCreating a business budget is complicated. Understanding income streams, fixed and variable expenses, and accounting, in general, is difficult. By following these steps, businesses can gain valuable insights into their financial health and make informed decisions.
Read MoreHow do you determine the startup costs for a new business? It's incredibly important to identify the cost to acquire and service customers, understand personal expenses, and make a calculated transition to full-time entrepreneurship.
Read MoreForming an LLC is not a requirement for starting a successful business, and entrepreneurs should carefully evaluate their options based on their goals, risks, and resources. The are several alternative business structures, such as sole proprietorships, partnerships, and corporations. Here are some practical tips for choosing the right one!
Read MoreHiring the right accountant when you start a small business is crucial. The right accountant will ask intentional questions about your business, have the right experience to help solve problems, and a willingness to teach you new information and help you make better decisions for your business.
Read MoreSmall business owners must understand and review their financial statements at least once a month to keep track of their business's financial health. Reviewing financial statements is essential for success, as the information acts as a roadmap that documents the business journey and provides insights into its performance.
Read MoreBrokerage owners and independent loan officers alike rely on commissions from loan origination to survive. Learn the most common forms of loan officer compensation and typical loan officer compensation plans to grow your brokerage today!
Read MoreHaving a diverse client base is essential for the stability and growth of a business. Learn to avoid the risks of relying on a small client base and the dangers of creative stagnation, as well as how to use pricing psychology to create a diverse range of services.
Read MoreA business's budget is one of the most critical tools in a founder's toolkit. Budgeting can feel complicated and making financial predictions about a company's performance can be difficult. Accurate and consistent budgeting can make a world of difference in your business.
Read MoreAdvice can be really useful when you need to know how to do something specific! When it comes to growing a business, there's something more powerful than advice: perspective. Perspective from others in your situation can help you think differently about your issues, leading to game-changing decisions!
Read MoreRedundancy is one thing that small business owners actively avoid. Though, it's the one thing that can help small business owners create a more effective team! When you're entirely reliant on one person to get a vital job done, you've got a problem on your hands.
Read MoreManaged accounting provides the clarity and confidence in the financial information you need to run your business. Managed accounting combines the best of cloud-based software, automation, and human insights into an effective, outsourced solution for your business's financial department.
Read MoreWhen running a business, the software you use is a critical component that can help you unlock higher efficiency. When's the right time to introduce a new platform for your team? How do you know it's time to introduce software and automation versus doing something manually?
Read MoreYour financial story can bring an incredibly impactful change to your business, but it has to be unlocked. When you combine your intuitive understanding of your business with accurate, concise financial information, your financial story becomes clear, allowing you to make informed decisions and create a successful business.
Read MoreMultiple income streams are touted as the biggest sign of a successful business by many entrepreneur-influencers. Do you actually need multiple revenue streams when you start your business? Probably not. Instead, focus on creating an excellent service with just one offering. Then, consider how you can add to your offering as your business grows.
Read MoreShould I start a business? It's a question that many people find themselves asking. How do you know it's the right thing to do, and more importantly, when should you start? Running a small business is no small task. Understanding why you want to start your business and defining what you want to build are critical components of starting with intention.
Read MoreEntrepreneurs are obsessed with instant results. You want to see an instant payoff when trying out a new system, creating new marketing content, or even hiring a new employee. Oftentimes, it can take 90 days or more to see any significant impact from the new way of doing things! As long as you remain consistent and work to measure what you're implementing, you'll see a result.
Read MoreTo some, networking feels like a sleazy exchange of information with the expectation of something in return. Though, networking can help build meaningful, lasting, productive friendships that help you in the long run. How do you make networking effective? What's the best way to meet people? How can I grow my business using networking?
Read MoreWhy are high-quality business services so expensive? Why is it essential to get things right first in your business, rather than taking a shortcut? Skimping on a vital service like bookkeeping often means spending more to get it done right.
Read MoreBusiness partnerships are like marriages. Finding the right partner who elevates your strengths and fills in for your weaknesses can bring your business to the next level. In contrast, the wrong partner can have disastrous consequences that lead to your business self-destructing. The key to a successful partnership? Communication!
Read MoreHow long does it take to build a successful business? Since most businesses fail within 5 years, it seems like most people think it takes about 5 years for a business to become fully mature. In reality, it can take a long time for a business to fully ascend to the dream the owner set out to make in the first place. So, how do we know when we've arrived?
Read MoreWhat is a chart of accounts and what's the best one to use for service businesses? This informative article defines many questions about charts of accounts and provides a free Excel download of a sample chart of accounts!
Read MoreSmall businesses don't have the luxury of being able to afford a sales team when they start. Instead, you can leverage referral circles and partnerships with companies adjacent to your customer. When you provide value to the people who already have your customer's ear, they're willing and able to sell your service on your behalf!
Read MoreThere are five stages that every team goes through on their journey. It's a theory developed by Bruce Tuckman. Understanding and identifying where your team is at on this spectrum goes a long way in helping you build a stronger team with clear goals!
Read MoreAll businesses start like science experiments: there's a hypothesis that you want to test out at first. Every customer helps to prove or disprove your theory! But if your experiment doesn't go as planned, you need to switch things up. Pivots come in all shapes and sizes, all kinds of timelines, and every pivot is different!
Read MorePositioning is one of the most notoriously difficult parts of marketing a product. When you get it right, the right leads flow in, sales numbers increase, and everyone gets a little happier. When it's wrong, sales and marketing feel like punching a wall.
Read MoreAll entrepreneurs feel like they hit a wall while growing a business at some point. It's common to feel like things have slowed down and you've become stuck, though it never feels good to admit. How do you go from stuck to unstuck? You can give up, take a break, invite outside perspectives, or reframe your stuckness to move on.
Read MoreBusiness coaches can be a transformative force in your small business. To find a great business coach, you must know what to look for. You need to identify what questions to ask. Lastly, you have to be committed to following through with their advice. It's a partnership that can help your business immensely!
Read MoreLead velocity is the measurement of how the number of leads that your marketing is generating grows over time. By measuring two periods and counting the number of leads in each, we can calculate lead velocity and discover how effective our marketing is! This metric can help predict revenue growth when paired with conversions, which is helpful when building a brand new business.
Read MoreSolving problems in your business can feel next to impossible. By creating a deeper understanding of your business's financial information, identifying the impact of the problem you're facing, and implementing a measurable solution, you can fix anything.
Read MoreLife revolves around tasks and processes; in a business, tasks and processes should be clearly defined so that everyone's on the same page! By communicating how things should get done and who needs to do them, you'll reduce confusion amongst your team and ensure that things are running like a well-oiled machine.
Read MoreDespite what everyone on the internet tells you, you can build a business without spending tons of money. It's possible to create content and build an audience, network with other business owners and build a community, and create partnerships with brands that are relevant to the business you're building!
Read MoreHow do you pay independent contractors? What even is an independent contractor? Regardless of if you're a new business or one that's been around for decades, paying people can feel like a headache. Luckily, we can simplify the process once we understand what's needed!
Read MoreFinding a bookkeeper in Orange County, California, can be a difficult experience. What are good questions to ask a bookkeeper? Is a local bookkeeper near me better than a virtual bookkeeper? Let's dive into the best things to look for when hiring a bookkeeper.
Read MorePicture this: you're building a brand new web design business and someone comes along and asks you to help them with a graphic design project. It's not your specialty, but you can draw well enough... and your business needs the money. How do you navigate saying no to clients that aren't a good fit for your business, especially early on!?
Read MoreWhen you clearly define what's expected of your business by your clients, from your team, as well as from yourself, you'll avoid disappointment and people will love working with you. By communicating what to expect, you can save yourself a lot of headaches!
Read MoreIf you're using debt to grow your business, there are a few things to consider. Remember that debt (aka leverage) not only amplifies your gains but magnifies your failures as well. It's a tool that you can use to create incredible results, but it absolutely will not solve your problems!
Read MoreWe use a Monthly Recurring Revenue (MRR) model to map out what our income is going to look like as our business scales up. With MRR, we can look at trends over the past several months and make predictions that influence the growth of our company. It's like looking in a crystal ball!
Read MoreWhen you first start your business, it feels like there are endless possibilities in front of you. You begin to realize that you're facing those endless possibilities completely alone; you simply own your job. How do you go from owning your job to building a business?
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