Brandi’s Profit First Success Story
Brandi came to us in November of 2020 for accounting and tax services for her retail business. Brandi was experiencing rapid growth and was having trouble calculating the amount she should spend every month on inventory. Her rapid growth came with some confusion. Brandi’s sales were growing, and she had a decent profit margin but couldn’t understand where her cash was going. She also wanted to open a new location but wasn't sure if she could afford it.
Why Profit First and What It Means To My Business
As a CPA I have witnessed many clients making boneheaded, expensive mistakes. In fact, I can only count on one hand the number of business clients that have made profitability their goal. Most clients I’ve had in the past were so focused on not paying taxes they let profitability fly out the window. They were shortsighted and misguided. My hope in writing this series of blogs is that I can help you avoid or stop making the same boneheaded (and sometimes costly) blunders that I made and encourage you to implement Profit First in your business. Put simply, Profit First is a cash flow system based on the national best-selling book Profit First by Mike Michalowicz. Note, I didn’t say accounting system. Profit First is most definitely not an accounting system. But more about that in future blogs.
Four Financial Mistakes New Flower Farmers Make in Their Business
There has never been a better time to start growing flowers on a commercial basis in the US. While 80% of flowers sold in the U.S. come from Africa and South America, local flowers are in greater demand due to continuing supply chain disruptions that are still happening in this post-pandemic world. Flower farming is not a low-risk endeavor, nor is it for the faint of heart. Your very livelihood can be affected by weather, pests, and disease. A lot is at stake for the flower farmer and this blog serves to help you navigate some of the financial mistakes that can be made by new flower farmers.