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We have all watched the Friends episode where Ross, Rachel, and Chandler are moving a couch up the stairs. Just like pivoting a couch up a flight of stairs, sometimes we have to repackage our product offering.

I always enjoy listening to Mike Michalowicz’s podcast. He shared an analogy about pivoting during unknown circumstances that really resonated with me. 2020 has taught us that we have to be ready to pivot at any given moment. It keeps us business owners on our toes!

What do you think about pivoting your business or products/services? Have you been in the process of pivoting?

Let’s look at your current offering or deliverable. For example, let’s say you own a restaurant and the final offering is food on the table.

1️⃣ The step before that the food is delivered to the table. If people can’t come to the restaurant they can deliver the food to people via food trucks to neighborhoods, etc.

2️⃣ A step before that the food is prepared. A business could create and sell its top 10-15 recipes online.

✅ This simple exercise can get you thinking about your end offering and how to take one step back to find repackage options.

What’s a small thing in your business you could change that would align you with big wins?


Profit First is a book about cash management, and so much more. It is the perfect accounting hack for busy entrepreneurs who are time-poor and overwhelmed, this is a system that is rooted in human nature and psychology, easy to understand, and perfect for small business owners.

Below are 5 ways to make your implementation successful from the start:

1. Get all your bank accounts set up. DON’T try to track it on a spreadsheet.

2. Set up your business financial goals and have a clear path to achieve them.

3. Understand your percentages that go to each account and why you have those specific percentages.

4. Continually adjust your numbers each quarterly review

5. Take the baby steps necessary to be successful. Get in the habit of setting aside that 1% and leaving it alone, without borrowing it for expenses. Get in the habit of managing with a little less, and spending less.

If you want to implement Profit First in your business but you’re still not sure where to start, or simply don’t have the time to figure it all out, we are happy to help.


There are challenges that come with operating a company and coping with debt. Unfortunately, managing some amount of debt is usually a part of new businesses or challenging economic times.

You can’t predict things like COVID, but you can plan for general crises by putting money into savings. At the same time if you keep pumping the brakes with savings, it can be just as difficult to succeed, especially in the beginning stages. 

I was listening to a podcast while traveling earlier this month with Mike Michalowicz as a guest. Many of you probably know him for his book Profit First that talks about accounting for profit, taxes and your own pay first. Then whatever is left over is free for the company to spend. 

How exactly should this be done? Setting up additional bank accounts can help you from spending money. Mike Michalowicz gave an example of having an account at a bank that was over an hour drive away. His whole purpose in doing so was to prevent unnecessary spending. He didn’t have a debit card or any checks. Taking the money from that account meant it was something the business really needed. 

Wouldn’t it be nice if we all had that discipline and foresight? Congratulations if you do!

I’ve come across multiple businesses over the years where debt can get out of hand if it isn’t watched closely. If you find yourself with debt that feels overwhelming, know that you are not alone and that there is light at the end of the tunnel. You must stay optimistic and focused to climb out.

Here are some steps that will help you tackle your debt:

Tips to Manage your debt

  1. Take inventory of your debt (loans, credit cards)
  2. Sort them by interest rate and monthly payments
  3. Find ways to cut costs and refinance high cost debt

When tracked carefully with a debt planner, it allows the business to gain control and work on minimizing interest and minimum payments. 

Taking action today will help minimize greater problems and keep your business running. 


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Debt often feels like a necessary and overwhelming part of life; bank loans, student loans, business loans, credit cards and other lines of credit have become a part of so many of our financial stories. Though at times it may be difficult to imagine a life without debt, it is important to know that there is always a way out. That way out starts with you changing your mindset around the debt you have. Dave Ramsey is well known for the snowball effect which looks something like this:

Step 1: List your debts from smallest to largest regardless of interest rate.

Step 2: Make minimum payments on all your debts except the smallest.

Step 3: Pay as much as possible on your smallest debt.

Step 4: Repeat until each debt is paid in full.

Sort debt by smallest to largest. Start paying off the smallest amounts first, and then as those smaller items are paid off, take those amounts and start allocating them to the larger amounts. This creates early, quick wins which helps give you more confidence to stay on the path of paying them all off. 

“When in doubt, cross it out.” – Mike Michalowicz


Cash flow. It’s a word business owners hear all the time and we all know the word can’t be ignored. Managing cash flow is important and a healthy cash flow ensures your business has money for growth and paying expenses. 

The key to running your company is to have more cash today than you did yesterday. If that’s not the case, then we need to get more cash flowing from your business. 

As your business grows it can be challenging to know how much cash you will need and when you will need it. 

All business decisions depend on a cash flow projection.

To plan ahead you need to depend on previous cash flow patterns. These patterns will give you a complete look at how and when you receive and spend your cash. This info is the key to unlock informed, accurate cash flow projections.

How to measure cash flow

Being able to accurately measure cash flow will make you aware of any trouble ahead and plan accordingly. The cash flow plan will need to be closely monitored as some clients may cancel or change their membership, vendor payment terms may change, or you may have additional loan payments to make.

Manage your payables

Take advantage of vendor payment terms. Just because you get a bill doesn’t mean you have to pay it that day. Look at the bill, they may have Net 30, Net 45, Net 60 days. Think of that time as an interest-free line of credit available to you to use on other things as well as time for incoming payments to be received. Some vendors will offer substantial discounts if you pay earlier. Evaluate if those discounts are worth it. 

Surviving lean times

The key to managing the lean times comes down to identifying problems as soon as possible. Having accurate and up-to-date financial statements. Take steps to actively prevent cash flow shortages. Analyze your bills, and by carefully paying vendors and employees will help you keep cash in your bank. It’s important to stay in contact with your vendors to talk about payment plans.

Important Considerations

  • Know how many months/weeks your business can survive before tapping into reserves.
  • Determine how much money needs to come in on a daily/weekly basis to stay afloat. 
  • Have some information about how to analyze bills to pay.
  • How can you still pay yourself something during lean times
  • What expenses can you get help with or pushing off payment?

The lag time between when you pay your suppliers and employees and when you collect from clients is the cash flow problem, and creating a cash flow plan is the solution.

Delaying payment of expenses as long as possible while encouraging anyone who owes you to pay as soon as possible will make your cash flow again!