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HBO and The Ringer's Bill Simmons hosts the most downloaded sports podcast of all time, with a rotating crew of celebrities, athletes, and media staples, as well as mainstays like Cousin Sal, Joe House, and a slew of other friends and family members who always happen to be suspiciously available.
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Join Jen in this week's episode of the Floral CEO podcast as she dives deep into the concept of 'Profit First' by Mike Michalowicz.
Jen shares her personal journey and insights into implementing this financial system in her floral business. Learn about the essential buckets for managing your revenue, including income, tax, owner's compensation, profit, and operating expenses.
Jen also discusses the significance of keeping your business financially healthy and the importance of supporting yourself as an entrepreneur. Whether you're a seasoned florist or just starting out, this episode is packed with valuable advice for running a profitable floral business.
00:00 Introduction to the Floral CEO Podcast
00:14 Diving into Profit First
00:57 Understanding the Profit First System
01:59 Setting Up Your Buckets
02:57 Simplifying the Tax Bucket
04:44 Owner's Compensation Explained
06:09 The Importance of the Profit Bucket
09:00 Operating Expenses and OPEX Account
11:38 Managing Multiple Accounts
14:45 Expense Audits and Financial Adjustments
22:39 The Role of Profit in Business Growth
30:37 Final Thoughts and Encouragement
272 episodes
