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  • Larissa Summers

Fun In the Sun: Celebrating your Profit First Goals

Note From Larissa For Donna: Stay tuned for an upcoming special blog by Donna next week. Meanwhile, remember the challenge we set at the beginning of the year: the 1% Challenge. If you're on board, it's time to revel in your successes. Here's how!

For the uninitiated, the 1% Challenge involves stashing away 1% of your gross earnings every month into a no-touch savings account. All your income sources, be it dividends or invoices, contribute to this fund. The aim? To operate your business with less cash on hand. Why? Well, at Sooter Consulting, we endorse the Profit First principle of smaller plates. When you have easy access to funds, spending without careful consideration is inevitable. The 1% Challenge pushes us to think differently and run our businesses more efficiently. I urge you to join in and hold yourself accountable to that 1%! You'll be surprised how even this seemingly small percentage can accumulate into a significant sum over time.

We're firm believers in the 1% Challenge because we've witnessed its efficacy firsthand. Take John Doe (name changed for privacy), for instance. Upon stumbling upon our blog, he adopted the challenge not for his business but for personal finance management. Battling diabetes and facing budgetary struggles, he saw the need for change when transitioning to a mechanical pump. The 1% Challenge became his tool for lifestyle transformation and saving for crucial medical equipment. He's now upped his saving rate to 5% and couldn't be happier. The beauty of Profit First lies in its alignment with human psychology, making it adaptable to various scenarios.

In a different example, we know of an accounting firm in Massachusetts led by a retiring CPA preparing to pass the baton to her son. Before embarking on retirement, she sought to streamline her company's finances. Yes, even CPAs can find themselves with messy budgets. Enter the 1% Challenge, her trial run of Profit First principles. With each passing day, retirement feels more within reach.

Now, let's talk about celebrations. Why are they essential? Picture this: you have ten months to transition from a desk job to a professional soccer player. The enormity of the goal can overwhelm, leading to eventual abandonment. But what if you broke it down? Two weeks to conquer running across a field without gasping for air. Achieving these milestones fuels motivation. Donna understands this well. She celebrates each client victory, acknowledging progress and lessons learned.

So, as you embrace the 1% Challenge, take a moment to revel in your wins this week.

And if you're keen on accelerating your profitability journey, consider a clarity call. Our Profit First coaching program is open, welcoming the next two clients eager to embrace financial transformation. Get in touch today!


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