Why Profitability Starts with Purpose: A Conversation with Ron Saharyan
In this episode, Tim Seymour and Duncan Lloyd sit down with Ron Saharyan, co-founder and CEO of Profit First Professionals, to explore how the Profit First methodology is changing the way entrepreneurs manage money - for good.
Ron shares the story behind the movement to eradicate entrepreneurial poverty and explains why Certified Profit First Professionals are essential in guiding business owners toward lasting financial success. Together, they unpack the common pitfalls in cash flow management and why outdated approaches are holding businesses back.
This conversation is a powerful reminder that profitability isn’t just a financial goal - it’s a way to build stronger businesses, healthier communities, and a more meaningful entrepreneurial journey.
Key Takeaways
- Why certification matters when implementing Profit First
- How to build a sustainable cash flow system that actually works
- The ripple effect: how profitable businesses uplift communities
- The global challenge of entrepreneurial poverty - and how to solve it
- Practical insights for embedding Profit First into your business operations
Transcript
Foreign.
Speaker B:Welcome to Profit first beyond the Book, a podcast that takes you beyond the book with Profit first brought to you by Tim Duncan and the rest of the Profit First Professionals UK and Ireland team.
Speaker C:Well, we have with us Today the man, Mr. Profit First Professionals worldwide, Ron Saharaya.
Speaker C:And Ron, welcome to the podcast.
Speaker D:Thank you guys.
Speaker A:It's a pleasure to be here with you guys.
Speaker A:And what a great introduction, man.
Speaker A:You guys are really out producing us.
Speaker D:With the opening of your show here.
Speaker C:We're being slick with our intro and outro.
Speaker C:Let's say we can live up to it on the actual podcast and how we talk.
Speaker C:Also got Duncan with us.
Speaker C:Duncan, welcome along.
Speaker E:Thank you.
Speaker E:Good to see you both.
Speaker E:Great to see you, Ron.
Speaker A:You too, Duncan.
Speaker A:Always a pleasure.
Speaker C:So, Ron, you're joining us from the beach right now.
Speaker C:So we're very jealous of that, but we're glad that you're able to mix business and pleasure together so nicely.
Speaker C:I guess Profit first has helped you achieve that.
Speaker A:Yeah, not only Profit first, but Clockwork, the book.
Speaker D:Clockwork had really helped us.
Speaker D:And that's designing, you know, accounting firms and any business basically so that, you know, executives and owners can take a four week total digital disconnect.
Speaker D:Now, I'm not on vacation.
Speaker D:I just happen to be very fortunate to be able to do my job wherever I happen to be in the world.
Speaker D:And I just happen to be in.
Speaker A:Beautiful Jersey shore Point Pleasant, which is named after an island outside of you guys.
Speaker D:We take everything good from you guys.
Speaker C:Well, New York itself, of course, New Amsterdam.
Speaker D:Right.
Speaker C:So, so, Ron, you know, last year you and Mike had a special birthday, anniversary, whatever you want to call it.
Speaker C:Myself and Duncan, I know we remember, we both recorded videos and hopefully you saw.
Speaker C:And that was 10 years of profit First Professionals, which I'm guess is coming up close to 11 years of profit First Professionals now.
Speaker C:And I just want to kind of ask you, you got together with Mike and why did you create Profit First Professionals as an organization?
Speaker A:Yeah, no, great, great question.
Speaker D:So, yes, we are celebrating our 11th year of eradicating entrepreneurial poverty.
Speaker D: e is if we go back in time to: Speaker D:And it's a little basement, right?
Speaker D:I mean, it's got blue walls, there's.
Speaker A:A little window, right.
Speaker D:I had the window seat.
Speaker A:You know how some basements do you guys even have basements in the uk?
Speaker A:But we have a little window there.
Speaker A:And so we're, we're, we're Planning this out.
Speaker D:And.
Speaker A:We'Re reading it, and we're like, we got to get this into the hands of entrepreneurs.
Speaker A:We got to get this in the hands of every business in the world.
Speaker A:And we're.
Speaker A:We're.
Speaker A:And we're like, we can't.
Speaker A:This is.
Speaker A:This is conceptually simple, but all the business owners that we're talking with can't figure it out.
Speaker A:Like, they're trying to figure it out.
Speaker A:And so we're like, oh, my God, there's a problem here.
Speaker A:And then we're like, well, let's work with accountants and bookkeepers.
Speaker A:And so we're like, let's certify them as our niche because they're working in the books.
Speaker A:This isn't accounting.
Speaker A:It's not bookkeeping, but it's in that.
Speaker D:Spear, if you will.
Speaker A:And so we're like, we have to figure this out.
Speaker A:So then we started working with accountants and bookkeepers, and they couldn't figure it out.
Speaker F:Right?
Speaker A:They were guessing.
Speaker A:They were guessing incorrectly, Right?
Speaker A:They were so focused on the accounting principles, gap accounting principles.
Speaker A:And just the way they were doing things, they weren't realizing that, listen, how you do accounting is how you do accounting.
Speaker A:They.
Speaker A:They were.
Speaker A:They weren't realizing that, okay?
Speaker A:It's not as conceptually simple.
Speaker A:Just taking money and putting it into a bank account is not profit first.
Speaker A:So what we realized was, holy cow, we better start educating accounting firms and bookkeeping firms in a way so that they don't screw up businesses.
Speaker A:Because profit first, done wrong will ruin your business.
Speaker A:I've seen it.
Speaker A:And.
Speaker A:And it's a travesty, right?
Speaker A:Because the Mike is.
Speaker A:Mike's a wizard at making complex things simple.
Speaker D:Okay?
Speaker A:And.
Speaker A:And.
Speaker A:And he.
Speaker A:He writes so eloquently that you're like, I can do this.
Speaker A:Yeah, you kind of can, but you really can't.
Speaker A:And should you.
Speaker A:But more importantly, it's.
Speaker A:You know, the book, it sold over a million copies translated into 30 different languages.
Speaker A:I mean, we're the largest brand on small business profitability, right?
Speaker A:And, you know, done right, profit first will have an enormous impact, not only on that business, but on that business family, on that neighborhood, on that community.
Speaker A:And by simply reading the book, that's the tip of the iceberg.
Speaker D:Okay?
Speaker A:But you can read a book on anything.
Speaker A:You can read a book on riding a bike, how to play golf, how to be a chiropractor, how to do heart surgery.
Speaker A:Duncan, do you want me to.
Speaker A:I just read a book on chiropractic.
Speaker A:You want me to crack your back?
Speaker A:I think I Could do it.
Speaker E:Yeah, I'd rather you didn't run.
Speaker E:Actually.
Speaker E:I've got, I've got someone who does that.
Speaker A:But, but my wife let me do it and she, she's, she's okay after a week, right?
Speaker A:No, you don't just read a book and guess, especially if you're a professional.
Speaker F:Right.
Speaker A:That's why you guys.
Speaker A:And we have this global certification because it's so important to you, so important to me that the end user of this service gets it right.
Speaker F:Right.
Speaker A:They, it's, it's up to us to ensure that they are getting it right.
Speaker A:And just opening up a book, reading it, and then saying, hey, let, let me work on your finances, let me work on your cash flow.
Speaker A:Cash flow is the blood that runs through your business.
Speaker A:It's the heartbeat.
Speaker A:So you're basically saying that you're going to perform heart surgery on my business by simply reading a book.
Speaker A:Go for it.
Speaker A:I mean, anybody could.
Speaker A:You walk into the bank and open up a couple bank accounts and put a couple bucks in every bank account.
Speaker A:Great.
Speaker A:That'll get you started.
Speaker A:Every entrepreneur should get this book, go to their local bank, open up five bank accounts and put 1%.
Speaker A:Everybody can do that.
Speaker A:Any accountant can tell somebody to do that.
Speaker A:But you're not getting the benefit of Profit First.
Speaker A:You're not, you're not architecting it in a way to not only eliminate the pains, but achieve the wants.
Speaker A:That's the other side of the coin, is helping the business owner achieve their desired future.
Speaker A:And that's what working with a Profit First Professional, a certified Profit first professional, can afford the end user, not to mention the, the companies, the accounting, bookkeeping and coaching firms that we're training.
Speaker A:These guys are experiencing it in their own business.
Speaker A:They're experiencing it with all of their customers.
Speaker A:They can call Duncan, they can call Tim, they can call me, they can call Mike.
Speaker A:They can get the right answers, they can get the support.
Speaker A:Support.
Speaker A:Why would you want to work with somebody that doesn't have this ecosystem?
Speaker A:So, doesn't mean to get on my soapbox here, but, you know, the whole reason why Mike and I started Profit First Professionals is to ensure that the end user gets the right setup, the.
Speaker D:Right experience, the right guiding, and doesn't screw up their business.
Speaker C:That's an absolutely fantastic answer and I'm happy for you to be on your soapbox, Ron.
Speaker A:Well, you know, it's.
Speaker A:They say imitation is the biggest form of flattery.
Speaker A:That's not true.
Speaker D:It hurts.
Speaker D:It actually hurts when I see, you know, a business coming to me, because.
Speaker A:You know, my, my name is out there.
Speaker D:I'll get the calls, you guys get the calls.
Speaker D:And a business owner I'll be meeting.
Speaker D:Profit first just doesn't work.
Speaker A:What do you mean it doesn't work?
Speaker D:Well, I tried it.
Speaker D:I was working with my accountant and you know, we could.
Speaker D:It just doesn't work in my business.
Speaker D:Oh, my God.
Speaker A:Are you working with a certified profit first professional?
Speaker D:No.
Speaker A:Okay, well, exactly.
Speaker A:That's why you want to work with a profit first professional, because everybody's going to get stuck.
Speaker A:Everybody's going to hit a plateau with it.
Speaker A:And if your professional has nowhere to go to get that clarity, you need to get to the next step.
Speaker A:You're both going to default to, oh.
Speaker D:This system doesn't work for my industry.
Speaker A:And you're going to fall back to the comfort of doing the same crap.
Speaker D:The same way you always done and realizing that, you know, you're missing the opportunity to live the profit first lifestyle.
Speaker E:I think you nailed it wrong when you said, when you said, you said the book is the idea is simple because it is a simple idea.
Speaker E:I wish I'd written a book.
Speaker E:I don't have Mike's, Mike's talents for that.
Speaker E:You know, he synthesize, synthesized the idea beautifully.
Speaker E:But just because it's simple doesn't mean it's easy.
Speaker E:And actually getting it, getting, getting the system to get traction.
Speaker E:You know, we've all seen the traps that people fall into.
Speaker E:They, they go too fast or they set the percentages incorrectly.
Speaker E:And you know, I, I quite like coming across a naysayer, you know, someone on LinkedIn or someone at a conference.
Speaker E:Because I want to, I still want to find the example I of, Of a business, big, small, profitable, loss, making for profit, charity.
Speaker E:I want to find one where the system doesn't work.
Speaker E:And I've not found it yet.
Speaker D:And I haven't either.
Speaker A:Actually, I have.
Speaker A:I have.
Speaker A:I found one example where profit first.
Speaker D:Will not work in a business.
Speaker D:And that is when they are doing things that are illegal.
Speaker A:Because profit first provides cash flow, clarity.
Speaker A:It is, it's a great audit trail.
Speaker A:It associates something with every dollar, every euro.
Speaker E:Any more questions about the illegal business?
Speaker A:Yeah, if you're running a legal business, well, then no use profit first.
Speaker A:You know, I mean, it's that simple.
Speaker A:Okay, the other re.
Speaker A:Well, there is a second reason.
Speaker A:If you believe it won't work in.
Speaker D:Your business, it certainly won't work.
Speaker A:Yeah, but here's the thing, guys, here's the thing.
Speaker A:This is what I want.
Speaker D:The audience to understand is that, you.
Speaker A:Know, profit first may be new to.
Speaker D:You, but it's not new to us, okay?
Speaker D:It's new to you.
Speaker A:Now, whenever you're experiencing something new, there's.
Speaker D:Going to be a learning curve, okay?
Speaker A:That is your brain refiring in the synapses learning this.
Speaker A:And it sucks every time we try to learn something new.
Speaker A:It's difficult for us, right?
Speaker A:They say you can't teach an old dog new tricks.
Speaker A:Well, yes, you can, okay?
Speaker A:But it's gonna.
Speaker A:It's gonna take some openness.
Speaker A:So everybody here who have heard profit first, they've been open to the concept of it, right?
Speaker A:They're open to it now.
Speaker A:Once they take that step further to hire a profit first professional, we realize that the path is still very, very cloudy, right?
Speaker A:But the next step is, but this is my point is once you're open, now that we're architecting Profit first, now that we're building the system, this is where you have to strengthen your mental fortitude to get through this, because it is different.
Speaker A:You're going to be allocating your money and you're going to see your operating account almost go to zero.
Speaker A:And then what happens when you don't get some revenue coming on in?
Speaker A:You're going to panic, right?
Speaker A:You're going to default back to this.
Speaker A:You're going to steal from Peter to pay Paul.
Speaker A:No, no.
Speaker A:Strengthen your mental fortitude to get through this, okay?
Speaker A:Because you realize you're that close.
Speaker A:And that's profit first working.
Speaker A:That is profit first as an early warning sign that your business may not be able to.
Speaker A:Is not maybe as healthy as you think it is.
Speaker A:You're purposefully stressing your business, okay?
Speaker A:Just like when you go to the gym, right?
Speaker A:When you're training your soccer kids, you're stressing them, Kim.
Speaker A:You're stressing them, why do they get better?
Speaker A:Same thing.
Speaker A:That's what we're doing with our business.
Speaker A:And if you don't have the right support, if you don't have the right guidance, if you don't have the right team around you, when you're stressing on those all stuff, you're going to default to the comfort, okay?
Speaker A:That's what happens when you don't work.
Speaker D:With a certified Profit first professional.
Speaker D:All your grandiose ideas of implementing this.
Speaker A:Your desired future of what you've always, always dreamed of, you're so excited about it, but you made the wrong decision.
Speaker D:And went to somebody that didn't know what they're doing.
Speaker A:You got hit in the face with.
Speaker D:Life a Frying pan.
Speaker D:And all of a sudden you're like.
Speaker A:Oh my God, how do I manage.
Speaker D:This, my cash flow, this, this, everything?
Speaker A:You know what?
Speaker D:It doesn't work.
Speaker E:Yeah, I love all those.
Speaker E:The analogy you use of fitness, which is, you know, in my accounting firm, we use exactly the same analogy, you know, almost word for word.
Speaker E:And when we use the example of strengthening the profitability muscle of your business and we're trying to inoculate people against that, the system is not a magic bullet.
Speaker D:It's not a get rich quick scheme either.
Speaker E:We will have tough conversations and when that happens, that's the system doing its job.
Speaker E:It's exactly the words that we use because we're giving our customers value, we're helping them before, certainly before the year end accounts, before even the management accounts.
Speaker E:They're getting a real time black and white signal as to how their business is performing.
Speaker E:And we're able to wrap our arms around the business, support that entrepreneur, help them to drive results in their business, which over time is a transformation.
Speaker E:And that's what's so exciting about it.
Speaker A:Yeah, and it doesn't happen overnight.
Speaker A:I mean, you know, you know, that's why startups use this as their foundation.
Speaker A:That's why the 20, 30 year old entrepreneur says, I wish I met you guys 20, 30 years ago.
Speaker F:Right.
Speaker A:I mean, you know, it's, it's here, here's another thing.
Speaker A:This is a system, right?
Speaker A:Profit versus a system.
Speaker D:It's a system that resides between financials, which are historical documents, and forecasting, which are hopes and dreams.
Speaker D:It's your way to make all of that happen.
Speaker D:Now if you were to go to your accountant, your bookkeeper, your chartered accountant, your VAT expert, gst, wherever you are in the country and you in the world, and you ask your accountant or professional, what is the cash flow system that you oper in your business that provides you with financial clarity?
Speaker D:They're going to say, what?
Speaker F:Right?
Speaker D:So you want to talk to somebody.
Speaker A:That actually is able to provide you with financial clarity.
Speaker A:Most businesses in this world do not.
Speaker D:Have a cash flow system.
Speaker D:Sales minus expenses equal profit.
Speaker A:That is not a system, that is an equation.
Speaker A:And that equation is what's wrong.
Speaker D:Okay?
Speaker D:To begin with.
Speaker A:So if anybody says, yeah, I follow sales, mine is expenses.
Speaker D:You simply sell, sell, sell, manage your expenses.
Speaker D:And then what you have leftover is.
Speaker A:What you pay yourself with.
Speaker A:Run for the hills, okay?
Speaker A:Run for the hills.
Speaker A:Because what they're doing is feeding you on leftovers.
Speaker D:Leftovers, I don't like leftovers.
Speaker D:I'll eat Them, but it's not my.
Speaker A:Preferred choice of meal.
Speaker D:Every single day I'd rather have a.
Speaker A:You know, a fresh cooked meal versus leftovers.
Speaker A:And what are leftovers of leftovers, you.
Speaker D:Know, how long have the leftovers been there?
Speaker A:All this stuff.
Speaker E:No, that point about systemization.
Speaker E:You can ask the same clients that they'll have a, a customer management system, they'll have a HR system, they'll have an operating system, they'll have all kinds of systems.
Speaker E:And then like, like you say, and what cash flow system I use.
Speaker E:And you met with a blank expression.
Speaker E:You know, there's a gap there that most entrepreneurs, most accountants haven't yet fully grasped, isn't there and is, is a risk to their business?
Speaker A:Yeah, yeah, absolutely.
Speaker A:100%.
Speaker D:You know, I mean, I, I, systems grow businesses.
Speaker D:Most business owners understand the need for systems.
Speaker A:When do you need a system?
Speaker A:Probably before you realized it, Right?
Speaker A:And so, you know, whatever business you're.
Speaker D:In, you need your delivery system, your fulfillment system, your hiring, your firing, you.
Speaker A:Onboarding, you name it.
Speaker A:So why not having a cash flow system?
Speaker A:That's why I don't understand why it's so hard for some people to, you.
Speaker D:Know, to understand that the way things.
Speaker A:Have been done over the past hundred years has not resulted in entrepreneurial success.
Speaker A:Quite the opposite.
Speaker A:It's resulted in entrepreneurial failure.
Speaker A:Most businesses do not make it to year one, to year five, to year ten, to a generational turnover.
Speaker A:I call that entrepreneurial failure.
Speaker A:And it's not the entrepreneur's fault.
Speaker A:It's that they were fed a lie.
Speaker A:And that lie is still being spread today.
Speaker C:So, Ron, Profit First Professionals, accountants, bookkeepers and coaches, they go through the certification program, they become certified Profit First Professionals, but they continue to receive ongoing training.
Speaker C:They continue to be in the community of Profit First Professionals.
Speaker C:So yes, there's a certification, but that's not it, is it?
Speaker A:There's so much certification.
Speaker A:You know what I tell our members, this is internal, so close your ears.
Speaker D:If you're not a member.
Speaker A:I tell our members, don't be in a rush to get certified.
Speaker A:Get in a rush to get good at this.
Speaker D:Right?
Speaker A:Get good at this.
Speaker A:And so what we're helping the accounting and bookkeeping firms is practice management.
Speaker A:We are building their firms.
Speaker A:We are, we're literally helping them with experiencing Profit first, pricing Profit first, building out their service, deliveries of Profit first, coaching them on how to get to these elite percentages, getting their staff involved to be advisors, helping them stand out from the competition through unique branding, marketing services to help them achieve what they've always wanted to achieve.
Speaker A:And so, you know, across the globe, accounting and bookkeeping firms come to us for three primary reasons.
Speaker A:One, they want to run a better business.
Speaker A:They do, everybody does.
Speaker F:Right.
Speaker A:So if you want to run a better bookkeeping firm yourself, a better accounting firm, a better coaching firm will help you build it.
Speaker A:Two, they actually want to deliver something to their customers that's meaningful and makes a true difference in their life.
Speaker A:Helping somebody file taxes and get a tax return.
Speaker A:That's pulling wool over your eyes and.
Speaker D:Theirs, saying that you're truly making a difference to the bottom line.
Speaker D:You're not guiding them to their business.
Speaker A:To the next next level.
Speaker A:No.
Speaker A:But by being a certified Profit First Professional, we'll give you the tools, the business acumen, so that you can guide and implement and help your customers with their desired future.
Speaker D:Three.
Speaker A:They want to stand out from the competition.
Speaker F:Right.
Speaker A:I go, I can go to London and I could get about five or six accounting firms.
Speaker A:Just, you know, go on any street in London, get a bunch of accounting firm websites, shake them all up, throw them all out, Oops.
Speaker A:And guess what, guys?
Speaker A:They look exactly the same as every other one.
Speaker A:Everybody does the cloud.
Speaker A:Everybody's nice, everybody's timely, everybody's accurate, everybody gets advisory services.
Speaker F:Really?
Speaker A:What do you really do that's different from the guy next door?
Speaker A:What do you really do?
Speaker A:Well, I'll tell you what a Profit first professional does.
Speaker A:They work with a business owner and implement a system that will provide them with cash flow, clarity, a system that will ensure that that business owner is paying themselves first, if not more.
Speaker A:Two, we're going to reserve cash for the tax man.
Speaker A:Three, we're going to go for profit.
Speaker A:Even if that profit is 3, 3.5%, that business owner can pay down their debt.
Speaker A:They can celebrate the health of the company or they can hire.
Speaker D:That's why they work with a certified Profit first professional firm.
Speaker C:Absolutely.
Speaker C:And the transformations and you know, with me and Duncan being the license holders over here, we see, we benefit from that good feeling ripple effect from we pass knowledge down to our members who pass it down to their clients and guide them to success.
Speaker C:It gives you that warm feeling because you're not just helping one person, you're helping so many people that are the clients of our members.
Speaker C:And so we feel it.
Speaker C:So I can only imagine how much more it must feel for you being, you know, there at the very beginning with my cough.
Speaker C:The, the birth of Profit First Professionals.
Speaker C:Creating the certification and the membership organization to help so many people.
Speaker C:There must be many, well, hundreds of thousands of businesses that have benefited from, from, from.
Speaker D:They have.
Speaker A:It's, it's, it's, it's, it's a blessing.
Speaker A:It's kind of weird as well, you.
Speaker D:Know, but what, what I really enjoy.
Speaker A:Is hearing how people didn't get divorced, how people, you know, were able to save their business, were able to pay.
Speaker D:For elderly care for their parents.
Speaker A:We're able, are able to put their kids in special needs, are able to.
Speaker D:Take, you know, a, a three month.
Speaker A:Vacation and travel the world, are able to pay down, you know, medical bills.
Speaker D:Are able to, you know, send their.
Speaker A:Kid to the university they wanted.
Speaker D:They're able to fulfill Christmas wishes.
Speaker F:Right?
Speaker A:They're able to donate, they're able to be charitable.
Speaker A:They're able to go to the local soup kitchens with their company and donate their time and energy.
Speaker A:They sponsor little leagues.
Speaker A:There's so much that profit can do for a community, for a family.
Speaker A:Profit is not bad.
Speaker A:It's agnostic.
Speaker A:It doesn't matter, it doesn't, it doesn't care.
Speaker A:But there's good people.
Speaker A:We need to be more profitable.
Speaker A:Those good people that are profitable are the ones building, creating, coming together, helping out.
Speaker A:You can't, if you're not profitable, you can't participate in this type of fun.
Speaker E:Can I just pick, pick up on that?
Speaker E:Very good point, Ron.
Speaker E:Because quite often we'll get a bit of, a bit of negativity about all you care about is profit.
Speaker E:Well, I don't only care about profit.
Speaker E:I care about what profit enables, you know, enables us to serve more customers, enables us to pay tax, which builds, pay services, it enables us to build our firms, it enables us to stop being so defensive in our businesses and actually think about how we provide better products and services and train our teams and everyone is a winner.
Speaker E:So yeah, we only care about profit because we want to stuff our pockets is a fundamental misunderstanding.
Speaker A:It is.
Speaker A:And here's the thing, here's the thing.
Speaker A:If anybody.
Speaker A:Listen, you know, if you're such an altruistic person, okay, then why wouldn't you want to just run a hugely profitable business so then you can give all your money away, like, don't worry about what some is doing, okay?
Speaker A:If you're on your high horse and you don't think profit is good, why don't you, why don't you, why don't you change that perspective?
Speaker A:Why don't you generate a ton of profit and then use it for good versus complaining about what somebody who has done that, has done with the money Right.
Speaker A:Stop bitching and moaning about what they're doing with their money.
Speaker A:Why don't you combat what they're doing with their money?
Speaker A:And for every bad dollar you think somebody's spending, why don't you spend one good dollar on something?
Speaker A:Oh, wait, you don't have the money to do it because you're not profitable, because you got this, this, this chip on your shoulder that thinks profit is bad.
Speaker A:Profit is not bad.
Speaker A:People with bad intentions are bad.
Speaker A:So if you're so good and you're so altruistic and you want to save the world and save everybody and blah, blah, blah, and not be profitable, this is an opportunity for you to swing that pendulum to prove to the world that you are a good person, that your company is altruistic and that you're going to donate and help prove it, show it.
Speaker C:Yeah, you can't build a long term sustainable business if it's not profitable, can you?
Speaker C:And therefore, how are you going to give raises?
Speaker A:How are you going to give technology and upgrades?
Speaker A:How you gonna, you know, what's going to happen when a recession hits?
Speaker A:What's going to happen when you lose a customer?
Speaker A:What's going to happen when you want to hire?
Speaker F:Right.
Speaker A:So, you know, probably, you know, when you're building your businesses, you have to build in the profit.
Speaker A:And profit is in addition to margin profits also spilled batter, burnt muffins, freebies.
Speaker A:In culture, we have to add that on top of everything because what you want to design a business that provides great vacation time, great benefits, great, you know, profit sharing components, birthday cards, gifts, half day Fridays all year round.
Speaker A:You got to be profitable and able.
Speaker D:To do that, guys.
Speaker A:Yeah, yeah.
Speaker E:What about the, about the, the global community?
Speaker A:Yeah.
Speaker E:The fact that there are, there are dedicated licenses in North America, Canada, Australia, New Zealand, uk, Israel, Holland, Austria, Germany.
Speaker E:I think, I think I've got them all.
Speaker D:You got them all.
Speaker E:This is a fantastic community of professionals who, who want to help each other.
Speaker E:I've never been in a group of people who have got your back and will reach out to you and we'll feed you.
Speaker A:Well, if you come over our houses as well, you'll get apple cobbler.
Speaker E:Exactly.
Speaker E:My first visit to New Jersey and I was sat in Ron's kitchen.
Speaker E:He's drinking coffee and eating apple cobbler.
Speaker E:It was a joyful moment.
Speaker E:Thank you.
Speaker A:But you're right, we're a community that believes the rising tide.
Speaker A:We have, we have representation all over the globe.
Speaker A:I've been speaking to entrepreneurs, accounting firms.
Speaker D:And bookkeepers all over the globe.
Speaker D:For the last 10 years.
Speaker A:And here's the truth of it.
Speaker A:We're all the same.
Speaker A:We are so much alike, it's unbelievable.
Speaker A:Yes, there's different tax codes, yes, there's.
Speaker D:Different cultural things, but when it comes.
Speaker A:Down to it, the entrepreneurial struggle remains consistent.
Speaker D:Whether you're in Beverly Hills or Angola, Africa, and everywhere in between, the entrepreneurial struggle is real.
Speaker D:Whether you're in Saudi Arabia or you're.
Speaker A:In, you know, South Africa, it does not matter.
Speaker A:Canada to Mexico, I see it.
Speaker A:I don't care if you're a startup or a hundred million dollar company.
Speaker A:We're all going through the same struggles because we've been all fed the same.
Speaker D:Lie, which is sales minus expenses, equal profit, right?
Speaker A:It's, that's going around the globe.
Speaker A:And so this community, you know, we've got some of the, the most impressive people in our community, from doctors, scientists to athletes to authors to, you know, to congress people.
Speaker A:We've had, you know, all sorts.
Speaker A:Everything that the, the think tank that is Profit first is unbelievable.
Speaker A:If I don't have the answer, I just, I know I can get the answer.
Speaker A:That's the beauty of this human capital investment that we're all making with each other, right?
Speaker A:We are investing in human capital, the relationships, right?
Speaker A:These guys can call me whenever they want and get an answer, right?
Speaker A:Your members can call me and get an answer.
Speaker A:They can go to the community, they can go, hey, I got this international thing going on.
Speaker A:We got anybody in Slovenia, Ron?
Speaker A:Yeah, we do.
Speaker A:Why don't you go call Don?
Speaker F:Right.
Speaker A:And so this, the investment in membership is more of an investment in you and your desired future, right?
Speaker A:It's an investment in, yes, a certification, but that's just the launch phase.
Speaker A:It's an investment in building your practice.
Speaker D:Pricing your practice, marketing your practice.
Speaker D:A coach.
Speaker A:These guys are some of the best business coaches out there, right?
Speaker A:Community, marketing, differentiation, support each one of those brand association.
Speaker A:You know how hard it is to associate with a global brand, right?
Speaker A:If you were to add each one.
Speaker D:Of these individual things, a business coach for a year, marketing for a year.
Speaker D:Right?
Speaker A:Okay, Community.
Speaker A:I mean, all this stuff, you're going to be paying thousands upon thousands upon thousands, probably a hundred thousand dollars when it's all said and done.
Speaker A:But what we're offering, oh my God, it's unbelievable.
Speaker A:But here's the thing, it's only going.
Speaker D:To be worth it if you participate.
Speaker D:So if you're just looking to come.
Speaker A:On in and get a shield that says your profit first, that's not going to do you any good.
Speaker A:You're going to have to learn this.
Speaker A:You're going to have to be open.
Speaker A:You're going to have to strengthen your mental fortitude to get through this then.
Speaker D:To enjoy it all.
Speaker E:Well, I mean, Tim does most, most of our interviews with prospective members and I'm sure he won't mind me saying that he turns down more than he lets in.
Speaker D:Yeah.
Speaker E:Because we've got, we've got people with that, with that right attitude that they're willing to do the work and they're open minded about what we're trying to sell them.
Speaker E:And some people think that we're here to do the work for them and it's not, we're here to give them.
Speaker D:It's not the easy button.
Speaker A:No.
Speaker A:We turn down close to 400 applicants.
Speaker D:A year over in America and a lot of it because they're not ready for it.
Speaker D:You know, we don't provide oxygen.
Speaker D:You know, we provide.
Speaker D:Most firms come to us when they're sick and tired of their firm.
Speaker D:When they, they want to wrap their arms around their business, pull it back in.
Speaker D:They feel like they're, they're maybe their workflow services got all over the place.
Speaker D:Their pricing has no rhyme or reason.
Speaker D:They're not, they want to upgrade their customers, but they're stuck between a rock and a hard place because they've got, they've made these beds that they wouldn't make today, but they're already, they have to service them and service them and service them and they need assistance, they need help, they need guidance to, you.
Speaker A:Know, get away from that plateau that.
Speaker D:They'Ve been operating in for a couple of years.
Speaker D:Go through this, this learning curve to.
Speaker A:Get to the next, next level.
Speaker A:That's, that's when you know you need to come to us because we will help you get across that finish line.
Speaker D:We're not just going to give you the tools and the certification.
Speaker D:We're literally going to get into the quicksand with you and show you ex.
Speaker A:What we are doing, what we've done and how we've done it.
Speaker A:Everything that you guys are teaching and that we teach, we are doing.
Speaker A:Yeah, doing.
Speaker A:It's a learn to do it.
Speaker C:We, Ron, we.
Speaker C:When people have certified, when our members have certified, we invite them to almost do a beta 2, beta round 2 in effect and we ask them to bring a profit assessment of one of their clients to a call in a cohort situation.
Speaker C:They don't share a client name obviously, but so then we discuss what we're finding and so I'll give my thoughts and ask questions.
Speaker C:You know, Jason, our profit first guy, do the same.
Speaker C:Then our members will start to get a bit braver because they've heard us asking questions, they'll start to ask questions.
Speaker C:In the end, we end up with this massive discussion and the member goes away with all this value that they can take to their client and say, do you know what?
Speaker C:I've, I've been looking at your numbers from a completely different perspective from anyone, from what anyone else has ever done with you.
Speaker C:And this is what I'm seeing.
Speaker C:Are you open to a conversation now?
Speaker C:If that doesn't create an opportunity to upsell them into high value profit first advisory, I don't know, whatever will.
Speaker C:So we're finding so much success with that tactic because then they've got the knowledge from what they're learning going.
Speaker D:But you guys got a superstar in Jason guiding people over.
Speaker D:He's awesome.
Speaker C:He's amazing.
Speaker E:Yeah, thank you, Jason.
Speaker A:Yeah, yeah.
Speaker C:So, so there you go.
Speaker C:And, and go into your clients with that level of information.
Speaker C:You can't do that without being a profit first professional because you haven't got the access to, to everything that we provide.
Speaker C:And so being able to take that away for anyone looking to move into.
Speaker A:Advisory and we've got so much more coming, no brainer technologies coming.
Speaker D:We're reinventing things, we're getting to the next, next level.
Speaker D:Right.
Speaker D:You know, the cloud's already old, right?
Speaker D:And so AI is here now.
Speaker D:So we're all embracing it, we're all looking at it.
Speaker A:And here, here, accounting firms and bookkeeping.
Speaker D:Firms, this is an opportunity for you to repeat history.
Speaker D:Okay?
Speaker D:When the cloud first came out, were you against it?
Speaker D:Were you pushing against it?
Speaker D:Were you living on desktop?
Speaker A:Okay.
Speaker A:Or did you embrace it?
Speaker A:Did you go through that learning curve?
Speaker A:Well, tell you what, those that embraced it early on are in much better shape.
Speaker A:Those that embrace profit first before COVID are in much better shape.
Speaker A:Well, if you, if you're not embracing AI right now, you're not going to.
Speaker D:Be in much better shape than those that are embracing it.
Speaker A:Okay, so accountants and bookkeepers, go back in time.
Speaker A:Think about your own experiences and how.
Speaker D:You responded to this upsetting of the economy, the changes, the this, the that.
Speaker A:Well, here we are again, guys.
Speaker D:Embrace it.
Speaker C:Absolutely.
Speaker C:Absolutely.
Speaker C:But Ron, have you got any profit first tips you could share with us?
Speaker C:Just something off, off the top of your head that you could share with anyone listening?
Speaker A:You know, it's not a profit first.
Speaker D:Tip, but it's a tip that I leave with everybody.
Speaker A:If, and I, I, I, I, I'll share, I share it with everybody.
Speaker A:And that is if you want to.
Speaker D:Be a rock star, whether that's an employee, a husband, a wife, an employer, a student, anything, do what you say you're going to do by when you say you're going to do it and do it 3% better than expectations.
Speaker D:If you do that, you're in your life, you will be a super success because as a leader of your company.
Speaker A:People are looking at you and if.
Speaker D:You'Re not doing what you say you're going to be doing, how can you expect them to do what you ask them to do?
Speaker D:If you're not doing it at a certain level, that is exceeding expectations, how do you expect your staff to to exceed their own expectations?
Speaker D:So do what you say you're going to do by when you say you're going to do it and do it 3% better than expectations, your company and you will be a rock star.
Speaker E:I love that.
Speaker C:Fantastic.
Speaker C:That, that deserves that, that deserves a fist pump.
Speaker C:Wrong.
Speaker B:Come on.
Speaker D:I love that.
Speaker C:So, anyone listening?
Speaker C:If you're an accountant, bookkeeper or coach, if you're outside of the UK or Ireland, and trust me, people do listen around the world because I've looked at the demographics of the viewers and listeners, so there are people out there globally, hit the website Profit first professionals dot com.
Speaker C:If you, if you're watching on video, you'll see the, the banner come up on the screen.
Speaker C:If you're not, it's profitfirstprofessionals.com and you'll get the opportunity to apply to join as a Profit first professional.
Speaker C:You may get to speak to Ron, you may get to speak to Liz, but either way you'd be moving into a fantastic direction for you, your business and your clients.
Speaker C:If you're in the UK or Ireland, then we want you to hit this website profit first uk.co.uk join our wait list.
Speaker C:The email will come through to me, I'll be in contact and we'll have a chat and see where you're at in your business.
Speaker C:If you're not ready to join Profit First Professionals just yet, and this is where I quite often say, no, you're not ready, I want you to join when you are ready.
Speaker C:You can join our pre membership group called the Profit First Pathway, which you can find on Facebook.
Speaker C:Answer three very simple questions and you can join and you'll get access to me and Jason and Deb Halliday and we'll be ready to field any questions and offer up some free online sessions for you so you can learn what it's like being in our world.
Speaker C:Ron, thank you so much for joining us today.
Speaker C:It's been a real pleasure having you on.
Speaker C:I'm sure this won't be the only time you join us on our podcast.
Speaker C:We would, we would love to have you come back and join some more with us.
Speaker C:Can never get tired of listening to you with your passion for helping the global world with eradicating entrepreneurial property.
Speaker C:So thank you very much.
Speaker D:Awesome.
Speaker D:Thanks, guys.
Speaker D:And as always, may the profits be with you.
Speaker D:Take care.
Speaker B:Thank you for joining us on our podcast today.
Speaker B:Profit first beyond the book was brought to you by the Profit First Professionals UK and Ireland team.
Speaker B:If you'd like to find out more about Profit first or becoming a Profit first professional, head to our website, profit first uk.co.uk.
