Profit First

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Profit First for UK Microgyms

Wellness and mindfulness have been gaining popularity in the past couple of years. People pay more attention to their health by going to gyms regularly, signing up for memberships, and buying fitness products off the internet. As a result, the fitness industry has been reaping the rewards of society’s newfound goal to prioritize health. As …

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Six Simple Steps to Build Your Own Profit Plan

You can ensure that your business is going in the direction you want it to go by building your business’s profit plan. If you haven’t made one yet, here’s a simple guide you can use for your business profit plan. Building Your Business Profit Plan – How To Do a Business As Usual (BAU) model. Start with …

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10 Tips for Establishing a Successful Online Business

There’s no better time than now to start an online business. As we know it, life has now adapted to this new normal of social distancing and staying indoors. With the Coronavirus crisis affecting the whole world, human behaviour has drastically changed towards an online presence instead of a physical one. E-commerce websites are fast …

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What is Annual Accounting VAT?

The Annual Accounting VAT scheme is one method of paying VAT designed to reduce the administrative burden on small businesses. VAT-registered businesses usually submit their VAT Returns to the HM Revenue and Customs (HMRC) four times a year (quarterly). Still, with this scheme, your business is required to submit only one VAT return per annum. …

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3 Ways You Can Use the Profit First Approach as a Sole Trader

The mentality of putting your profits first as a business owner may be quite apparent and should be a given, but that’s not the case. In this case, we will also be tackling the Profit First approach as a sole trader. Most business owners still follow the traditional accounting model unknowingly, which is Sales – …

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7 Steps to Making a Profit First Instant Assessment

The traditional way of accounting for profit is using the formula: sales – expenses = profit. Mike Michalowicz, the author of First Profit, introduced a new method, which flips this method of thinking. It uses the formula: sales – profit = expenses. One of the tools he gives is the Profit First Instant Assessment which …

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Profit First for UK Online Businesses

You may think that running an online business is a lot easier than managing a physical store. However, a lot is going on behind a virtual or digital operation. Even when you don’t retail physical goods but rather sell digital services, you might still find yourself stuck with the question: I know I’m earning a …

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Profit First For UK Businesses

With job furloughing rates hitting record high due to the past extended Coronavirus lockdown period, it’s time you reconsider the way you earn a living. This global pandemic has been an eye-opener for many of us. We realize just how fragile our economic system is. We also realize how easily one major health crisis can …

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5 Steps to Balance Selling and Serving Your Customers

Suppose you are growing and managing your own business, especially in the early stage where the business’s team means you. In that case, it can be challenging to balance your focus between hitting your sales targets and serving your customers or clients. Here are 5 Steps to Balance Selling and Serving Your Customers.     …

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Get Rid of Cash Flow Problems Once and for All

It is common for businesses to experience cash flow problems, especially during a recession. Even when sales are soaring, companies can have difficulty managing cash. How can you improve your cash flow management to eliminate such cash flow problems? Good cash flow control is vital in building a healthy business. You need to know where …

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