How to build a cash flow system to sustain business growth with Profit First Co-founder Ron Saharyan
Sep 20, 2022
The majority of entrepreneurs who try to build and grow a business will eventually fail. And too often throughout that process, they’re barely making any money themselves either. But what if there was a system that could change that? That could help entrepreneurs ensure their own well-being, and put their businesses on the path to growth and success?
Our guest this week is Ron Saharyan, one of the co-founders of Profit First. Having built multiple companies in the staffing industry, Ron leads Profit First Professionals’ membership of world-class accountants, bookkeepers, and business coaches who guide entrepreneurs to the highest degree of profitability. He has over 15 years of experience in managing organization growth, is a thought leader in business cash flow management, and is a popular speaker on profit.
Tune into the full conversation for more on the Profit First system, how it can help entrepreneurs grow their businesses sustainably (and pay themselves what they deserve), what a “cash flow system” is, how to build one, and more.
Here’s a Glimpse of What You’ll Learn:
- More about what Profit First is, and why its system is important to business owners
- Why there are so few successful entrepreneurs, and how to use the system that can help reverse that trend
- What “real revenue” is, and why it’s more important than the typical idea of revenue
- How entrepreneurs are neglecting themselves, and how it keeps them in the cycle of just getting by—or worse, the business failing
- Why a “cash flow system” is king when it comes to growing your business for the long haul
- Why it might not actually be beneficial when your CPA comes to you and says they can help you save money on taxes—and what to do instead
- The lightbulb moments that often happen for entrepreneurs after going through the Profit First certification
- What entrepreneurs can learn from the “envelope system” of money saving
- “Parkinson’s law,” and how it relates to building a business
- What makes the Profit First system different from accounting and bookkeeping
- The backstory behind how Profit First got started in the basement of Mike Michalowicz’s house
- The KPIs that Profit First pays attention to, plus how Ron measures his personal success
Resources Mentioned in This Episode:
- Profit First website
- Ron Saharyan on LinkedIn
- “Profit First: Transform Your Business from a Cash-Eating Monster to a Money-Making Machine” by Mike Michalowicz
- Email carljcox@40strategy.com for a copy of “Profit First”
- “Extreme Ownership: How U.S. Navy SEALs Lead and Win” by Jocko Willink and Leif Babin
- 40 Strategy
- Contact 40 Strategy
- Carl J. Cox on LinkedIn