Take a Vacation
Reason #10 for Implementing Profit First in 2024 - Take a Vacation
Enforce Mandatory Vacations….
If the global pandemic taught us anything – it is to be prepared AND take time to enjoy your life! It is unpredictable!
Burnout is a real thing – especially in the healthcare professions and service industries. Many of our clients have faced unprecedented challenges in human resources over the last several years. It is clear to us – everyone needs a little more vacations in their lives!
But how?!
Well, you guessed it, we are going to link this back to your cash flow and profitability. Seriously.
In the Profit First method – we plan for your revenue projections in brackets, and distribute your cash according to certain ratios. Our goal at Beyond Your Books is to understand your finances to be able to accurately predict the future of your cash flow potential – and work in a variance that allows for some time off!
Ebbs and flows happen in every business. Maybe you are a therapist that takes the summer off (or light schedule). Maybe your services are weather dependent - and winter is the busy time or the slow season. Maybe you own a fitness studio that is bursting at the seams after the New Year, but were hosting crickets over the holidays!
Listen: no one is going to be *mad* you took some time off. Your employees will hopefully honor your boundaries, if you are able to reciprocate your appreciation for them by also offering a comprehensive employee compensation package.
All these scenarios require financial planning. Operating in a cash mode requires data points, some level of automation and warning systems in place to predict potential irregularities.
Still Stuck in the mindset that you can’t afford it? Let’s challenge that.
Implementing Profit First can make a few things abundantly clear: how you spend your money and how you spend your time.