Transforming Your Money Mindset with Profit First (EP 781)

Uncle Marv's IT Business Podcast

Uncle Marv welcomes back Shannon Simmons, a Profit First professional, to discuss how IT professionals and MSPs can improve their businesses with the Profit First system. Shannon shares her personal tax issue story and how it led her to Profit First. They debunk common myths about the system, such as the misconception that having multiple bank accounts is too much work. Shannon introduces the "Embodied CFO" concept, which helps business owners understand their relationship with money and overcome limiting beliefs. They also discuss Profit First-friendly banks like Relay Bank and resources available for implementing the system effectively.

Profit First Basics: Shannon recaps the Profit First system, emphasizing that it’s applicable to any business, not just MSPs.

Tax Issue Stories: Marv and Shannon share their personal tax issue experiences and how these challenges led them to adopt better financial management practices.

Myths About Profit First: They debunk myths such as more bank accounts equals more work and setting up automatic transfers is a "set it and forget it" system.

Profit First Friendly Banks: Discussion about banks like Relay Bank that facilitate the Profit First system with multiple account setups.

The Embodied CFO: Shannon introduces her program to help business owners understand their relationship with money and overcome limiting beliefs.

Why Listen?

This episode offers practical advice and insights on how to implement the Profit First system effectively. You’ll learn how to manage your business finances with less stress and gain a better understanding of your money mindset, leading to improved profitability and financial stability. Whether you're a seasoned MSP or just starting, this episode provides actionable steps to transform your business finances.

Companies, Tools, Books, and Websites Mentioned

• Fit for Profit: https://fitforprofit.com/
• Relay Bank (Sign up here): https://fitforprofit.com/relay
• Relay Bank (Website): https://relayfi.com/
• Profit First Book by Mike Michalowicz: https://amzn.to/4kF4sSz

=== SPONSORS

• Premier Partner: NetAlly
• Internet Provider: Rythmz
• Digital Partner: Designer Ready

=== MUSIC LICENSE CERTIFICATE

• Item Title: Upbeat & Fun Sports Rock Logo
• Item URL: https://elements.envato.com/upbeat-fun-sports-rock-logo-CSR3UET
• Item ID: CSR3UET
• Author Username: AlexanderRufire
• Licensee: Marvin Bee
• Registered Project Name: IT Business Podcast
• License Date: January 1st, 2024
• Item License Code: 7X9F52DNML

=== Show Information

• Website: https://www.itbusinesspodcast.com/
• Host: Marvin Bee
• Uncle Marv’s Amazon Store: https://amzn.to/3EiyKoZ
• Become a monthly supporter: https://ko-fi.com/itbusinesspodcast