Updated: Dec 23, 2022
Is your quilt shop taking over your life? Take back control of your quilt shop by taking control of when, where, and how things get done.
When it comes to your business, taking control means straightening out your finances.
Read on to learn how to use the right cash management system, and what that system will do to help you control and grow your quilt shop. As a CPA-certified First Professional and co-owner of Utah Valley Quilting, I can answer all your questions and help you grow your quilt shop.
Use the Profit First Cash Management System
You need to implement Profit First cash management in your quilt shop. There’s just no way around it.
Profit First is a budgeting system for the modern age. You may have painful memories of your parents separating cash into envelopes, and you may have dreaded finding financial gaps at the end of the month. Profit First does all the stressful budgeting for you, setting you up with a budget that you don’t have to moan and groan over.
Once you have Profit First set up and working for you, you’ll have a synergistic natural cash management system that will put the fun back into your quilt shop.
You Need Cash
Cash is the lifeblood of your quilt shop, just like it is for any business.
Did you know that 50% of businesses fail in their first five years? And that 83% of businesses never become profitable? 88% of business owners would actually make more money if they worked a similar job with a different company.
You don’t want to be one of those statistics. You want to be profitable and make money, you want to be able to pay yourself. In order to do that, you need a simple system for controlling and managing your cash.
Think of cash like the blood in your body. Your blood is what brings essential nutrients through your veins to where your body needs to use them. You need your blood to live, and that’s why if you get hurt and start bleeding, you put on a bandage. You make sure you stop that blood loss because if you lose too much blood, you’ll die.
It’s the same with your quilt shop and cash flow. If you lose too much cash, your shop will have to close. But if you’re able to bring in more cash, you can direct it to places that need healing. That healing will lead to more sales and more cash.
New streams of revenue allow you to make your money work for you. Just like your body has organs working together, your quilt shop needs systems to handle your money and make sure you aren’t wasting it. It’s essential to make sure your system is easy to use. You don’t want something that you can’t understand without an accounting degree.
That’s why Profit First is the best choice for cash management. The system will direct you to use several different checking accounts, each with its own purpose. This makes it easier to organize your money and label where it needs to go, like your electric bills, inventory, and payroll.
You can also join Money Made Simple and use Money Made Simple Academy to learn how to properly implement Profit First in your quilt shop.
Clarity and Peace of Mind
Using Profit First cash management will simplify and support your business, giving you peace of mind.
Go to curtisaccountingsolutions.com and follow the steps to achieve financial peace of mind.