A lot of trainers have been recommending this to me and I don’t often say a book is a must-read, but “Profit First” definitely has earned it. This book focuses not only on the heath of your business, but making sure you have your ratios intact.
Also with Profit First, similar to the so-called “Envelope System”, you’ve got pockets of:
– Operating Expenses (i.e. gym rental, teammate fees, marketing fee, etc.)
– Profit Account
– Tax Account
– Income Account
– Owner’s Compensation Account
So, anyone running a basketball business should listen to this and I guarantee that it will change your perspective on your business’ finances going into 2023.
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