What will topple your business? It’s probably not what you think. In fact, putting profit last is what sinks most business owners. They spend all of the money they've earned, and they have little or nothing left over for profit. Too many business owners are running their enterprises with hardly any savings. And it can ruin a company. On the latest "putting profit first" video episode of the CFO Weekly podcast, Andrew Royer, a CPA, a certified general accountant, and a bookkeeper, discusses why we should be putting profit first.
"In a situation like COVID, revenue drops off sharply, but expenses don't drop at the same rate," he says. "So for quite a while, people will continue to spend and spend and spend at the rates that they've always been spending at. That's what causes them to topple." Learn more about our finance solution.