Episode 45: Overcoming The Hardest Part About Profit First

Episode 45: Overcoming The Hardest Part About Profit First

You know, today, to have gotten where you are today, and to go where you are      

going to go tomorrow, you’re going to have to eat a whole lot of frogs.

Susanne Mariga:Welcome to the Profit Talk Show. In this show, we’re going to explore strategies to help you maximize profits in your business while scaling and creating the lifestyle that you want as an entrepreneur. I am your host, Susanne Mariga. I am a Certified Public Accountant, a Certified Profit First Professional and a Certified Tax Coach. Today, we’re going to talk about 
strategies to help you maximize profits in your business. 
Good morning. My name is Susanne Mariga. I am the Chief Accountant, Chief Profit Advisor here at Mariga CPA. I am also the host of the Profit Talk Podcast, as well as the Author of Profit First for Minority Business Enterprises. 
Today, before I head out, I want to talk to you about your next steps, your next plan of action. And it’s interesting because one of the questions that I often get from entrepreneurs and small businesses today is what should I do in a  world of flux and change. In the world of COVID-19, entrepreneurs are wondering what they should a small business do? And I’m going, to be honest with you. This is a question that every small business in America has to face. In fact, we had to face it. We had to face it. We’re not immune to what’s happening in this world, just like any of you. 
And I’ll be honest with you. When we first started doing these masterclasses, it was way before COVID that we were planning these out. As you guys can tell, we put a whole lot of effort into these masterclasses, and literally when COVID-19 hit, and they were telling us, our Mayor was saying, there’s going to be a stay at home orders, social distancing, and our team and I literally looked at each other and we were like, what do we do? What do we do? And should we even continue having these masterclasses? Why should we even continue? Even though we’ve put a whole lot of effort, will the world even be able to hear what we have to say? And I’ll be honest with you, it was tempting to cancel it. It was very tempting to cancel, after all, our team was already busy, we were already pretty booked, but we literally looked at each other and said, you know what, the show must go on. The show must go on.
And the show must go on because COVID is here to stay, and the government is telling us that it’s going to be at least until May before everyone is vaccinated. And we’re probably going to be in a social distance environment, at least through the end of 2021. And so our team realized that if we decided to go home and be like everyone else, we would literally be closing our shop for at least two years. And so as a team, we decided that we’re going to go ahead and go forward. We’re going to go ahead and pivot, and we decided that we were going to be part of the solution, helping America pivot, helping American entrepreneurs pivot and move forward even in the midst of COVID. 
And so here today, this week, I’ve been here teaching you how to implement Profit First in your business. And the reason why is because COVID is here to stay, and although we are on the tip of relief with vaccines coming, some of the changes that you are already experiencing are going to become a permanent part of your life. I mean, they’re not going to go away. Our business is literally going to be different than what it has ever been, and social distancing is going to be here for a while, and as small businesses, we’re going to have to operate differently. We’re going to have to operate differently. As a small business, 
the question for you entrepreneurs is, what are you going to do? What are you going to do in the midst of this new environment? 
Statistics are telling us that at least 50% of small businesses are not going to make it out of this pandemic.  In fact, I read on Yelp that at least 60% of small businesses that were there prior to the pandemic have already closed their door permanently. 60% of small businesses have already closed. And literally, that means that a lot of your neighbors, a lot of your peers have already gone home, shut their door, and frankly went home to collect the government check.   And probably a lot of your friends have already gone home and collected a government check. But for those of you guys who are here today, who are here to be in business, who really want to build your legacy, even in the midst of hard times, you’re going to go ahead 
and go on to build a legacy. 
You guys are going to go on and build a legacy and if you do it right, especially in this time of transition and change, you will literally grow to become the next market leader. Literally, you’ll be the next market leader. Literally, you will pivot. And what this means is that you’re going to not only adjust to the new reality, but you’re going to pave a new way, and you’re literally going to show the world just how entrepreneurship is done. You know, my kids have been amazing this week. Their schools have been partially in session and partially closed, so they’ve been doing remote learning because of the COVID environment.
So, they have been here with me. They have been amazingly quiet with no interruptions. And it’s hard ‘cause you know, one’s 10 and one’s 13, it’s hard being well behaved in this situation. But one thing that I promised them is that if they’re really good, and I mean really, really good, my kids can choose to have lunch delivered from wherever they want. That’s what I promised them for their behavior. And one night, several months ago, I was sitting at home and this commercial for Pizza Hut literally pops up on my TV. And it’s just a commercial, but in this commercial, it’s a little bit different because Pizza Hut promised me that they are dedicated to my safety. And what they’re promising me is they’re not going to touch my pizza, they’re not going to breathe on my pizza, in fact, they’re dedicated to protecting me from COVID-19
In this commercial, there’s this guy, holding this really long spoon, he’s wearing gloves, and he’s showing people wearing gloves. And what they’re messaging to me as a consumer is that they’re going to protect me. Their commercials and their shows prove every bit of it. They’re out to protect me. And, so my question to you, entrepreneurs, is, what is the need of your customer right now? What concerns them most right now? What’s keeping them up at night? You know, I had a reporter that contacted me many months ago, right at the start of the pandemic. And one of the questions this reporter wanted to know was,  “Susanne, what opportunities do you see in the market now that we live in a world of coronavirus?” 
If you guys haven’t figured out, and if you guys have been with me now for a week, I’m a pretty deep thinker.  I think about things. And I spend things in my head and the question that the reporter literally asked me, kept spinning in my head and the answer that just kept coming up over and over again was, you know what, the opportunities are still here. The needs are still here. The money is still here. The money didn’t vanish overnight. It just switches pockets. It just moves like water.  From one hand to another, the money is still here. The opportunities are still here. The needs are still here.
And so my question is, how will we, as business owners, pivot to meet the new market demand? For example, if I was a hardworking woman, and if you are a hard-working woman or man before the pandemic, you are still a hard-working woman or man, right? The pandemic didn’t change you. And, if you didn’t have enough time to cook right before the pandemic, you still don’t have time to cook because you’ve found another way to keep yourself busy, and so restaurants. Did I not mention meal planning opportunities? If you can sell me a different meal plan every single day, and you can promise me on time 
delivery, and you can promise me with contactless delivery, and if you can make me feel safe in your messaging, then you have a customer for life.
You know, last week during our session, I will give the example of my doctor I told you about. I have allergies. I’ve had them all my life and I’ve been with him for the last decade. So these allergies were nothing new. And in the example, I said, “Can I have an online appointment so I don’t have to go into your office, so, I don’t have to be exposed to COVID?” And If my doctor had only accommodated this request, if he only said, “You know, I’ll see you on zoom because I’m a small practitioner. I don’t subscribe to major services, but I’ll see you on zoom.” 
What would have happened was, he would have retained a customer for life versus saying, “You know what, you need to come into my office”, and I’m saying “No”, and so, I went on web MD.  He could have retained a customer for life if he had simply just pivoted, accommodated, looked at what his customer needed at that particular moment, and figured out, how do I serve a need in a new and unique way that still allows me to give the same great service, but still allows me to meet the need, right? So entrepreneurs, what I’m saying is that money is still there. How will you reach your potential buyer? How will you pivot to serve them? And how will you allow them to get to know you, right? 
How will you get to know your customer this week, the same way that I got to know each and every one of you this week? How will you reach across the screen? How will you shake a hand and get to know a new customer this week? So entrepreneurs, pivot, pivot, pivot, pivot, because the opportunities are still there. The money is still there. The needs are still there. Pivot to service the need, okay? Now some of you guys are asking me, what’s the hardest part about getting started on Profit First? This is funny because I always get that question, and I always laugh when I get this question because I have to be honest with you, the hardest part about getting started on Profit First is getting started.  
Now, once a stone starts rolling down the hill, once that momentum starts to build, don’t you ever get in front of a boulder once it starts rolling. You guys that live in the mountains, don’t you ever get in front of a boulder because you won’t be able to stop it. And I love what Mark Twain says, “If it’s your job to eat a frog, it’s the best thing to do in the morning, and if your job is to eat two frogs, it’s best to eat the bigger one first.” If you’re going to eat the bigger one first, the second one is going to go down a lot smoother. So, Profit First Entrepreneurs, eat the frog, eat the frog, eat the frog! You know, today, to have gotten where you are today and to go where you are going to go tomorrow, you’re going to have to eat a whole lot of frogs.
Eat the frog, eat the frog, get started, and start with one percent allocation and gain momentum as you go along, gradually increase it from there. And, if you want to go faster and you want to go farther, then go with an experienced Profit First Coach like me. Now, some of you guys are absolutely afraid to make the first step. You’re afraid of the unknown. You’re afraid of failure. Some of you guys were even afraid of where you’re going to go. Some of you guys are wondering, “Am I going to even be able to handle this level of success?” because it’s Profit First, “Will I be able to handle this level of success?” is what some of you guys are thinking. 
Will you be able to handle that type of wealth? Will you be able to make those hard decisions? Because you’re going to have to make some hard decisions. And for you, what I’m going to say is weigh the return on investment. What happens if you continue down the same road, what happens if you don’t change, will you just stay the same? And what happens if you decide to go ahead and take that step? What happens if you commit to change, what are the unlimited possibilities that are there for you if you decide to go forward, what would it mean for you to get every single thing that you want? Write it down. What would it mean to get every single thing you want? What would it mean for you to be debt-free, to not have to worry about how you’re going to make payroll next week, to be able to weather these storms like COVID, to take that unplanned vacation. Go home and tell your spouse, honey, pack your bag, we’re going off for the weekend. Imagine being able to go to a car dealer, drop cash and walk out with a car of your dreams. Imagine being able to retire worry-free, and be able to live a life that leaves a legacy. 

I want you to have your most profitable year ever. Yes, no matter what’s going on in the economy, no matter what’s going on in the world, you can have your best year ever. I want to show you how. Join me in our private Facebook group where I will be hosting our Free, Yes, I said FREE Profit First Masterclass on Facebook. Please join the Profit First Master Class with Susanne Mariga. Again, I look forward to seeing you there and watching you have your best year.

DISCLAIMER: The information contained within these podcast is provided for informational purposes only and does not constitute, an accountant-client relationship. While we use reasonable efforts to furnish accurate and up-to-date information, we assume no liability or responsibility for any errors, omissions, or regulatory updates in the content of this video. Any U.S. federal tax advice contained within is not intended to be used for the purpose of avoiding penalties under U.S. federal tax law.

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