Last month I talked with Geoff Gualano from A2X while we were both in Orlando for an Accounting Technology conference.

He had read my Ecommerce Industry Special Report: The Secret to Thriving, and wanted to talk about my findings.

Geoff is extremely knowledgeable about ecommerce businesses and accounting and he asks good questions.

Something about talking through the report out loud brought a new connection to the surface.

Connecting Profit First and Life Profit

About four minutes in, I found myself connecting two things I’ve written and taught about separately for years, but never quite put together in the same breath.

Profit First and Life Profit™.

Profit First is the financial framework for your business.

Life Profit is the outcome that you achieve when you created a business that serves your goals, your why.

Profit First gives you the system to manage your cash to ensure you pay yourself first.

Life Profit is your reward in the broadest terms: financial freedom, time freedom to spend with family or hobbies and sleeping good at night.

The Mechanism and the Reason

I’ve talked about both of these many times.

What I hadn’t done, until Geoff asked the question that got me there, was say out loud how one is a mechanism and the other is the reason.

Without Life Profit, Profit First is just an accounting exercise.

Without Profit First, Life Profit is just an intention.

That’s the connection I found myself making, and it clarified something for me about the whole framework.

Watch the Conversation

If you’d like to hear how it sounded out loud, watch the 13-minute conversation.

Geoff also asked me to walk through the report and how we defined struggling, healthy, and thriving businesses, which is worth watching for the practical takeaways alone.

You can see the report itself here.

If any of what you hear in the conversation lands, reach out and let’s chat about where you actually are in your business and where you’d like to be going.