Profit Assessment For a New Business

profit first Mar 08, 2022

Hi, it's Kelley from Profits Scale Thrive with another Profit First FAQ.

Today's question- Can a new business do a profit assessment, even if it does not have a full year of financials?

Absolutely! Just take your existing numbers and run a projection for the full year.

The easiest way to do this is to look at your year-to-date performance for income, profit, owner's comp, tax, and OPEX, and determine the monthly averages.

Then take those numbers and multiply by 12 to get an annual average.

While these numbers won't likely be spot on. It'll get you close enough to use the Profit Assessment tool effectively.

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