Impressions - August 2018 - 30

system. One of our industry's leading minds,
Coudray has achieved the certification and
has been helping shops with Profit First implementation.
Impressions asked him to give his take on
the system. Following is what he had to say:
Impressions: What is a Profit First Professional
and what do you do that someone can't implement by reading the book?
Coudray: Profit First Professionals are accountants, bookkeepers, consultants and business
coaches who have gone through six months
of training and passed the certification exam.
They also have to be successfully using Profit
First in their own businesses. They are trained
at a deeper level than the book goes into. Typically, they will specialize in one niche industry
and are experts in cost and profit behavior for
that industry.
Impressions: What recommendations for TAPs
and CAPs would you advise a shop to start
with until they dial everything in?
Coudray: That is difficult to say, as there are
many surrounding factors to consider. For example, if the business is too heavily debt-laden,
there is a special plan to retire the debt quickly
and reduce bank-interest expense. Repayment
of debt comes from future profits, something
P.30

i m p r e s s i o n s m a g . c o m AUGUST 2018

no one talks about. The only expense portion
that is deductible is the interest expense. The
key reality check is for an owner to start paying themselves right away a salary equal to
what it would cost to hire some who did the
same job. This is usually a big shock and most
young companies pay themselves last, and still
hope for a profit.
Impressions: What is one drawback or downside to implementing Profit First for shops?
Coudray: It is one more thing to keep track
of. So many of the companies I work with are
busy being busy with work that is not effective.
When you focus on cash generation and profit,
you quickly learn how to refine your business
practices to be more effective and become more
financially stable and secure.
Impressions: Have you seen bigger profits to
you, the owner, than with previous accounting methods?
Coudray: Yes, the Profit First system really
gets you to focus on the money engine of your
business and the decisions you make that affect
cash flow, as well as how you compensate yourself. The key is to get started with something,
even if it is minimum wage for a salary and
1% for profit. You quickly see how inadequate
that is, and it is easy and motivating to take
the corrective action.


http://www.impressionsmag.com

Table of Contents for the Digital Edition of Impressions - August 2018

Impressions - August 2018
Contents
First Impressions
From the Show Director
Overheard
First Look
Scene at ISS
On Design
Fleecewear Takes the Retro Road
Breakdown: Embroidery on Lightweight Fleecewear
Optimizing Screen-Room Workflow
The ‘Profit First’ Wave: Part 1
Shop Talk
Embroidery Production
Screen Printing Production
Sublimation
Heat Printing
Ad Index/Classifieds
Impressions - August 2018 - Intro
Impressions - August 2018 - CT1
Impressions - August 2018 - CT2
Impressions - August 2018 - Impressions - August 2018
Impressions - August 2018 - Cover2
Impressions - August 2018 - 1
Impressions - August 2018 - Contents
Impressions - August 2018 - 3
Impressions - August 2018 - 4
Impressions - August 2018 - 5
Impressions - August 2018 - First Impressions
Impressions - August 2018 - 7
Impressions - August 2018 - From the Show Director
Impressions - August 2018 - 9
Impressions - August 2018 - Overheard
Impressions - August 2018 - 11
Impressions - August 2018 - 12
Impressions - August 2018 - 13
Impressions - August 2018 - First Look
Impressions - August 2018 - 15
Impressions - August 2018 - 15a
Impressions - August 2018 - 15b
Impressions - August 2018 - Scene at ISS
Impressions - August 2018 - On Design
Impressions - August 2018 - Fleecewear Takes the Retro Road
Impressions - August 2018 - 19
Impressions - August 2018 - 20
Impressions - August 2018 - 21
Impressions - August 2018 - Breakdown: Embroidery on Lightweight Fleecewear
Impressions - August 2018 - 23
Impressions - August 2018 - Optimizing Screen-Room Workflow
Impressions - August 2018 - 25
Impressions - August 2018 - 26
Impressions - August 2018 - 27
Impressions - August 2018 - The ‘Profit First’ Wave: Part 1
Impressions - August 2018 - 29
Impressions - August 2018 - 30
Impressions - August 2018 - 31
Impressions - August 2018 - Shop Talk
Impressions - August 2018 - 33
Impressions - August 2018 - Embroidery Production
Impressions - August 2018 - 35
Impressions - August 2018 - 36
Impressions - August 2018 - 37
Impressions - August 2018 - Screen Printing Production
Impressions - August 2018 - 39
Impressions - August 2018 - 40
Impressions - August 2018 - Sublimation
Impressions - August 2018 - 42
Impressions - August 2018 - 43
Impressions - August 2018 - Heat Printing
Impressions - August 2018 - 45
Impressions - August 2018 - 46
Impressions - August 2018 - Ad Index/Classifieds
Impressions - August 2018 - 48
Impressions - August 2018 - Cover3
Impressions - August 2018 - Cover4
Impressions - August 2018 - IO1
Impressions - August 2018 - IO2
Impressions - August 2018 - IO3
Impressions - August 2018 - IO4
Impressions - August 2018 - IO5
Impressions - August 2018 - IO6
Impressions - August 2018 - IF1
Impressions - August 2018 - IF2
Impressions - August 2018 - IF3
Impressions - August 2018 - IF4
Impressions - August 2018 - IF5
Impressions - August 2018 - IF6
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http://www.nxtbook.com/nxtbooks/impressions/201804
http://www.nxtbook.com/nxtbooks/impressions/201803
http://www.nxtbook.com/nxtbooks/impressions/teamspirit_2018spring
http://www.nxtbook.com/nxtbooks/impressions/201802
http://www.nxtbook.com/nxtbooks/impressions/201801
http://www.nxtbook.com/nxtbooks/impressions/201712
http://www.nxtbook.com/nxtbooks/impressions/201710
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http://www.nxtbook.com/nxtbooks/impressions/201705
http://www.nxtbook.com/nxtbooks/impressions/201704
http://www.nxtbook.com/nxtbooks/impressions/201703
http://www.nxtbook.com/nxtbooks/impressions/teamspirit_2017spring
http://www.nxtbook.com/nxtbooks/impressions/201702
http://www.nxtbook.com/nxtbooks/impressions/201701
http://www.nxtbook.com/nxtbooks/impressions/sportsfanretailer
http://www.nxtbook.com/nxtbooks/impressions/201612
http://www.nxtbook.com/nxtbooks/impressions/201610
http://www.nxtbook.com/nxtbooks/impressions/201609
http://www.nxtbook.com/nxtbooks/impressions/201608
http://www.nxtbook.com/nxtbooks/impressions/teamspirit_2016fall
http://www.nxtbook.com/nxtbooks/impressions/20160607
http://www.nxtbook.com/nxtbooks/impressions/201605
http://www.nxtbook.com/nxtbooks/impressions/201604
http://www.nxtbook.com/nxtbooks/impressions/201603
http://www.nxtbook.com/nxtbooks/impressions/teamspirit_2016spring
http://www.nxtbook.com/nxtbooks/impressions/201602
http://www.nxtbook.com/nxtbooks/impressions/201601
http://www.nxtbook.com/nxtbooks/impressions/sportsfanretailer_201512
http://www.nxtbook.com/nxtbooks/impressions/201512
http://www.nxtbook.com/nxtbooks/impressions/digitaldecorator_2015fall
http://www.nxtbook.com/nxtbooks/impressions/201510
http://www.nxtbook.com/nxtbooks/impressions/201509
http://www.nxtbook.com/nxtbooks/impressions/201508
http://www.nxtbook.com/nxtbooks/impressions/teamspirit_2015fall
http://www.nxtbook.com/nxtbooks/impressions/20150607
http://www.nxtbook.com/nxtbooks/impressions/digitaldecorator_2015summer
http://www.nxtbook.com/nxtbooks/impressions/sportsfanretailer_201506
http://www.nxtbook.com/nxtbooks/impressions/201504
http://www.nxtbook.com/nxtbooks/impressions/201503
http://www.nxtbook.com/nxtbooks/impressions/teamspirit_2015spring
http://www.nxtbook.com/nxtbooks/impressions/201502
http://www.nxtbook.com/nxtbooks/impressions/201501
http://www.nxtbook.com/nxtbooks/impressions/sportsfanretailer_201412
http://www.nxtbook.com/nxtbooks/impressions/201412
http://www.nxtbook.com/nxtbooks/impressions/201410
http://www.nxtbook.com/nxtbooks/impressions/sportsfanretailer_2014fall
http://www.nxtbook.com/nxtbooks/impressions/201409
http://www.nxtbook.com/nxtbooks/impressions/201408
http://www.nxtbook.com/nxtbooks/impressions/teamspirit_2014fall
http://www.nxtbook.com/nxtbooks/impressions/digitaldecorator_2014summer
http://www.nxtbook.com/nxtbooks/impressions/20140607
http://www.nxtbook.com/nxtbooks/impressions/sportsfanretailer_2014spring
http://www.nxtbook.com/nxtbooks/impressions/201404
http://www.nxtbook.com/nxtbooks/impressions/201403
http://www.nxtbook.com/nxtbooks/impressions/teamspirit_2014spring
http://www.nxtbook.com/nxtbooks/impressions/201402
http://www.nxtbook.com/nxtbooks/nielsen/impressions_201401
http://www.nxtbook.com/nxtbooks/nielsen/impressions_sportsfanretailer_201312
http://www.nxtbook.com/nxtbooks/nielsen/impressions_201312
http://www.nxtbook.com/nxtbooks/nielsen/impressions_20131011
http://www.nxtbook.com/nxtbooks/nielsen/impressions_201309
http://www.nxtbook.com/nxtbooks/nielsen/impressions_201308
http://www.nxtbook.com/nxtbooks/nielsen/impressions_teamspirit_2013fall
http://www.nxtbook.com/nxtbooks/nielsen/impressions_20130607
http://www.nxtbook.com/nxtbooks/nielsen/impressions_201304
http://www.nxtbook.com/nxtbooks/nielsen/impressions_201303
http://www.nxtbook.com/nxtbooks/nielsen/impressions_teamspirit_2013spring
http://www.nxtbook.com/nxtbooks/nielsen/impressions_201302
http://www.nxtbook.com/nxtbooks/nielsen/impressions_201301
http://www.nxtbook.com/nxtbooks/nielsen/impressions_201212
http://www.nxtbook.com/nxtbooks/nielsen/impressions_20121011
http://www.nxtbook.com/nxtbooks/nielsen/impressions_teamspirit_2012fall
http://www.nxtbook.com/nxtbooks/nielsen/impressions_20120809
http://www.nxtbook.com/nxtbooks/nielsen/impressions_20120607
http://www.nxtbook.com/nxtbooks/nielsen/impressions_201204
http://www.nxtbook.com/nxtbooks/nielsen/impressions_201203
http://www.nxtbook.com/nxtbooks/nielsen/impressions_teamspirit_2012spring
http://www.nxtbook.com/nxtbooks/nielsen/impressions_201202
http://www.nxtbook.com/nxtbooks/nielsen/impressions_201201
http://www.nxtbook.com/nxtbooks/nielsen/impressions_201112
http://www.nxtbook.com/nxtbooks/nielsen/impressions_20111011
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http://www.nxtbook.com/nxtbooks/nielsen/impressions_teamspirit_2011fall
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http://www.nxtbook.com/nxtbooks/nielsen/impressions_201104
http://www.nxtbook.com/nxtbooks/nielsen/impressions_201103
http://www.nxtbook.com/nxtbooks/nielsen/impressions_teamspirit_2011spring
http://www.nxtbook.com/nxtbooks/nielsen/impressions_201102
http://www.nxtbook.com/nxtbooks/nielsen/impressions_201101
http://www.nxtbook.com/nxtbooks/nielsen/impressions_sourcebook2010
http://www.nxtbook.com/nxtbooks/nielsen/impressions_20101112
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http://www.nxtbook.com/nxtbooks/nielsen/impressions_teamspirit_2010fall
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http://www.nxtbook.com/nxtbooks/nielsen/impressions_teamspirit_2009fall
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