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Profit First – A Simple System to Manage Your Cash

Profit First, created by Mike Michalowicz, is an amazing system for managing your cash flow in your business. Join us as we discuss how to get started and use this system in your business.

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Key Insights

  • Learn the easy ways you can start implementing Profit first in your business
  • Discover the simple steps to get started making better financial decisions today
  • Walk through our process using Profit First in all 3 of our businesses

Timestamps

  • [00:29] – Welcome
  • [03:50] – What are the problems that lead to needing Profit First? Most businesses are struggling financially, but don’t need to be
  • [08:27] – What IS Profit First? The biggest idea behind this method is to pay yourself first
  • [11:13] – Understanding the basics Using “buckets” for different areas of money within your business
  • [12:41] – The importance of having separate business accounts and why
  • [13:26] – The bank account “buckets” (Income Account, Profit Account, Owners Account, Tax Account, Operating Expense Account)
  • [15:10] – TAP (Target Allocation Percentage)
  • [17:47] – Moving money between buckets
  • [19:35] – How to get started Finding the right bank is essential, you will need several accounts. Look for local credit unions, they typically have low to no fees for multiple accounts
  • [23:05] – Tracking your accounts
  • [26:24] – How we have implemented Profit First in all 3 of our businesses
  • [37:11] – Action Items
  • [40:04] – Toms Bookshelf

Resources Mentioned

Actions to Take

Tom Sylvester
  • Talk to your accountant or advisor and get your financial documents.
Ariana Sylvester
  • Figure out your “buckets.”

Tom's Bookshelf

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Tom Ariana Lifestyle Builders

Tom & Ariana Sylvester

Tom and Ariana have built 3 business and quit both of their jobs, all while raising 2 amazing kids.  Together they share their philosophies and guidance for entrepreneurs on their Lifestyle Builders™ podcast, their upcoming book Lifestyle Builders™: Build Your Business, Quit Your Job, & Create Your Ideal Life, as well as through their coaching and consulting programs.

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