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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
- Get the Profit First book
- Clockwork: Design Your Business to Run Without You
- Leave Us a Review on iTunes - Let us know how you like the podcast. Ratings help more people who need the show to find it.
- Lifestyle Builders Starter Pack - Grab the templates and worksheets to help you get started as a Lifestyle Builder.
- Lifestyle Builders Incubator - Get the training, mentorship, and community support to launch your product or service.
- Apply For Coaching - Schedule a free discovery call with Tom to see if coaching can help take your business to the next level.
Actions to Take
- Talk to your accountant or advisor and get your financial documents.
- Figure out your “buckets.”
