Profit First is a book about cash management, and so much more. It is the perfect accounting hack for busy entrepreneurs who are time-poor and overwhelmed, this is a system that is rooted in human nature and psychology, easy to understand, and perfect for small business owners.
Below are 5 ways to make your implementation successful from the start:
1. Get all your bank accounts set up. DON’T try to track it on a spreadsheet.
2. Set up your business financial goals and have a clear path to achieve them.
3. Understand your percentages that go to each account and why you have those specific percentages.
4. Continually adjust your numbers each quarterly review
5. Take the baby steps necessary to be successful. Get in the habit of setting aside that 1% and leaving it alone, without borrowing it for expenses. Get in the habit of managing with a little less, and spending less.
If you want to implement Profit First in your business but you’re still not sure where to start, or simply don’t have the time to figure it all out, we are happy to help.