Profit First: Transform Your Business from a Cash-Eating Monster to a Money-Making Machine
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Profit First: Transform Your Business from a Cash-Eating Monster to a Money-Making Machine
is to get started immediately and decisively. Transfer 1 percent of your current money into the PROFIT account. You have “seeded” the account. Don’t touch it. Never transfer it. Just let it sit for now.
PROFIT HOLD and TAX HOLD.
But pain just gets you to take enough action to get out of immediate pain. Then it stops working.
no matter what the number is, if you work toward it and believe it’s a possibility, you will not only achieve it, you will blow past the “reasonable” numbers others have set.
A financially healthy company is a result of a series of small daily financial wins, not one big moment. Profitability isn’t an event; it’s a habit.
You need to intentionally make less toothpaste (money) available to brush your teeth (to operate your business). When there is less, you will automatically run your business more frugally (that’s good) and you will run your business far more innovatively (that’s great!).
no matter what the number is, if you work toward it and believe it’s a possibility, you will not only achieve it, you will blow past the “reasonable” numbers others have set.
Step One: Deposit all revenue into your INCOME account. Step Two: Every tenth and twenty-fifth day of the month, transfer the total deposits from the prior two weeks to each of your “small plate” accounts based on your CAPs and add it to any money (if any) that is already in there. For example, let’s say you have $10,000 in total deposits for the p
... See moreyour company (assuming you own it) will reserve your personal income tax liability for you, and then pay it.