Profit First: Transform Your Business from a Cash-Eating Monster to a Money-Making Machine

To grow the biggest and the fastest, you need to be the best at one thing you do. And to become the best at something, you need to first determine what you are best at and do it a whole lot better. To get there, you take your profit first and the answers to being the best at something will reveal themselves.

To successfully run a profitable business, we need a super simple system to manage our cash, one we can understand within seconds, without help from an accountant. We need a system that is designed for humans, not Spock.

Ark Entertainment Media,

From $1,000,000 to $5,000,000, systems are no longer added because they are nice to have; now systems become absolutely mandatory. You can’t keep it all in your head anymore.

The Survival Trap is deceptive because it fools us into thinking we are at least inching toward our vision, as if our reactionary behavior is actually “smart”

Profit First is, in part, the envelope system applied to business and modernized by using bank accounts.

essence of financial security: save your money and block access to it so it doesn’t get stolen—by you.

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!).

your company (assuming you own it) will reserve your personal income tax liability for you, and then pay it.