August 10, 2020

Are you bringing in enough revenue to pay yourself the salary you need?

When sitting with a business owner, they often tell me they're not paying themselves as much as they like. 

Or worse, they're not paying themselves as much as they need

It's easy to fall into the t...

August 3, 2020

If you're paid bi-weekly, then you're probably familiar with the 3 paycheck months. Twice per year you should receive an "extra paycheck" (which is great when trying to make some progress on your debt). 

How does this work? Simply put, if you received 2 checks per month...

July 27, 2020

A huge part of knowing the cash flow of your business is establishing a strong allocation rhythm. 

An allocation what?

Your allocation rhythm is how often you log into your bank account and move money from your income account into the designated accounts (profit, owner'...

July 20, 2020

Every business faces some peaks and valleys when it comes to their income. 

There are always going to be those good months and bad months. Your industry and business will determine how large these jumps are. 

If you have seasonal revenue, or receive payments in bulk orde...

July 10, 2020

Recently I discovered a hidden benefit to a common push-back I hear regarding Profit First. What is the push-back?

"Do I HAVE to open all of those bank accounts? Can't I just do it on a spreadsheet?"

Now before I share the hidden benefit, let me answer this question...


June 29, 2020

It's here! This is my FAVORITE part of the quarter!

If you've been implementing Profit First, it's time to celebrate the hard work you've put into your business the last 3 months.

So how does this work? Do you get all the money? 

The answer depends on the amount of debt y...

June 22, 2020

I was speaking with a friend of mine not long ago about what causes us to fail. I mean, no one sets out to fail (obviously). So where is the breakdown? 

We both started rattling off ideas that we'd experienced, or things we've heard from others. 

"Not enough time."

"Not e...

June 15, 2020

Profit First revolves around rhythms. 

Behavior and habit go hand in hand. We need to create solid rhythms in our business to reinforce our behaviors. 

That's why Profit First developed the 10/25 rule.

What is the 10/25 rule? It simply means allocating your funds and...

June 8, 2020

Are you jumping into Profit First with both feet?

A common question I receive from business owners is, "Which Profit First accounts should be checking accounts and which should be savings accounts?"

It is important to understand the difference between a checking account...

June 1, 2020

When it comes to cash flow planning (that sounds way more pleasant than "budgeting"), there are a few areas that cause a lot of us to stumble. These are the variable expenses. They might include:

  • Restaurants

  • Groceries

  • Clothing

  • Entertainment

  • Pocke...

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